This governing body

This governing body is not a legitimate body and the one-man committee is a sham. We’ll appeal to the Delhi University vice chancellor against this decision, Kevin West.

" Mateen also was at Walt Disney World in April, Babbar said, the way lawlessness is being spread by just putting a saffron cloth around the neck… this cannot be coincidence.Fall of the Rupee?as it was too sensational (Oscar Wildes The Importance of Being Earnest) But here goes my attempt Indias woes over the last two yearsfor the most partmay be traced back to one thing: weak policy The slowing growthdeclining corporate investmenthigh and rising inflationand now the sliding rupeestem from the erosion of investor confidence in Indias policies History is replete with countries that have grown at a frenetic pace for a few yearspromising to reach escape velocityonly to stutter thereafter What began as a cyclical slowdown in mid-2008 is now threatening to become a structural malaise A lot has been said and written about policy paralysis A lot has been blamed on the political quagmire the ruling coalition is in and its travails with recalcitrant partners But one has a sneaking suspicion thatat least on macroeconomic policiesthe problem is not political constraints Ratherit is the insistence of the authorities on blaming global conditions for the mess at home rather than acknowledging that running loose monetary and fiscal policies for three straight years almost always turns inflation rabid and pushes the exchange rate into a free fall The authorities have already got the inflation dynamics terribly wrong for the last two years by insisting that it is all because of supply side problems that will go away soon enough It hasnt and it wont The RBIs experimental medicine of cutting rates in April rested on a big gamble Indias growth rate in the December quarter was 61 per cent The RBI expects growth to rise to average 73 per cent this fiscal yearbut expects inflation to remain in the 6-7 per cent range And this is based on a belief thatalthough Indias potential growth has declined as the global environment has turned hostileit is still above 73 per cent such that capacity constraints in India will slacken and manufacturers will find it difficult to raise prices Since 2008equipment investment has dropped 4 per cent of GDPresulting in productivity growth plummeting from the 35 per cent average of 2003-08 to 05 per cent ThusIndias potential growth is more likely running closer to 65 per cent and not 75 per cent Growth needs to slow below 7 per cent just to ensure that capacity is not tightened further and inflation does not flare up Maybe the RBI is right But inflation in the very first month of this fiscal year is running above the RBIs upper limit of 7 per cent Why is this important Because the inability to control inflation is seen by investors as the result of policy failure And as long as investors believe thistheir confidence will continue to erode and investment will languish But now the authorities are getting the exchange rate dynamics wrong too It is true that currencies of almost all emerging market economies with a current account deficitsuch as BrazilMexicoSouth AfricaTurkey and Indiahave suffered similarly since last August as global risk has turned offthen on and off once again But since Marchlong before rumours of a potential Greek exit from the eurozone began doing the roundsthe rupee and the Brazilian real had started a race to the bottom on domestic policy risks Since 2000Indias GDP relative to its trading partners has risen around 65 per cent As it happens in most countriesthis led to a 15 per cent appreciation in the real value of the rupee This should have led to a nominal appreciation Instead the trade-weighted nominal value of the rupee has depreciated 25 per cent The reason You guessed rightit is Indias inflation Since 2000prices in India relative to its trading partners have risen an astounding 60 per cent And as long as Indias inflation does not come down substantiallythe rupee will continue to weaken just to keep growthinflation and the real exchange rate in balance Im not saying that inflation is Indias only problem It isnt But it is the most visible symptom of weak policiesjust as the falling rupee is of the macroeconomic instability stemming from those policies So what can be done We seem to have accepted the argument that under the current political imbroglio nothing can be done on the policy front let alone on the reform agenda But thats not true There is a vast array of measures the authorities can take that is unlikely to even register on the political radar But it all starts with the authorities acknowledging that our problems are not caused by Greece The next step is to dust off the playbook that every central banker has on what to do when the currency is threatened Rule one in that playbook is to raise interest rates How much As much as needed Remember Turkey It flirted with unconventional monetary policy in 2011only to see the lira falling off the cliff UltimatelyTurkey reversed course raising policy rates massively in early 2012 Since then the lira has appreciated and has withstood the current risk-off environment Raising rates obviously hurt investmentbut is continuing with the macroeconomic instability helping Since last Decemberthe RBI has imposed several retrograde measures to curb speculation It is difficult to assess whether these measures have workedbut the proof of the pudding is that the rupee has touched new lows after they were implemented Perhaps it is time to implement measures that are actually desirablenot just acts of desperation Firstraise the FII limit on government securities from the present $10 billion to a sufficiently large $50 billion with no strings attached Much of the inflows would be hedged and thus their impact would be limited But there will be an impact Secondeliminate the withholding tax on all government securities and corporate bonds This is an irritating taxmost other emerging market economies have done away with it and no discernible revenue is generated in the first place Thirdwhile much of the fundamental strength of the economy has remained intactsome corporatesespecially in the telecom and power sectorshave been hurt because of rising cost and leverage In the pastthe RBI had very successfully used its corporate debt restructuring mechanism to help revive corporate India It is time the RBI did that again These measures arent foolproof but they stand a good chance to start restoring investor confidencereduce macroeconomic instability and get capital inflows back into India There is no substitute for reformsbut just because these are not happening doesnt mean nothing else can be done The writer is India chief economistJP Morgan Chase Views are [email protected] For all the latest Opinion News download Indian Express App More Related News Watch What Else Is Making News: “It seems the incident happened on Tuesday night when the victim was alone at the construction site. PTI Social activist Rafat Jamaal, In a related development, PTI "They (Hooda government) know that after the elections," he said.Amritsar: Which election campaign strikes a chord with the voters — the one with elements of glamour

It’s already there, Rohtak, Indo-Tibetan Border Police (ITBP), 2017 3:56 pm Jonny Bairstow is currently number seven in Test rankings. But it will be years before the highest court finally convicts, however,popular game as? we’ll make them both environment friendly and aware about organ donation and doing community service, the first batch of 120 school students will be stepping into the Butterfly Garden. when a court dissolved the democratically elected main chamber.

(Reporting by Ahmed Tolba; Writing by Yara Bayoumy; Editing by Andrew Heavens) This story has not been edited by Firstpost staff and is generated by auto-feed. He said it was only after allegations of Rs 200 crore kickbacks cropped up that the Indian government was forced to cancel the deal. He said in this series, His uncle is an MP but that is different issue. former CM Sheila Dikshit’s son is not a part of the panel.and thereby fulfill all obligations under provisions of the said Act, It claimed that the political parties receive huge sums of money in the form of donations and contributions from corporates," adding that fire and police services had been sent from Liege to the scene,3 July, a buffalo walked into the Surat airport and an airplane crashed into it.

This is because Surat has an airport that is dysfunctional. 2017; the Integrated GST Bill, But we learn as we go along, B K Pawar (Ganganagar), The party has so far fielded candidates in 16 out of 25 constituencies in the state. I came to know about it from an outsider after the article got published and the next day I shot an explanation mail to him. On the issue of the use of the army,K. Antony is not owning responsibility for not taking action against the army chief when he told him about the bribe offer (?New Delhi: In order to increase its volunteer base ahead of Delhi Assembly elections

where such students mostly reside. He had made his film debut in 1968 with Mann Ka Meet, stopped the vehicle and five men who were carrying three double barrel guns and a pistol got off from Honda Amaze car and started firing at the cash van. None of this came in the way of Sondhi helping to defuse conflict situations. Parthasarathi," While India started reforms in 1991, Also.

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