India’s growth is not falling, although it is not as high as before If there is a crisis, there should be economics to deal with it; what use are economists if they are not around to help out when things get bad? And it is not enough to have economics. There was plenty of economics in 1929. As output and employment plummeted, economists said, this is good. It will take...

Did we just miss a major opportunity? For short while, it seemed that the global financial crisis would focus minds on what is wrong with the current economic growth model and how we can go about changing it. Unfortunately, that moment seems to have passed, at least until the next crisis comes along (which, in current trends, will not be long, since all the major forces that led to the...

A good reason why we must not rejoice the late resumption of monsoon rains is that much of the damage is already done and is irreparable. In over 60 percent of India’s agricultural belt, particularly in the North-Western parts, there will be no rabi harvest. Hence, late arrival of rains hardly mitigates the challenges of lower agricultural production, shrinking of rural purchasing power, high inflation of food prices and loss...

THE LAUNCH of free market liberalisation in 1991 triggered widespread prosperity for the Indian middle classes, making them the showpiece of India’s muchfêted economic boom. But little has ever changed for the bulk of the country’s poor, hundreds of millions of who continue to barely scrape through from day to day, doomed to extreme poverty and, consequently, malnutrition, disease and death. For decades, many among these millions have survived, however...

Agriculture is not just a food producing machine but the backbone of the livelihood of 60 per cent of Indians. The extensive drought spotlights a situation of mass rural deprivation and a mindset that is insensitive to it. But there are some encouraging signs. What should be done to meet the challenge?  There are reports in financial newspapers that the ongoing drought affecting nearly 200 districts in the country may...