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Mocking economists, Prime Minister Narendra Modi today said "hard work is more powerful than Harvard" as the latest GDP da
It’s seems Harvard economist Gita Gopinath won’t betray her economic sense while analyzing the demonetization
India's "sweeping change" in currency policy is unlikely to have lasting benefits without new measures to combat corruptio
Modern economies are held together by innumerable contracts. The new theoretical tools created by this year's Nobel Prize
Two US-based academics won the Nobel Economics Prize today for groundbreaking research on contract theory that has helped
Reserve Bank's outgoing Governor Raghuram Rajan, whose outspoken views have often been seen as being critical of the gover
Calling RBI Governor Raghuram Rajan's exit a 'bad omen' for the Indian economy, eminent economists and former policymakers
Finance Minister Arun Jaitley's meeting with the economists just two days ahead of the Budget, which had generated a lot o
Indians have been "much too tolerant" of intolerance, Nobel laureate Amartya Sen said today and asked people to "work hard
With RBI's Raghuram Rajan ringing alarm bells about the world economy facing the Great Depression-like problems, an IMF re
The Economist's annual collection of predictions for the year ahead is out and it forecasts: Pakistan will be messy but stable (unless there is catastrophic violence—an important assassination or a terrorist attack in India), China will become the world’s second-largest economy but will need to learn to chill, Obama will have a lousy year, Japan will remain in its fiscal black hole, NATO may lose in Afghanistan, the UK would get a regime change, the only thing harder to sell than a newspaper will be a newspaper company, green engineers would be way cooler than MBAs and, on July 11th, the world will watch a proud team win the FIFA World Cup in South Africa. In between, India's factories will overtake its farms:
The monsoon once decided India’s economic fate. Now it only influences it. Agriculture’s share of India’s national output has dropped from 40% 30 years ago to 17% in 2009. Indeed, India’s economy is now on the cusp of an historic transition. In 2010 agriculture will account for a smaller share of GDP than manufacturing: India’s output of widgets will exceed its output of wheat, rice, cotton and the other fruits of the land. The factory will surpass the farm.
Had meant to link it last week, but somehow forgot. The Economist on how the recent intervention by RSS chief Mohan Bhagwat is proof for many Indians that:
BJP is enslaved to bare-legged zealots obsessed with the idea that Hindu India is under attack: from Muslims, Chinese communists and American capitalists abroad and Muslims, Maoists and industrial developers at home...
It goes on to wonder whether the BJP can become a mellower yellow:
...The problem is the ideology and attendant nuttiness: Islamophobia, callisthenics, shorts and all. To lead its coalition government, the BJP had actually to forswear core Hindutva demands: for a new temple on the site of a demolished mosque at Ayodhya; for a federal ban on cow-slaughter; and for an end to Muslims’ enjoyment of their own family law.
This alienated party activists, who questioned the point of an ideology that has to be abandoned when it wins power. But to rule again, the BJP may have to distance itself even further from the RSS and find a more clubable leader.
Read the full piece: Shorts and all
The Economist reviews Arundhati Roy's Listening to Grasshoppers: Field Notes on Democracy:
So entrenched is the anti-globalisation that informs her world view, she would be tough to dissuade. But what alternative strategies does she advocate for improving India? Hard to say. A rare suggestion for better governance—the formation of a shadow parliament “that keeps an underground drumbeat”—does not seem terribly serious. On economic policy, Ms Roy has even less to offer—other than to slam recent governments for aspiring to rapid economic growth. This is a “project” she considers to be “encrypted with genocidal potential”. For a more measured analysis, Ms Roy should perhaps turn to the finance ministry’s recently published Economic Survey. There she would read that, “High growth is critical to generate the revenues needed for meeting our social welfare objectives.” Ms Roy should take note.
Read the full piece
Comedians have yet to figure out how to mock Barack Obama, the Economist reports. Christopher Hitchens, a polemicist, remarked that “when comedians flatter the president, they become court jesters, and the country becomes a banana republic.” Thank God, there is the Onion:
The writers of the Onion are unencumbered by any obvious party loyalty. To fit in, you have to hate everything around you, muses Joe Randazzo, the editor. Hence the headline that greeted Mr Obama’s election victory: “Black Man Given Nation’s Worst Job”. The Onion News Network, an online video venture, did a segment entitled “Obama Win Causes Obsessive Supporters to Realise How Empty Their Lives Are”. The camera showed pitiful young campaign volunteers lying comatose on a couch or wandering aimlessly through a park. “Who will take care of these people?” asked the anchor. “We really don’t know. Many have already driven away their friends and family with months of endless praise for Obama’s latest speech and constant reminders to vote,” said the breathless correspondent on the scene. “That does sound annoying,” said the anchor.
Full article: Read it and weep