The crisis in the global economy is a subject that engages many and affects most of mankind. Like all such issues we find little clarity but a lot of fire and brimstone. Few have tried to seek feasible solutions. Even fewer are qualified, experienced and with a usefully cosmic view of the world we live in to write about it. Fortunately we still have people like Mervyn King. King was the Governor of the Bank of England from 2003 to 2013, a tumultuous period that saw the world economy expand at a record pace and then arrive at the precipice in 2008. We are still seeking to find new pathways to get over it. And clearly we are struggling.
Higher growth rates will happen, but for that the government must do the right things first. That will come by making investments in human capital and in productive job creation. Since capital is always the constraint, it must be judiciously used. Fudging data will only create an interim illusion of well-being. Since reality catches up sooner or later, it is better to grapple with it now and rely on the illusion in 2019.
In 1965 Punjab’s per capita income was Rs.562 and was 1.7 times that of Bihar’s Rs.332. Punjab now has a per capita income of Rs. 92,000 and Bihar Rs.31.000, or about 3:1. But other changes have also set in. Once India’s most prosperous state, it now lags behind Haryana, Maharashtra, Gujarat, Kerala and Telangana as is about par with the neighboring hill state of Himachal Pradesh.
It may be hard for the white supremacist capitalist ruling class that controls the military industrial complex to find and hire another loyal and obedient servant like Barrack Obama, who acts more like their kitchen bus boy than a president, but, aside from having to tell her to go easy on wars and hold off on her order for new wars, Hillary will be embraced as another supposedly invaluable agent of US imperialism, who will further push the world towards destruction and mass annihilation.
Our system of government, with so much power of patronage concentrated in one person, ensures that mostly fawning and obsequious people who constantly whip up a lather of simulated adulation surround the Prime Minister. PM’s consequently confuse the power of patronage with the power that ensures compliance. It is small wonder when our supreme leaders start thinking of themselves as King Canute’s who can order the waves about.
मोहन गुरुस्वामी दिल्ली स्थित सेंटर फॉर पॉलिसी ऑल्टरनेटिव्स के संस्थापक अध्यक्ष तथा केंद्रीय वित्त मंत्रालय के पूर्व सलाहकार हैं. उनसे mohanguru[at]gmail.com पर संपर्क किया जा सकता है. हमारे कारोबारी समूहों से पैसे की… Continue reading
दुनिया की सातवींं सबसे बड़ी अर्थव्यवस्था की प्रगति अन्य विकासशील अर्थव्यवस्थाओं के लिए बड़ी मिसाल रही है. ऐसे में उसका पतन महाशक्तियों की नीतियों की वैधता के लिए जरूरी है.
Though the Survey notes that tax revenue may exceed the projected level, it also recognises the stagnant tendency in tax-GDP ratio. If the revenue does not increase proportionately in the coming years and government spendings are cut to achieve deficit targets prescribed under FRBM, then it may not easy to revive the growth momentum.
जिजेक कहते हैं कि पूँजीवाद आज इतना सक्षम हो चुका है कि उसे लोकतंत्र की जरूरत भी अब नहीं है. उनकी भविष्यवाणी है कि दोनों का संबंध-विच्छेद बहुत जल्दी हो जायेगा. इस प्रक्रिया को हम रोजमर्रा में घटित होते देख सकते हैं. परंतु पूँजीवाद स्वयं को बहाल रखने और मजबूत करने के तर्क तो देता ही रहेगा. बस अब यह हो रहा है कि वह आर्थिक तर्क नहीं दे पा रहा है क्योंकि उसके पुराने सभी वादे असफल रहे हैं.
And finally, Mr. Pai is the Chairman of Manipal Global Education Services Pvt Ltd, a private provider of higher education services in India as well as abroad. His problem with JNU is understandable. I am a son of a coolie, who lost his father at the age of 15. Sans institutions such as MGU (Kerala) and JNU, I wouldn’t even have an MA, let alone a PhD. My anger over these ridiculous attack on the country’s premier educational institution is also understandable, isn’t it? #IAmATaxPayerToo