-Hindustan Times The average PE (price earnings) multiple of Sensex companies , which measures the price of a stock as a multiple of its earnings per share, has risen to 31.49 in the current month, the highest since 1998-99 . The BSE Sensex, India’s benchmark stock market index, reached an all-time high of 44,825 on Wednesday, November 25. There is reason to believe that speculation and external tailwinds, rather than strong fundamentals,...
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Indian economy contracts by 7.5% in Q2
-The Hindu Country enters technical recession. India’s Gross Domestic Product (GDP) contracted 7.5% in the second quarter of 2020-21, following the record 23.9% decline recorded in the first quarter, as per estimates released by the National Statistical Office on Friday. The country has now entered a technical recession with two successive quarters of negative growth. However, the economy’s performance between July and September when lockdown restrictions were eased is better than most rating...
More »Prabhat Patnaik, eminent economist and professor emeritus at Jawaharlal Nehru University, interviewed by Subhoranjan Dasgupta (The Telegraph)
-The Telegraph ‘Farmers at mercy of corporates, food security threatened’ Eminent economist, professor emeritus at Jawaharlal Nehru University and activist Prabhat Patnaik traces the downward and dangerous slide of the Indian economy, from the demonetisation to the new farm bills. * The first onslaught was in the form of the demonetisation. While Amartya Sen termed this step “despotic”, Narendra Modi gushed that there would be no black money after the demonetisation. In the...
More »What is a bank moratorium, and when does it come into play? -K Bharat Kumar
-The Hindu * When does the Reserve Bank of India intervene, and what are some of the key steps it takes? The story so far: On November 17, the Centre, acting on the recommendation of the Reserve Bank of India (RBI), imposed a moratorium on Lakshmi Vilas Bank (LVB) for a period of 30 days. The 94-year-old bank, based in Karur, Tamil Nadu, has been struggling with losses for three years. As...
More »Why Recovery at Cost of Worker Immiserisation Won’t Last Long -Prabhat Patnaik
-Newsclick.in GDP recovery from the lockdown-induced abyss is accompanied by significant labour displacement and squeeze on wages, which will impact aggregate demand. Ministers from Narendra Modi to Nirmala Sitharaman are talking about a recovery of the Indian economy from the pandemic-induced crisis. Even the Reserve Bank of India (RBI), which estimated the second quarter GDP growth to have been -8.6%, has seen signs of recovery in October. Of course, there had to be...
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