Prevalence of Undernourishment in Indian States: Explorations Based on NSS 68th Round Data Vikas Rawal, Vaishali Bansal, Prachi Bansal

Prevalence of undernourishment, a measure developed by the Food and Agriculture Organization, is a key indicator for global hunger and food insecurity targets. The FAO has developed a sound conceptual model for estimating the prevalence of dietary energy deficiency. However, the estimation methodology of the prevalence of undernourishment has been a subject of much debate. Important modifications are suggested in the estimation of the distribution of average calorie intake and average minimum dietary energy requirements. Using the latest available data and the revised methodology, it is shown that about 472 million people in India, a staggering 39% of the population,…

Vanishing Green Shoots C.P. Chandrasekhar and Jayati Ghosh

When the third estimate of US growth in the last quarter of 2018 was released the euphoria exuded by forecasters of global growth even a few months earlier waned. The annualised quarter on quarter growth rate that had risen to a more than comfortable 4.2 per cent in the second quarter of 2018, had fallen to 3.4 and 2.2 per cent in the subsequent two quarters (Chart 1). The quarterly rates measuring growth relative to the corresponding quarter in the previous year after having risen consistently have stagnated (Chart 2). Once again it appears that growth in the US is…

Why is South Asia performing so badly on the SDGs? C. P. Chandrasekhar and Jayati Ghosh

The SDGs were obviously incredibly ambitious – far more so than the Millennium Development Goals that they succeeded – and so it was indeed a remarkable achievement that governments of almost all countries signed up to them. There were no less than 17 very significant and substantive goals, each containing multiple targets, and each target relying often on more than one indicator. And these goals and targets are not simply extrapolations of past trends (as several of the MDGs were). Rather, some of them present formidable challenges, since they require a reversal of the prior trends, such as reducing inequalities,…

Resist to exist Ali Kadri

Empires practise imperialism. Empires subordinate masses and nations and exact tribute from them. The reason and means by which tribute is exacted change by changing historical circumstance. Imperialism assumes new forms and there are many ways to define imperialism. Each definition depends on the angle one takes or the level of abstraction one assumes. For instance, I can depart from my under- standing of capital, the dominant social relation in the historical stage known as capitalism, as that relation which ‘drips with blood’ (as per Marx 1859). Such is not a hyperbolic statement. Unlike past forms of imperialist barbarity, the…

A Brave New World, or the Same Old Story with New Characters? Jayati Ghosh

Capitalism has always been a global system, but not in fixed ways. Different national powers have emerged and become dominant over the centuries, but the fundamental processes underlying the uneven development of global capitalism have not altered; they continue to be driven by imperialism the struggle of large capital over economic territory of various kinds. Since the late 1960s, only the East Asian region has shown notable increases in its share of global GDP, and for the last two decades this has been dominated by the rise of China. This is directly related to the ability of the Chinese state…

Migration and Remittances: The gender angle C. P. Chandrasekhar and Jayati Ghosh

The gender distribution of migrant workers has a macroeconomic impact – it affects both the level and the volatility of remittance inflows, as the Asian experience shows. The gender distribution of cross-border migration obviously matters because women migrating for work face very different conditions from those of men migrants, whether in the source country, or in the process of travel or in the destination country. These are crucially affected by the gender construction as well as the nature of labour markets in both societies of origin and destination. This is well accepted and now quite widely studied. However, the macroeconomic…

Why Multilateral Development Banks should provide Finance in Domestic Currencies: A Growth and Financial Stability Proposal Luiz Carlos Bresser-Pereira

National banks are supposed to offer finance or capital to private and stateowned enterprises, which allows them to invest and to innovate. From this we would conclude that multilateral banks should play the same role, with the difference that its loans are usually disbursed in a reserve currency. This paper rejects that developing countries need foreign capital but acknowledges that major projects often require finance. Thus, it distinguishes, on the macroeconomic level, finance from capital. The assumption is that, to execute large investment projects, developing countries need finance, not capital; countries should not be interested in incurring in current account…

Biodiversity for Food and Agriculture and Food Security: An exploration of interrelationships Vikas Rawal, Vaishali Bansal and Doordarshni Thokchom

The World Food Summit of 1996 defined food security as the condition that exists “when all people, at all times, have physical, social and economic access to sufficient, safe and nutritious food that meets their dietary needs and food preferences for an active and healthy life”. Food security is at the core of Sustainable Development Goal 2: End hunger, achieve food security and improved nutrition and promote sustainable agriculture. The Commission on Genetic Resources for Food and Agriculture (Commission), at its Sixteenth Regular Session, acknowledged the key role biodiversity for food and agriculture plays for achieving the 2030 Agenda for…

The Skewed Structure of India’s Bond Market C. P. Chandrasekhar and Jayati Ghosh

India’s efforts to activate its corporate debt market, not least by periodically raising the ceiling on investment by foreign portfolio investors in corporate bonds, are yet to succeed. Mobilisation of capital through the issue of corporate bonds has just about crept up to 4.4 per cent of GDP (Chart 1). Though that is much larger than the 0.2 per cent of GDP for mobilisation through new equity issues, it is way short of the figure (varying from 15 to 50 per cent) for most similarly placed emerging markets. Relative to the size of its economy, India’s corporate bond market is…

The mistaken obsession with the fiscal deficit C.P. Chandrasekhar and Jayati Ghosh

It’s that time of year again – the time when all eyes turn to those magic numbers, the actual and proposed fiscal deficits of the central government as shares of GDP. Breathless news anchors will interrogate financial investors on what the numbers mean, and why 3.5 per cent or 3.7 per cent is fatally worse than, say, 3.4 per cent or 3.2 per cent or less. Everyone will breathe a sigh of relief if the Finance Minister achieves his fiscal targets, while there will be gloom, doom and concern if the government is found to have overstepped. All this scrutiny…