Showing 1 - 5 of 5
The cost of a Modi election victory
News, Mihir Sharma, Published on 14/12/2018
» Many of us have long argued that, whatever its problems, India is one of the best long-term bets in the world for one simple reason: It has the sort of world-class institutions that can help build and sustain a genuine market economy. Sadly, many of those same institutions are being undermined by the country's own leaders -- most recently the Reserve Bank of India (RBI), which Prime Minister Narendra Modi appear intent on subjugating as part of his bid for reelection. Of all people, Mr Modi should recognise that no election victory is worth giving up on India's best chance at becoming a world-beating economy.
Does Modi deserve a second term?
News, Mihir Sharma, Published on 30/05/2018
» Four years ago this week, Narendra Modi was sworn in as India's prime minister amid the kind of excitement and expectation not seen in decades. Not for 30 years had a single party won an electoral majority. Mr Modi's success, his rhetoric and his background all seemed like a decisive break with India's past.
India's economy faces ominous 2018
News, Mihir Sharma, Published on 09/01/2018
» You'd think the Indian economy had returned to rosy health. It seems to have recovered from two enormous disruptions -- Prime Minister Narendra Modi's decision just over a year ago to withdraw 86% of the currency in circulation, and the poorly-planned rollout in the middle of 2017 of a new goods-and-services tax. Exports are no longer declining, as they had for several quarters; indeed, for the last month that data is available, they rose 30%. The Purchasing Managers' Index expanded the fastest it has in five years. At least one international ratings agency has upgraded India's credit rating.
India's states will pay for populism
News, Mihir Sharma, Published on 14/07/2017
» Things only seem to get worse for India's farmers. They'd barely recovered from two years of drought when they were hit by the government's decision last autumn to declare 86% of India's currency illegal. They struggled through that, and the consequent crash in prices, in hopes that this year's monsoon would be healthy. And, although forecasters insisted enough rain would fall, an "unexpected dry spell" is now threatening to ruin their summer crop.
Budget must address India's reputation problem
News, Mihir Sharma, Published on 31/01/2017
» One of the least enviable jobs in the world at the moment has to be that of the Indian finance minister. Arun Jaitley is to present his fourth annual budget to India's parliament tomorrow amid terrible headwinds -- mostly caused by his government's bewildering and disruptive decision to invalidate 86% of India's currency last November. If he's to revive growth, the first thing he has to do is rethink his priorities.