This government’s been raising expectations, not the economy The government’s ‘Saaf Niyat, Sahi Vikas’ (Clean Intent, Right Development) campaign is expectation management in an election year. Nineteen months after demonetisation, we still do not have a final count for the total volume of banned currency notes returned to the nation’s banks. Are we really a…
Here is my poll prediction: if, and only if, the Bharatiya Janata Party (BJP) wins power in Uttar Pradesh, Prime Minister Narendra Modi will roll out his biggest-bang reforms. He will recover his political capital, dented by the things that did not go well with demonetisation, and gather the courage to attempt to amend election…
As we chatted over our morning cups of tea, glancing at the dailies and their dose of grim news, and trying to balance the latest perfidies visited upon us by pondering over the good things happening in our lives as well, my wife uttered one of her bon mots: “Isn’t it interesting how we Indians…
“Those who make you believe absurdities, can make you commit atrocities.”-Voltaire Absurdity was piled atop absurdity as seven weeks of vitriol ended in a splash on Tuesday with Prime Minister Narendra Modi taking a seaplane ride. When this prime minister, arguably the most powerful mass leader we have had in a generation, breaks security rules,…
While waiting for the 10,400 policemen who were deployed this week to guard Ivanka Trump in Hyderabad to go back to their regular duties of guarding lesser VIPs, I pondered over the eternal “Where are we in history?” question. Ms. Trump’s speechwriters were savvy enough to avoid comment on the hordes of beggars who had…
On Tuesday came news that India’s exports contracted for the first time in 13 months in October: Our trade deficit has widened to a near three-year high of $86 billion. Ready-made garment exports in October shrank 39% from a year earlier to $829.44 million. Apparel exports in April-October 2017 totalled $10 billion, rising just two…
It is easy to be overwhelmed by the mess in our education system. It is good to keep in mind, though, that there are many passionate people, both within and outside the government-school system, trying to put things right. The government seems incapable of doing so by itself. Inspiring good-news stories are dotted around our…
In the spirit of Diwali and new beginnings, I started this column determined to find good news stories in our school education system, because that is the foundation of a New India. I set out to explore, hoping that we are steadily building on a strong foundation for hundreds of millions of our children to…
In his book ‘How the BJP Wins’, Prashant Jha describes how Narendra Modi has led the Bharatiya Janata Party to near-invincibility by transmogrifying himself again and again over the past decade and a half. “If he was a Hindu Hriday Samrat (Emperor of Hindu Hearts) from 2002, Modi carefully transitioned into a vikas purush, the…
Those of us in our sixties, including our prime minister, will remember the goli soda. You used a little wooden gizmo to push in a marble stuck in the mouth of a bottle and guzzled the sweet, fizzy drink with the marble dancing around inside. Then you felt full and happy. But it was mostly…
Cabinet reshuffles seem to generate more excitement than the announcement of cricket teams. So we know what the best game in town is. We knew weeks earlier that Prime Minister Narendra Modi was going to re-order his squad after the end of parliament’s monsoon session. By Saturday, everybody and her sister knew exactly who was…
“Tis the season for chest-thumping. The Bharatiya Janata Party (BJP) is unquestionably on top of the heap. But what a heap it is. Over the past couple of weeks, quite a bit of nasty triumphalism has been on display. Such eruptions need a trigger, and a handy one was provided by the departing remarks of…
“August is the month of revolution,” Prime Minister Narendra Modi said in his monthly radio talk a few days ago. Wednesday was the 75th anniversary of the launch of the Quit India movement against British colonial rule, and Modi talked about the five-year journey from sankalp (intention) to siddhi (achievement) to independence in August 1947. …
In early June, a few weeks before the launch of the Goods and Services Tax (GST), Prime Minister Narendra Modi held an informal meeting with a group of senior bureaucrats at which, according to a government press release, he exhorted them to rise above the “administrative mechanisms of earlier centuries”. He urged them to seize…
Right now, Prime Minister Narendra Modi has the option to strengthen governance, really start to fix the country’s major economic problems, and reinforce our institutions The more you study India’s history the more you have to marvel at our infinite capacity to fight among ourselves. Ashoka, the last of the great Mauryan emperors, fought the…
