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,…

How to deliver a real minimum income guarantee to India’s citizens Jayati Ghosh

The Congress Party’s recent declaration that if voted to power, it will seek to ensure a minimum income to 20 per cent of the poorest households in the country is laudable in intent. It also brings back policy attention to the penury and insecurity that continue to plague much of India’s population, and particularly the most destitute. But as presented, it is completely unworkable – and if the Congress Party is really serious about this goal of eliminating poverty, it will have to think of a different way of reaching it. Consider the broad outlines of the scheme that was…

A discussion on Inequality: Views from the Global South Organised by SARChI and IDEAs

The DST/NRF South African Research Chair in Industrial Development (SARChI) and International Development Economics Associates (IDEAs) invites you to a discussion on Inequality: Views from the Global South Speakers: Jayati Ghosh, Jawaharlal Nehru University, India Andong Zhu,  Tsinghua University, China Alicia Puyana, Latin American Faculty of Social Sciences, Mexico Facilitator: Fiona Tregenna Date:  4 April 2019 Time: 14:30 Venue:  Council Chambers- Madibeng Building, University of Johannesburg, Auckland Park Kingsway Campus RSVP before 29 March to Laura Khumalo, laurak@uj.ac.za or 011 559 7454 Click here for the Invitation

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…

The Great Budget “Cash for Votes” Scam – and Other Cash Transfer Schemes Jayati Ghosh

The big-ticket item in the “Interim Budget 2019-20” was the announcement of a cash transfer to farmers holding less than 2 hectares, of Rs 6,000 per household to be paid in three instalments of Rs 2,000 each. Estimated to cover around 120 million households, it is projected to cost Rs 75,000 crore over a year. Amazingly, the government also declared that it is providing this amount with retrospective effect from 1 December 2018, so that the first instalment would reach farmers’ bank accounts by end March of the current financial year. Finance Minister Piyush Goyal stated that he has put…

Science and Subterfuge in Economics Jayati Ghosh

Jayati Ghosh points out that “mainstream economics has operated in the service of power”, which has made the subject less relevant and reduced its legitimacy and credibility. Economics needs to become more open to criticism of assumptions, methods, and results. For full article Click Here (This article was originally published in the Project Syndicate on February 14, 2019)

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…

Budget 2019-20: Will it help India’s farmers? Jayati Ghosh

Everyone expected the Modi government to do something big – or at least promise something big – before the general elections. Everyone also sensed that it would be something to do with farmers, one of the economic and social concerns that has now also become a political talking point. But perhaps no one expected that the government would dare to make massive budgetary commitments for the coming year in a Vote on Account (or Interim Budget), which is constitutionally outside the mandate of an outgoing government. A Vote on Account is only supposed to include spending measures for the immediate…

Budget (Interim or Otherwise) 2019 and the Employment Crisis Jayati Ghosh

Unbelievable but true: there is nothing – repeat, nothing at all – in the Budget to deal with the job crisis. This is crazy, since lack of employment (especially for the young) and the problems in agriculture have emerged as the biggest two problems in the Indian economy and society today. It is also politically tone-deaf, since the government should really have been on the back foot on this one, as its suppression of official jobs data (the NSSO Survey of 2017-18) cleared by the National Statistical Commission, had just been exposed. In the circumstances, it was only to be…