Meghnad Desai

Articles By Meghnad Desai

170 Articles

Economy or employment: Why numbers don’t tell the whole story

India used to enjoy a good reputation with regard to the quality of its statistical services

indian economy, GDP, BJP, growth rate of GDP, narendra modi, data quality, demonetisation, jobs famine, farmers distress, economic policy, RBI

Digitise the vote: No reason why, by next Lok Sabha polls, India shouldn’t have made casting votes remotely possible

There is no reason why, by the next general election, India shouldn't have made casting votes remotely possible. In fact, it will save a lot of election-related expenditure.

Fintech is redefining financial services landscape in unprecedented ways

Whatever the conceptual problems, monetary policy won pride of place, and a Great Moderation prevailed between Keynesians and Monetarists.

Fintech, financial services landscape, oil price, monetary policy, hyperinflation, Bitcoin, Cryptocurrencies, retail banking

Why Modi could win the upcoming Lok Sabha election

Modi has delivered more than growth and low inflation—no previous government prioritised cleanliness/sanitation or a cleaner alternative to burning coal/wood for cooking that affects women’s health.

Modi has won the political ideological war outright (File photo)

Brexit: A minor miracle is required to come to a decision in time

No proposal may again command majority. Then the UK falls out without a deal and without a transition period on April 12. If so, the economic consequences are the least of the problems.

Why opposition feels it has lost the best chance of defeating Modi

Opposition feels it has lost its best chance of defeating Modi. BJP, on the other hand, is secretly happy that all ‘real’ issues can be forgotten.

To retaliate against Pakistan, what choices does India have?

What the Army will do is quite properly a secret and no amount of outside advice is going to matter. It will, however, alter the dynamics of the election and has to, thus, be of limited duration.

To retaliate against Pakistan, what choices does India have?

Modi vs Grand coalition: What will the 2019 Lok Sabha election be about?

The difference between the two sides is not so much in economic ideology but in execution of programmes. Modi has been criticised for over-promising but he has not underachieved relative to the UPA-II.

pm narendra modi, narendra modi, upa , nda, grand alliance, bjp

Jobs puzzle: Confusion over use of flexible vs formal jobs in calculation

If the economy has been growing at 7% on average for five years, a 10% drop in employment would imply a 17% rise in labour productivity which would be the highest ever in the world

Brexit is a lesson in democracy

Theresa May could establish a majority if she can attract the support of the Remainers with a compromise solution, isolating the hard Brexiteers.

A sad anniversary: 50 years of bank nationalisation

It’s been 50 years since bank nationalisation and it would have made more sense to provide private commercial banks incentives to open rural branches rather than nationalise them

private banks incentives, rural branches, bank nationalisation, NPA, PSU banks

A new game: New year starts with a bang as PM Narendra Modi gives 90-minute interview, says Meghnad Desai

The central issue of the interview was the Prime Minister as he is of the forthcoming election.

Narendra Modi, Narendra Modi interview, NDA allies, NCP, Supreme Court, Shiv Sena, modi ANI interview

Loan waivers: Rahul is wrong, so is Modi

Debt cancellation does not solve the problem of farmers' distress but exacerbates it because it reinforces overproduction and loss making. It may be politically appealing but is economic nonsense.

loan waiver, farm loan waiver, farm loan

The GDP game: Achieving high growth rate enough? What about factors like inflation and wage growth

There is a wonderful naïveté about the desire to register not just a high growth rate but one higher than the one the previous government achieved

Bipartosanship calls: What Indian politicians should learn from UK

There are no platforms to debate development or Kashmir or China policy. No debate of national interest and no politics in fact.

Brexit challenge facing the UK – No deal meant no movement of goods across the EU

No deal meant no movement of goods across the EU. Delays would be endemic. Fruits, vegetables, vital medicines and fuel deliveries would all be delayed as checks would be required.

Brexit, Japan, Great Britain, uk, eu, european union

RBI vs Government: Quantum of reserves is technical aspect, a referee is needed to resolve the crisis

Since the GOI does not agree with RBI, the only way to answer the question is to consult an outside expert who has done a similar task for another monetary authority.

rbi, central bank, modi government, inflation

India badly needs administrative reforms

The CBI crisis shows you cannot have an institution fighting corruption when it remains under a political system that has been corrupt for ages

Swadeshi Jagran representative on RBI board & exit of Nachiket Mor; hurting RBI autonomy will impact investment

Investment into the country can only come if the world out there respects its economic policies as rational and prudent

Why did bitcoin fail?

Bitcoins were launched with an ambitious aim. It was a technological innovation that used blockchain to produce the currency as well as monitor it collectively and anonymously.

Return of the financial crash?

Even if we go by the history of financial crises happening once every 10 years, the probable impact of the next one will be small, local and limited.

Internal strife hurting Rupee: If government is forcing RBI to loosen its purse strings, money would leave India faster than light

The rupee would go south and reserves would suffer a huge hit. This is not a matter of Modi or the BJP. Successive RBI Governors have been unhappy with their respective finance ministry bosses.

rupee, fiscal policy, monetary policy, RBI

New world of Donald Trump: US President wants bilateral agreement with each trading partners to minimise deficit

Donald Trump is consciously engaged, not so much in destroying, but in re-shaping the liberal free trade order.

Red signals ahead: Pegging the dollar-rupee rate an expensive waste of forex reserves

The outflow of dollars from the financial markets has to be anticipated, not resisted. Any attempt to peg the dollar/rupee rate will be an expensive waste of forex reserves.

Losses of socialism

The losses of public enterprises fall on the taxpayers, most of whom are not rich. The bulk of tax revenue is derived from indirect taxes and so the poor pay more

A festival for Karl Marx – The one simple and brilliant idea that he had

The one simple and brilliant idea that Marx had was that the present economic arrangement is a product of the history of several centuries before.

Reforms are overdue

A bonfire of state ownership will raise money to retire public debt, reduce corruption and enhance efficiency.

Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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