In China, our difficult and, to many of us, menacing neighbour, they say “If you speak a lot you are more likely to say something wrong; if you speak less you are less likely to say something wrong; and if you do not speak at all, you will not say anything wrong. In Confucian thought,…
This ‘epoch-making’ transformation in indirect taxes has been anything but rapid. Modi & Jaitley are standing on shoulders of several PM-FM pairs of reformers Midnight has an eerie and slightly occult hold on our imaginations. It is the hour when magic is supposed to take place, when the old falls away and a new day…
How many different kinds of evidence do we need to convince ourselves that the economy is slowing dramatically? Consumer price index (CPI) inflation fell to 2.2% in May, but that was put down by facile analysis to plunging food prices and a good monsoon. The Index of Industrial Production (IIP) base year has been moved…
It was twenty years ago today Sgt. Pepper taught the band to play They’ve be been going in and out of style but they guaranteed to raise a smile …
Can you imagine Pope Francis being named the president of Brazil, which has the world’s largest Roman Catholic population (and the same number of people as Uttar Pradesh)? That is not going to happen, because the ‘Western’ way of thinking says there ought to be a separation of the temporal and the spiritual, the church…
As our all-too-brief winter slips into a warm spring, we are headed-once again-for another Judgement Day in our interminable elections. But, just as we start to weary of the burdens of democracy, it is useful to remember the meaning of that word: “power of the people”. Time and again we are reminded of the power…
The longer the course of a long-drawn election, the coarser the language gets. The strain is starting to tell in Uttar Pradesh. Both Prime Minister Narendra Modi and Bharatiya Janata Party (BJP) president Amit Shah have certainly raised the pitch. Shah said hooligans (presumably from the ruling Samajwadi Party) would be hanged by their feet.…
There are some remarkable similarities—and dissimilarities—between Narendra Modi and Donald Trump. Both men ran insurgent presidential campaigns that upended conventional political structures (I use ‘presidential’ advisedly for Modi; does the Bharatiya Janata Party matter any longer to our prime minister, when all around us people refer to his government as ‘Modi sarkar’?). Both men were…
NEW DELHI — Of all Indian Prime Minister Narendra Modi’s campaigns, none, perhaps, is more consequential than the renewed push for his Swachh Bharat — or Clean India — Mission launched in October 2014. At first glance SBM was a mere rehash of a campaign to build toilets across rural India that was launched…
NEW DELHI — Political stability in India paved the way for root-and-branch reforms such as demonetization and the new Goods and Services Tax. But as one of the country’s key economic advisers acknowledged, they came at a cost: subdued growth this year that could extend into 2018. “I think in the last year or so…
NEW DELHI — Prime Minister Narendra Modi’s announcement Monday of a $2.5 billion program to take electricity to 40 million of India’s poorest households bore all the hallmarks of his recent economic policies. Two-thirds of the way into his five-year term, Modi is pushing a propoor, populist agenda that could win votes for his Bhartiya…
Despite apparent success, trouble spots range from growing corporate debt to sluggish job creation Indian Prime Minister Narendra Modi waves to people as he leaves after inaugurating the annual meeting of the African Development Bank in Gandhinagar, India on May 23. © AP As Prime Minister Narendra Modi celebrates his third anniversary in power on…
Key state Uttar Pradesh is a political lynchpin: it sends the maximum number of representatives (80) to parliament’s lower house. It was home to nine of India’s 15 prime ministers. Modi, who forsook his own western state of Gujarat to win a parliamentary seat from Uttar Pradesh’s Hindu holy city of Varanasi in 2014, said…
Startup reaches for the moon in global competition NEW DELHI — Just after Christmas this year, the spindly Team Indus Spacecraft, weighing 210 kg, will be shot into lunar orbit atop a Polar Satellite Launch Vehicle. The rocket will blast off from the Indian Space Research Organization’s range on Srihari Kota Island in southeastern India.…
India’s Modi seeks to balance populism and fiscal prudence as risks mount Indian Prime Minister Narendra Modi likes taking big steps and does not shy away from wagering his political capital. But he squandered quite a bit of it with his November demonetization measures, which banned 500 and 1,000 rupee bank notes. Modi was…
