C P Chandrasekhar-Frontline

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The rupee fell from just below Rs.64 to the dollar to close to Rs.73 to the dollar between the beginning of 2018 and mid September.

Ostrich-like in peacock nation

The government’s much-delayed response to the collapse of the rupee, involving a set of anaemic measures based on faulty presumptions, is the opposite

By C.P. Chandrasekhar

Third World Marxist

Samir Amin (1931-2018) saw himself as one among those shaping a movement for emancipation and egalitarian development across the Third World.

C.P. Chandrasekhar

U.S. Treasury Secretary Steve Mnuchin attends a meeting at La Moneda Presidential Palace in Santiago, Chile March 21, 2018. REUTERS/Rodrigo Garrido

Trumping up a trade war

The trade sanctions on China and other protectionist measures announced by the Trump administration will not only not serve the cause of the U.S.’ tra

C.P. CHANDRASEKHAR

CORRECTION - Indian Central Bureau of Investigation (CBI) officials escort Gokulnath Shetty (C, grey hair), the former deputy manager of the Punjab National Bank (PNB) into a special CBI court in Mumbai on February 17, 2018.
Indian investigators have arrested three people who allegedly helped a billionaire jeweller obtain fake documents for overseas loans in one of the country's biggest bank scams, an official said February 17. Investigators are looking into allegations that Nirav Modi and his business partner Mehul Choksi were involved in defrauding India's second-largest state-run lender the Punjab National Bank (PNB) of 2.8 billion rupees ($43.8 million). The Central Bureau of Investigation (CBI) said it arrested Hemant Bhat, a business associate of Modi, and two PNB officials -- former deputy manager Gokulnath Shetty and Manoj Kharat -- in Mumbai late February 16.
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When business turns ‘easy’

The Modi/Choksi case illustrates how a neoliberal financial policy regime that is aggressively “reformist” creates conditions that make the system vul

C.P. CHANDRASEKHAR

New Delhi, 12/12/2017: Homeless women sitting at a bus stand, on a cold day in New Delhi on December 12, 2017. Photo : R_V_ Moorthy

Sleight of hand

The striking aspect of the NDA government’s last full Budget is a lack of clarity on policy measures and the absence of commitment of resources to bac

C.P. CHANDRASEKHAR

Pilot soviet-made semi-automatic textile machines are being assembled at the karl marx factory, leningrad, soviet union, 1924. (Photo by: Sovfoto/UIG via Getty Images)

Success and slowdown

The conceptual case for a system of social ownership combined with planning was transformed into a reality in the Soviet Union and proved immensely su

C.P. CHANDRASEKHAR

NEW DELHI, 24/07/1991: BUDGET PRESENTATION: Union Finance Minister Dr. Manmohan Singh going to the Parliament House in New Delhi with the Budget documents for presentation on Wednesday, July 24, 1991. Photo: Shanker Chakravarty

Growth without social justice

India’s reliance on fortuitous and volatile stimuli to drive growth has resulted in inadequate job creation and widened inequalities while failing to

C.P. CHANDRASEKHAR

Nagpur: Farmers and activists of Vidharbha Rajya Andolan Samity (VRAS) celebrating after the Maharashtra government announced a loan waiver for farmers in the state, in Nagpur on Monday. PTI Photo(PTI6_12_2017_000105B)

In a policy trap

While farm loan waivers are a must to address the symptoms of a crisis, they will not solve the long-standing agrarian crisis, which reflects the deep

C.P. CHANDRASEKHAR

U.S. President Donald Trump speaks before signing an executive order directing federal agencies to recommend changes to a temporary visa program used to bring foreign workers to the United States to fill high-skilled jobs during a visit to the world headquarters of Snap-On Inc, a tool manufacturer, in Kenosha, Wisconsin, U.S., April 18, 2017. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY

Losing steam

The lack of a robust global recovery since 2008, protectionist tendencies in the U.S. and the uncertainty surrounding offshoring are taking the sheen

C.P. CHANDRASEKHAR

New Delhi: Finance Minister Arun Jaitley (C) stands outside his office at North Block holding the briefcase containing the Union budget for 2017 and is flanked by MoS Arjun Meghwal (R) and Santosh Gangwar (L), on Wednesday,in New Delhi. PTI Photo by Vijay Verma(PTI2_1_2017_000006B)

Blinded by neoliberalism

All that the government has is its unfounded belief that mere “reform” in the form of demonetisation, digitalisation and GST will deliver growth.

C.P. CHANDRASEKHAR

KARNATAKA - BENGALURU - 14/11/2016 : Usually very busy Commercial street and adjoining areas with full of street food vendors, hawkers, shops, restaurants, suddenly seems to have lost their lively-hood, and fill emptiness, as people spending very little since there is limited cash or no cash in hand, after the Centreâ€™s decision to demonetise Rs. 1000 and Rs. 500 notes, in Bengaluru on November 14, 2016. Photo: K. Murali Kumar.

All pain for the majority

The impact of the measures on the farming community, the poor and the lower middle classes was hugely underestimated by the political establishment,

C. P. CHANDRASEKHAR

Workers are pictured beneath clocks displaying time zones in various parts of the world at an outsourcing centre in Bangalore February 29, 2012. The business of storing, decoding and analysing unstructured data - think video, Facebook updates, Tweets, Internet searches and public cameras - along with mountains of facts and figures can help companies increase profits, cut costs and improve service, and is now one of the world's hottest industries. It's called Big Data, and although much of the work is done in the United States, India is getting an increasing slice of the action, re-energising an IT sector whose growth has begun to falter. Picture taken February 29, 2012. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS EMPLOYMENT POLITICS)

The myth of growth

Economic growth in the last 25 years after liberalisation has been riding on a credit bubble. It has not made the manufacturing or exports sector robu

C.P. CHANDRASEKHAR