Meghnad Desai Academy of Economics (MDAE) is delighted to announce that Lord Meghnad Desai, Chairman, Meghnad Desai Academy of Economics, renowned academic, Professor Emeritus at the London School of Economics recently delivered a talk at the l
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The relevance of a century-old Indian report on protectionism
A file photo of JNPT Port. Photo: Ashesh Shah/Mint
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There is protectionism in the air. This year marks the centenary of a committee that recommended the first tariff hikes to protect Indian industry, but at a time when India was an impoverished colony rather than an independent nation with the fifth largest economy in the world. It is a good cue for this column to embark on one of its periodic excursions into economic history.
The Indian Fiscal Commission began its work in November 1921, and submitted its report the following year. Its chairman was Ibrahim Rahimtoolah, while John Maynard Keynes was vice- president. Keynes could not come over to India to make any meaningful contribution. There were seven Indians and five Englishmen in the commission. Rahimtoolah, in the company of others such as Gopal Krishna Gokhale and Madan Mohan Malaviya, had fought a hard battle over the previous
Modern Monetary Theory: Let’s look at it from India’s perspective
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Stephanie Kelton is one of the most influential advocates of Modern Monetary Theory, or MMT. The MMT challenge to mainstream thinking on how to manage an economy has grown in popularity in recent years. It especially challenges the view that government spending to support an economy is constrained by tax collections.
Kelton has written a lucid introduction to MMT,
The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. Much of it deals with the situation in the US. I read it through Indian eyes. Is MMT relevant to India?
Three decades on, India is again at crossroad
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One of the great paradoxes is that Indian industry is capital intensive despite the country having surplus labour. Job creation in industry has been weaker than expected. Art: The Dismantled Wheel by Prabhakar Pachpute, 2020
(Courtesy: Prabhakar Pachpute/Experimenter)
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Vishwanath Pratap Singh visited Kuala Lumpur in June 1990 as the Indian prime minister. He was surprised with the economic progress he saw around. Malaysia was one of the handful of Asian countries that had engineered an economic miracle by the 1980s, as it harnessed domestic capabilities to build an export engine that pulled people out of poverty. The average Malaysian was better off in 1990 than the average Indian is today.