Indian Economy

As we had often come back to discussing economic benefits/impact of sports I thought it was about time for an economic discussion forum.
User avatar
kujo
Authors
Authors
Posts: 3040
Joined: Fri Jun 18, 2004 11:26 pm

Re: Indian Economy

Post by kujo »

World Bank Appoints Chief Economist From India
The World Bank on Wednesday named Kaushik Basu, an Indian national who previously advised the Indian government, as its chief economist, placing a candidate from an emerging market country in a key position at the global development lender.
Another Basu and another economist! :)
User avatar
jayakris
Moderators
Moderators
Posts: 34750
Joined: Mon Dec 16, 2002 7:24 am
Antispam: No
Please enter the middle number: 5
Location: Irvine, CA, USA
Has thanked: 9 times
Been thanked: 1 time
Contact:

Re: Indian Economy

Post by jayakris »

They got the wrong Basu!! ... Jay
User avatar
jaydeep
Moderators
Moderators
Posts: 23792
Joined: Wed Aug 18, 2004 8:59 am
Please enter the middle number: 1
Location: India

Re: Indian Economy

Post by jaydeep »

Definitely the wrong Basu ... :)
User avatar
arjun2761
Member
Member
Posts: 7332
Joined: Sun Apr 03, 2005 2:26 pm
Please enter the middle number: 1
Location: US
Been thanked: 7 times

Re: Indian Economy

Post by arjun2761 »

And one of my contemporaries at IITD (Raghuram Rajan) has taken Kaushik Basu's spot in India after having previously been the chief economist for the IMF -- so these two have mirror image careers...
User avatar
Kumar
Authors
Authors
Posts: 7091
Joined: Sun Jul 27, 2003 12:59 am
Has thanked: 5 times
Been thanked: 7 times

Re: Indian Economy

Post by Kumar »

What did you guys think about the recent govt. ruling about the FDI in retail?
sameerph
Moderators
Moderators
Posts: 32789
Joined: Mon Feb 28, 2005 4:26 pm
Antispam: No
Please enter the middle number: 5
Location: MUMBAI
Has thanked: 1 time
Been thanked: 11 times

Re: Indian Economy

Post by sameerph »

I think it is good for both farmers & consumers . Perhaps, only affecting the traders but remains to be seen to what extent.
User avatar
PKBasu
Member
Member
Posts: 36869
Joined: Fri Jan 03, 2003 6:04 pm
Please enter the middle number: 1
Location: New Delhi / Kolkata
Been thanked: 8 times

Re: Indian Economy

Post by PKBasu »

This is slightly shameless advertising by the other Basu, but in (what I hope you will agree is) a good cause. I welcome all friends and well-wishers of India to visit this site:

http://prasenjitkbasu.blogspot.sg/2011/ ... -term.html

Please feel free (in fact, I implore you) to comment on the agenda for the party in particular. All Indians of integrity (including NRIs and PIOs) are welcome to join, but most of all I need as many people as possible to comment on various blogs on the site -- comments both for and against are welcome. Democracy, of course, thrives on argument!

I start with the basic premise: Jodi tor daak shune keu na ashe, ekla cholo re ("if nobody heeds your call, march on alone"), which inspired Gandhiji (and eventually the nation).
User avatar
Sandeep
Moderators
Moderators
Posts: 10722
Joined: Sun Sep 21, 2003 4:21 pm
Antispam: No
Please enter the middle number: 5
Been thanked: 1 time
Contact:

Re: Indian Economy

Post by Sandeep »

Kumar wrote:What did you guys think about the recent govt. ruling about the FDI in retail?
In India people including some of the economists are looking at FDIs and rate cut from RBI as a magic pill than can solve all our woes. Sadly it is not so. India has got into a kind of muddle which no western country has ever seen. Traditional methods of growth or controlling Inflation will not work in India. We need some dynamic steps from our government and unfortunately UPA-II has been an utter failure in this respect. The government must dissolve and a fresh mandate is required, at this rate I see India reach abysmal depths from where it will take a long long time to get back to even 6% GDP growth rates. I have a feeling that Indian growth story will end prematurely! Frustrating to see India go this way.

