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  • News & article

    India's 'no' at WTO may just mean 'not yet'

    News, Mihir Sharma, Published on 27/02/2024

    » As trade ministers gather at the World Trade Organization's (WTO) summit in Abu Dhabi this week, one of the villains will, as usual, be India. And, certainly, there's some justice to the complaint that Indian negotiators are far too ready to block consensus at such confabs unless granted concessions on their own priorities. Saying "no" often comes too easily to them.

  • News & article

    US reign at World Bank must end now

    News, Mihir Sharma, Published on 08/02/2019

    » In many ways, David Malpass, whom US President Donald Trump nominated to head the World Bank, is an unsurprising choice. He's a senior Treasury official overseeing international affairs. Plus, his background absolutely screams "Trump nominee": He isn't a woman (Indra Nooyi, formerly of PepsiCo Inc, was being considered). He is an outspoken critic of the institution he is now to head (recall Scott Pruitt's tenure at the Environmental Protection Agency). And he has a controversial Wall Street background (he was chief economist at the ill-fated Bear Stearns), as well as some embarrassing calls in his past (he wrote a Wall Street Journal op-ed in 2007 insisting that the housing market couldn't pull down the broader economy).

  • News & article

    China should remember its old friends

    News, Mihir Sharma, Published on 19/12/2018

    » Nobody can know if, when Deng Xiaoping launched his strategy of "Reform and Opening Up" 40 years ago, even he could have predicted the near-miraculous transformation of the Chinese economy that would follow. In the years since then, hundreds of millions have been lifted out of abject poverty and into the ranks of the global middle class; China's industrial heartland became the workshop of the world; and the People's Republic has muscled its way into the first rank of global powers.

  • News & article

    Why India's airlines fail to take off

    News, Mihir Sharma, Published on 03/12/2018

    » Anyone puzzled by how the Indian economy manages to grow swiftly while somehow failing to be prosperous could do worse than look at the state of India's airlines. Over the past four years, passenger growth in India has been rapid: The number of flights taken has increased between 15% and 20% per year. Demand growth this year is likely to be the highest in the world. Yet the industry itself hasn't benefited. Almost every Indian airline is struggling.

  • News & article

    Belt and Road hits a pothole in Pakistan

    News, Mihir Sharma, Published on 12/10/2018

    » Pakistan's government has finally admitted it needs help. Finance Minister Asad Umar says he will be meeting officials of the International Monetary Fund in Bali this weekend. There he'll try and work out the terms for a bailout that would cover a US$10 billion (328 billion baht) hole in Pakistan's financing needs.

  • News & article

    Why demonetisation was a 'failure'

    News, Mihir Sharma, Published on 03/09/2018

    » The Indian central bank's final tally of Prime Minister Narendra Modi's 2016 demonetisation drive -- intended to take money derived from tax evasion out of circulation -- showed that 99.3% of outlawed high-value banknotes had been returned. That's a severe loss of face for officials, who had argued that holders of the cash would rather destroy it than return it to banks, providing a windfall for the government.

  • News & article

    Pakistan's army takes on wrong fight

    News, Mihir Sharma, Published on 16/07/2018

    » Nawaz Sharif -- dodgy businessman, convicted criminal and thrice prime minister of Pakistan -- showed on Friday, in his triumphant return to Pakistan, that he remains by far the country's most popular politician. Infuriatingly, he also represents Pakistan's best chance at becoming a "normal" country anytime soon. As he fights what looks very much like an attempt by the military to decide the next election, the rest of us should hope he succeeds.

  • News & article

    India and China learn how to turn down the heat

    News, Mihir Sharma, Published on 30/08/2017

    » As summer reached the high Himalayas this past June, one corner of the mountains turned hotter than expected. On a small plateau called Doklam, close to where the India-China border meets the tiny kingdom of Bhutan, two of the largest armies in the world faced off against each other. Chinese soldiers, convinced they were on Chinese territory, had brought equipment to extend a road; Indian soldiers, who viewed the land as disputed, blocked the earth-movers. For three months, the armies camped just metres away from each other, the Indians on the higher ground and the Chinese in a little valley. Neither government seemed to know how to back down.

  • News & article

    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.

  • News & article

    An age of undiplomatic diplomacy

    News, Mihir Sharma, Published on 09/05/2017

    » What happens when strongmen meet? We know that the world is slowly filling up with populist nationalists, from Manila to Washington. But how do they plan to deal with each other? Will they join forces against the sanctimonious, supra-national powers that dismay them all? Or will they compete, as erstwhile tough guys seem most comfortable doing?

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