At a grand meet in Lucknow a few days ago, the Prime Minister declared that despite what the opposition says, he isnt scared to be seen with industrialists and that they have an important role in nation building. I agree whole heartedlty with the prime minister except that I think he is confusing industrialists with crony capitalists. Crony capitalists don’t build nations, they destroy them.
Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, or other forms of state.....Read more >> Category: infrastructure
A few days ago I watched the Chief Minister of Tamilnadu on Television tell reporters that there was a large number of young graduates entering the workforce in the state and that the eight lane Salem to Chennai expressway was part of the overall plan to promote new industries and secure jobs for these youngsters. I am glad that the Chief Minister of our state is for once talking about jobs for our youngsters but I think someone forgot to tell him that in Tamilnadu alone 50,000 Small to Medium enterprises had shut down and 5 lakh people had lost in their jobs in in the last year and none of this had anything to do with the lack of infrastructure.
Almost all politicians in Tamilnadu.....Read more >> Category: jobs
A few days ago , Mylapore's very own auditor and Editor of Thuglak, Mr.Gurumurthy, had written in these columns of the untold benefits of the great indian circus that was demonetisation. His intentions while undoubtable, his facts seemed to be drawn from a post-truth world. This article intends to set the record straight on a number of these facts and also iterate some fundamentals of economics that the erudite auditor seems to have forgotten.
Local politics, not national policies
In his article, Mr. Gurumurthy seems to confuse electoral wins in the local body elections of BJP run states with the public’s ringing endorsement for demonetisation.
This reminds me.....Read more >> Category: Economy
The recent developments in the Indian economy are indeed distressing for all the stakeholders. Three data points that have come to light are worrying and threaten to derail the economy. They are
- The estimated growth rate according to the central statistics office is going to be 6.5% for this year while the finance minister assumed that the growth rate of the Indian economy will be 7.5% for the year. This will send all budgetary calculations awry.
- The consumer price index has breached the target set by the Reserve Bank and is at 5.12% for the month of December and is heading further north in the coming months.
- The Government has revealed that it will borrow 20000..... Read more >> Category: Economy
The 8th of November, 2016 will forever be remembered as a dark day in India’s democratic history. It was on that day, the prime minister took a unilateral decision to invalidate 86% of India’s legal tender. The action, commonly referred to as demonetization, is now inarguably hailed as a colossal error in judgment that led to an unprecedented destruction of value and caused irreversible personal loss to millions of our country’s workers and entrepreneurs.
The Indian democracy rests on three independent and sturdy pillars – the legislature, the executive and the judiciary. If any one of these pillars fail, the other two are supposed to ensure that the constitution.....Read more >> Category: Economy
In September 2015, I tweeted the following: “Dear All India Muslim Personal Law Board: The instant triple talaq is a horrible interpretation that sets our community back. I reject it.” I wanted the AIMPLB to raise awareness about the undesirability of instant triple talaq. Instead, they were fighting to have the Supreme Court uphold it. As I expected, the court held instant triple talaq unconstitutional. I welcomed the judgment as a step forward for women’s empowerment. At that time, I did not imagine that the apex court’s progressive judgment would become a pretext for our government to put forward a bill that will not only do little to advance the interests of Muslim women but could.....Read more >> Category: womens_emp