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Madan Sabnavis

Articles By Madan Sabnavis

338 Articles

India Still a Shackled Giant: Unbiased diagnosis of various problems plaguing India’s economy

A book presents an unbiased diagnosis of the various problems plaguing the country’s economy and some bitter pills as possible cures

A file photo of a protest by PMC Bank account holders outside the RBI office in Mumbai (Express Photo)

Will expanded RBI oversight change cooperative banking?

It has often been alleged that some co-operative banks have political clout. it will be interesting to see how the new structures change the way business is done.

From the point of view of RBI, the challenge would be to regulate and supervise these 1,500-odd banks with the same rigour as is accorded to the commercial banks.

Covid-19: If data collection is incomplete, no point disseminating it as it can only mislead

Coincidentally, RBI has taken the tone of doing everything for growth and hence the inflation number may not matter in the broader scheme of things for the MPC.

The problem with data interpretation would carry forward for the next year too, where most estimates are in the higher range of GDP growth being above 8%.

Why RBI’s new draft frameworks are path-breaking for banking sector

Draft frameworks on securitisation of standard assets and sale of loans are path-breaking for the banking sector.

Rs 20 lakh crore Covid-19 relief package: Missing demand

The package has a large role for RBI, with 40% of the amount mentioned being provided as liquidity by the central bank.

The advantage this time is the government’s assertion that Rs 3 lakh crore of SME loans will be guaranteed by the sovereign—this should enable banks to lend, though the fine print on this is yet to be revealed.

Book Review: Stop Reading the News – A Manifesto for a Happier, Calmer and Wiser Life

A cautionary note on the heavy deluge of unnecessary knowledge that surrounds us.

Job cuts, zero production activity due to lockdown: What the Centre must do now

A fully Keynesian approach will need to be taken by the government. People are losing jobs and production activity has come to a standstill due to the lockdown.

GDP, gdp growth, q4 gdp growth rate, core industries, fiscal deficit

What the COVID-19 numbers tell us

The next seven days for India will be crucial, and it is absolutely necessary to keep testing more and more people who show symptoms—for only then can we know whether it has spread or is under control

There would be many who got away and then spread it to others, which is something no one is sure of. (Illustration by Rohnit Phore)

Book Review: ‘Too Small to Fail’ by R James Breiding

A thought-provoking book on why smaller nations have better economies while larger countries lag behind

The author talks of Denmark which addressed the issue of environment by decongesting Copenhagen, which now has the largest number of cycles on the road

Challenges for the financial system

Increased borrowing by the government will lead to more spending, ultimately translating into higher inflation

RBI has already opened its armoury through LTROs at a time when there was surplus liquidity to quell interest rates.

Coronavirus outbreak: Lessons from COVID-19 shutdown

This is not difficult as the government has a list of all registered and unregistered factories, and based on industry classification it can segregate those units that are exempt from those that are not.

The second part of the story is that there is always the need to plan in advance as to how a shutdown is to take place.

Book Review: Wonked! India in Search of an Economic Ideology by Vivan Sharan

At another level, he is critical of the governments, past and present, which have tended to be protectionist at various stages, ensuring that we have not really gained from globalisation.

Rate-cut no cure: Globalisation stands threatened due to Coronavirus outbreak

With monetary and fiscal policy unable to address the economic challenges the corona outbreak poses, globalisation stands threatened.

Book Review: All the Wrong Turns – Perspectives on the Indian Economy

The authors deal with issues in separate chapters, with the six as good as little booklets on the subjects of agriculture, manufacturing, foreign trade, fiscal policy, banking and institutions.

Book Review, All The Wrong Turns, Indian Economy, Green Revolution, RRB, NPA, PSB, jobless growth

Harmonise revisions in GDP estimates

GDP data must not be released in a hurry if so far, significant changes have had to be made, and consistently so.

gdp. gdp growth

Book Review: Who Blunders and How? The Dumb Side of the Corporate World

Over-leveraged companies have had a history, albeit a negative one, with the bankers and shareholders and this has led to their collapse.

The book is in various sections or chapters, with each one talking of a blunder that is committed. (Image: Amazon.in)

Are you paying more? Tax rates across the world and how India taxes

A comparison of India’s corporate tax rates with those of other brics nations and developed economies shows India treads a median path.

tax rate, singular tax rate

Looking beyond repo rate: How RBI made monetary policy more effective

With the repo rate becoming progressively less potent as a tool to influence lending rates, alternative measures have been used to bring down rates through market forces.

rbi, rbi repo rate

LIC disinvestment: Blending ideology with the market and what does it mean for the company

With LIC being out for disinvestment via an IPO, this means the institution would become a company that will require needed regulatory changes.

LIC has as asset base of Rs 36.7 lakh crore, and involves 22 lakh agents and a staff of 2.85 lakh. It has 11,280 branches across the country.

Economic Survey 2020 | Expert Talk: ‘This is a cautious and practical exposition by the government’

Economic Survey 2020: There is definitely some optimism in the numbers which can be justified as coming over a low base in FY20. However, this also means that any unfavourable event can upset fiscal numbers. But this is a ris

Economic Survey 2020, Economic Survey

Has inequality come down? Here’s what data reveals

In the last six years, there has been a rather sticky movement in pay packets for the class earning higher incomes.

Budget 2020: Actual policy announcement to take a back seat for fiscal expectation and direction

Budget 2020 will mostly be a pointer on the fiscal expectation and direction, with any actual policy announcement taking a back seat.

Budget 2020 India, Budget 2020-21

Market Mover | Some trading lessons from the past

According to the author, the lessons learned are that the leader has to take the heat and not hide back, which is what several of them do when there is failure.

In course it won the confidence of companies as well as traders.

Oil price rise: What the oil price spike could mean for India

In FY19, the central government earned around Rs 3 lakh crore and the state government around Rs 2.3 lakh crore. Clearly, such revenue would end in case these products came under the GST, as the highest slab is 28%, which is

RBI’s Financial Stability Report: Be watchful, follow developments in next few quarters

Although RBI’s latest Financial Stability Report says that things have stabilised, one would have to be watchful and follow developments in the next 2-3 quarters, as external economic conditions will not be too ebullient, a

Reserve Bank of India, Financial Stability Report, asset quality review, NPA ratio, NBFC crisis, PSB, NPA accretion

Review 2019: The economist’s year in a lighter vein

Expenditures can be deferred, discretionary expenditure cut, and disinvestment accomplished through inter-company holdings.

Economic slowdown: A long road to recovery

With both fiscal and monetary policy at the end of the road, there is little that can be done in the short run. pvt sector can’t pull all the weight either.

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