In spite of government allowing FDI in retail and aviation there are not many takers. I think people abroad have to come to know the difficulty in doing business in India.
User avatar
jayakris
Moderators
Moderators
Posts: 34750
Joined: Mon Dec 16, 2002 7:24 am
Antispam: No
Please enter the middle number: 5
Location: Irvine, CA, USA
Has thanked: 9 times
Been thanked: 1 time
Contact:

Re: Indian Economy

Post by jayakris »

I need a shot of optimism on this from PKB. Sandeep seems to have given up on India. Jay
User avatar
prasen9
Member
Member
Posts: 19122
Joined: Thu Jan 02, 2003 8:49 pm
Please enter the middle number: 1
Location: State College, PA
Has thanked: 25 times
Been thanked: 8 times
Contact:

Re: Indian Economy

Post by prasen9 »

What needs to be done? I would like them to cut the redtape and go for full liberalization with controls to stop monopolies and abusive practices.
User avatar
Sandeep
Moderators
Moderators
Posts: 10722
Joined: Sun Sep 21, 2003 4:21 pm
Antispam: No
Please enter the middle number: 5
Been thanked: 1 time
Contact:

Re: Indian Economy

Post by Sandeep »

jayakris wrote:I need a shot of optimism on this from PKB. Sandeep seems to have given up on India. Jay
Seriously, you got to be in India to understand it. It just baffles me to see people going after Subba Rao for the rate cut. It neither held up Indian economy nor it will help unless the lending rates in India from banks will probably come down to 5% levels which I think is impossible. The current lending rate for businesses is at 14%, bringing it down to 12% is not going to help much.

Think about it, telecom, mining, power, steel, cement, airline, textile industries are all struggling. Software and services are the only two industries which are going gangbusters while automobile is doing slightly better. Every other sector is nearing collapse and I am not kidding or exaggerating when I use the word collapse. The worst part, government has a major hand in killing these sectors. Manufacturing is at an all time low and I have heard many senior people say that they have never come across such a crisis in their lifetimes.

What explains this, food inflation at an all time high but farmer is only getting poorer. There are 30-40% people below poverty line who are struggling for basic amenities and industries are facing major labor shortage! How can these two go hand in hand? We are in a big time mess. Really big

There is a major power shortage through out the country with half the thermal power plants shutting down due to lack of coal, Andhra Pradesh (third biggest state by GDP) is facing an unprecedented 15 days power cut a month for Industries, Southern Tamil Nadu is facing almost 14 hours power cut a day and our center is mutedly looking at all the tamasha going on with respect to CAG report!!!

Supreme court has no business interfering with policy decisions. The day they started canceling spectrums and coal blocks is the time India's decline started. There is a policy paralysis now because of this.

Budget deficit of over 5.3% for a country growing at over 6%!!! It must be a joke, instead of the deficit coming down it is only ballooning.

India for sure is doomed unless we see a strong able prime minister at the helm. Sadly neither the Congress nor BJP has an answer. Cutting down rates and opening up markets is not the solution for India. The ease of doing business should be improved dramatically and foreigners should feel welcome, retrospective taxes on Vodaphone or canceling Telenor spectrums is not helping in anyway. Pathetic state of affairs

I will be pleasantly surprised if anyone can provide a positive twist to our economy and horrendous state of affairs.
User avatar
prasen9
Member
Member
Posts: 19122
Joined: Thu Jan 02, 2003 8:49 pm
Please enter the middle number: 1
Location: State College, PA
Has thanked: 25 times
Been thanked: 8 times
Contact:

Re: Indian Economy

Post by prasen9 »

Opening up the markets should go with removing red-tape too.

The RBIs shoring up the rupee is resulting in inflation staying high.

Is power a state issue or a central issue?
User avatar
Sandeep
Moderators
Moderators
Posts: 10722
Joined: Sun Sep 21, 2003 4:21 pm
Antispam: No
Please enter the middle number: 5
Been thanked: 1 time
Contact:

Re: Indian Economy

Post by Sandeep »

What else can RBI do with the Rupee? RBI has a very limited ammunition left at the moment. IMO they are doing a good job with whatever limited resources they have, it is time for government to step up and sadly it is not going to happen.
User avatar
Sandeep
Moderators
Moderators
Posts: 10722
Joined: Sun Sep 21, 2003 4:21 pm
Antispam: No
Please enter the middle number: 5
Been thanked: 1 time
Contact:

Re: Indian Economy

Post by Sandeep »

Another mess up from India, our companies are importing Iron ore inspite of huge reserves in the country.

http://www.moneycontrol.com/news/curren ... tml#toptag
User avatar
Atithee
Member
Member
Posts: 5843
Joined: Tue Feb 20, 2007 9:14 pm
Has thanked: 5 times
Been thanked: 10 times

Re: Indian Economy

Post by Atithee »

I did not expect such a well written response to one more of the idiotic petitions. The Justice's examples may be questionable, but I think he did a good job responding.

http://www.ndtv.com/article/india/justi ... him-303556
Post Reply