No ‘big bang’ reforms but budget tries to be all things to all people Speaking after the budget was tabled in parliament, Modi said it took solid steps to fulfil the dreams of the poor. He coined a new acronym, FUTURE (farmers, underprivileged, transparency, urban rejuvenation, rural development and employment generation) to explain his goals. …
It’s good we now have a GST, but its design is another matter Since you all love acronyms for the Good and Simple Tax and the Grand Stupid Thought, the headline is my humble contribution to your lexicon. I dare you to find me a single expert who can measure the financial cost of the…
The government must resist the temptation to dip its hand in the till. The Reserve Bank Of India (RBI) is the best-run company in India: transparent, diligent, accountable, and (ostensibly) independent. Its official capital is a paltry Rs 5 crore, yet year after year it rewards its sole shareholder, the government, with mind-boggling dividends. The…
Governments cynically scoop out value from their own companies. Privatisation will work only when the government sells more than 50 per cent of a state-owned company’s capital to the public and relinquishes management control. This has not happened. Successive governments have mostly destroyed value by divesting only thin slivers of public sector undertakings (PSUs) and…
The government must take courage and embrace privatisation Two numbers speak eloquently about our schizophrenia over privatisation: the Rs 2.11 trillion ($32.5 billion) package announced on October 24 to recapitalise public-sector banks (PSBs); and Rs 2.67 trillion ($41 billion), the total earned by the government in 26 years from the divestment of its stakes, in…
Let’s quit beating the bushes and chase the real quarry The government is striving mightily, but the needle is moving inexorably lower on the jobs meter. The Centre for Monitoring Indian Economy (CMIE) and the Bombay Stock Exchange (BSE) jointly produce a weekly unemployment rate based on a sample of about 12,000 adults in the…
When Aung San Suu Kyi won the Nobel Peace Prize in 1991, two years after the Dalai Lama and two years before Nelson Mandela, she was hailed as “Burma’s Modern Symbol of Freedom” for her non-violent campaign against the ruling military junta. At that time Suu Kyi was under house arrest in Yangon and her son Alexander, accepting the prize on his mother’s behalf in Oslo, said though she was described as a political dissident, “her quest is basically spiritual”.
That was then. For months now, Suu Kyi has been criticised for not bringing peace to Rakhine state, home to the Muslim Rohingya minority. In April, when the BBC asked her if she was an amalgam of Mahatma Gandhi and Mother Teresa, she said: “I’m just a politician…I’m no Mother Teresa… Mahatma Gandhi actually was a very astute politician.” When asked if she wasn’t tempted to follow Gandhi’s example of putting his own life at risk for India’s minority Muslims, Suu Kyi said: “I don’t think that putting one’s life at risk is a particular example that I’d like to follow.”
Wish the government would stop trying to defend demonetisation. Every time there is bad economic news, the government jumps up to proclaim that demonetisation was the boldest and best reform since cowrie shells were first used as currency three thousand years ago (now you know the origin of “ek phooti kauri”). Trying too hard to…
Can we even dream of saying bye-bye to China’s economy? Sushma swaraj said it simply in parliament in early August when she ruled out war with China over the Doklam plateau: “China has contributed to our growing economic strength. For them, there’s a lot at stake… here. They have been awarded many contracts.” That’s putting…
Team leader Modi is fishing in a shallow talent pool How much of a hurry is prime minister Narendera Modi in? It depends on your horizon. By one measure, he has 22 months, but then he has set an October 2, 2019 deadline for Swachh Bharat, and August 15, 2022 for a New India. Mohan…
India is trying to do its bit on climate change At the Hamburg group of 20 summit on 7-8 July, diplomats toiled through most of the night over US intransigence on climate change before they agreed on a joint communique that said: “The leaders of the other G20 members state that the Paris Agreement is…
I believe the government is counting too much on the RBI to wield the magic wand India’s economy is lurching like a car with two flat rear tyres. The monsoon has been better than expected: a bumper kharif crop is expected, and CRISIL says tractor sales could hit a record 650,000 in 2017-18. Consumer price…
Modi has promised to double farmers’ incomes by 2022, but angry farmers have lost faith Two-thirds of Indians depend on agriculture for their livelihoods. As our farm crisis deepens, the government is tinkering around the edges by pushing irrigation, rural roads, and village electrification, distributing soil health cards, and offering crop insurance. It has done…