-The Hindu Reaching the target by 2030-31 has to be ruled out, as it requires a nominal annual growth rate of 18.2%; instead, the scenario can be 2033-34, with the required real rate of growth at 9% The Chief Minister of Tamil Nadu has set Tamil Nadu the goal of becoming a trillion dollar economy (by 2030), as he has indicated over the past year. This is a good aspirational goal. Tamil...

There is some respite expected for India in terms of prices of imported commodities. This may ease the depletion of its foreign exchange reserves. The country has faced a widening of its merchandise trade deficit from US$ -17.91 billion to US$ -26.91 billion between October 2021 and October 2022. The commodity price data provided by the World Bank in December 2022 (termed as The Pink Sheet) shows that energy prices plummeted by...

-Newsclick.in World capitalism is entering a new phase in which Third World economies will witness persistent outflow of finance, even if they raise interest rates in tandem with US rates. There are two defining and portentous features of the current world economic situation. One, which is well discussed, is the world-wide increase in interest rates in response to the pervasive inflationary upsurge; it would indubitably generate recession and unemployment, which, notwithstanding all...

-The Telegraph A system without any steering control An essential characteristic of modern capitalism is that the living conditions of millions of people are determined by the whims and caprices of a handful of financial speculators; indeed, that is what ‘leaving things to the market’ really entails. Consider what is happening in India today. There is a massive outflow of finance from the country because of which the rupee is depreciating  vis-à-vis...

-Hindustan Times The 20th National Congress of the Communist Party of China (CPC) began in Beijing on October 16. While the run-up to the 20th congress has been dominated by talks of Xi Jinping getting elected as the highest leader for an unprecedented third consecutive time, the gathering will also have to confront serious and somewhat new questions as far as the Chinese economy is concerned. The 20th National Congress of the...