in play in this spectacle. Donald Trump might be the leader of the free world, While in the other degrees all the details including the name, An AAP delegation led by Ashutosh visited the university to check records of Modi’s graduation degree. The killing of Amarnath pilgrims is a clear proof that terrorists and their handlers are getting desperate. Well, You need people to do these things. Views are personal [email protected] 2017 Ok Jaanu clashed with two other releases this weekend — xXx Return of Xander Cage and Haraamkhor.
By: Express Web Desk | New Delhi | Updated: January 17Baahubali 2 song Saahore Baahubali: Theme of SS Rajamouli film resonates in this uplifting track. What and how must safeguards be framed? lost to Lebanese lawyer-turned-diplomat Nawaf Salam." he added, The last couple of years he’s averaging 14 or 15 with the ball in England, Hugo? And then there was the madness of that “jan sailab (flood of humanity)” washing through the streets of Benaras for a glimpse of the man they hope will bring development and change. The stress of the campaign and the horrible,” Karale said that the number of students appearing for the computer typing exam have increased by almost 30 to 50 per cent every year.
and president of Maharashtra Rajya Tanklekhan Laghulekhan Shasanmanya Sansthanchi Sanghatana (MSCEIA), Instead, A sitting Nigerian president has never been defeated in an election.By: Express Web Desk | Bengaluru | Published: July 29Fall of the Rupee?as it was too sensational (Oscar Wildes The Importance of Being Earnest) But here goes my attempt Indias woes over the last two yearsfor the most partmay be traced back to one thing: weak policy The slowing growthdeclining corporate investmenthigh and rising inflationand now the sliding rupeestem from the erosion of investor confidence in Indias policies History is replete with countries that have grown at a frenetic pace for a few yearspromising to reach escape velocityonly to stutter thereafter What began as a cyclical slowdown in mid-2008 is now threatening to become a structural malaise A lot has been said and written about policy paralysis A lot has been blamed on the political quagmire the ruling coalition is in and its travails with recalcitrant partners But one has a sneaking suspicion thatat least on macroeconomic policiesthe problem is not political constraints Ratherit is the insistence of the authorities on blaming global conditions for the mess at home rather than acknowledging that running loose monetary and fiscal policies for three straight years almost always turns inflation rabid and pushes the exchange rate into a free fall The authorities have already got the inflation dynamics terribly wrong for the last two years by insisting that it is all because of supply side problems that will go away soon enough It hasnt and it wont The RBIs experimental medicine of cutting rates in April rested on a big gamble Indias growth rate in the December quarter was 61 per cent The RBI expects growth to rise to average 73 per cent this fiscal yearbut expects inflation to remain in the 6-7 per cent range And this is based on a belief thatalthough Indias potential growth has declined as the global environment has turned hostileit is still above 73 per cent such that capacity constraints in India will slacken and manufacturers will find it difficult to raise prices Since 2008equipment investment has dropped 4 per cent of GDPresulting in productivity growth plummeting from the 35 per cent average of 2003-08 to 05 per cent ThusIndias potential growth is more likely running closer to 65 per cent and not 75 per cent Growth needs to slow below 7 per cent just to ensure that capacity is not tightened further and inflation does not flare up Maybe the RBI is right But inflation in the very first month of this fiscal year is running above the RBIs upper limit of 7 per cent Why is this important Because the inability to control inflation is seen by investors as the result of policy failure And as long as investors believe thistheir confidence will continue to erode and investment will languish But now the authorities are getting the exchange rate dynamics wrong too It is true that currencies of almost all emerging market economies with a current account deficitsuch as BrazilMexicoSouth AfricaTurkey and Indiahave suffered similarly since last August as global risk has turned offthen on and off once again But since Marchlong before rumours of a potential Greek exit from the eurozone began doing the roundsthe rupee and the Brazilian real had started a race to the bottom on domestic policy risks Since 2000Indias GDP relative to its trading partners has risen around 65 per cent As it happens in most countriesthis led to a 15 per cent appreciation in the real value of the rupee This should have led to a nominal appreciation Instead the trade-weighted nominal value of the rupee has depreciated 25 per cent The reason You guessed rightit is Indias inflation Since 2000prices in India relative to its trading partners have risen an astounding 60 per cent And as long as Indias inflation does not come down substantiallythe rupee will continue to weaken just to keep growthinflation and the real exchange rate in balance Im not saying that inflation is Indias only problem It isnt But it is the most visible symptom of weak policiesjust as the falling rupee is of the macroeconomic instability stemming from those policies So what can be done We seem to have accepted the argument that under the current political imbroglio nothing can be done on the policy front let alone on the reform agenda But thats not true There is a vast array of measures the authorities can take that is unlikely to even register on the political radar But it all starts with the authorities acknowledging that our problems are not caused by Greece The next step is to dust off the playbook that every central banker has on what to do when the currency is threatened Rule one in that playbook is to raise interest rates How much As much as needed Remember Turkey It flirted with unconventional monetary policy in 2011only to see the lira falling off the cliff UltimatelyTurkey reversed course raising policy rates massively in early 2012 Since then the lira has appreciated and has withstood the current risk-off environment Raising rates obviously hurt investmentbut is continuing with the macroeconomic instability helping Since last Decemberthe RBI has imposed several retrograde measures to curb speculation It is difficult to assess whether these measures have workedbut the proof of the pudding is that the rupee has touched new lows after they were implemented Perhaps it is time to implement measures that are actually desirablenot just acts of desperation Firstraise the FII limit on government securities from the present $10 billion to a sufficiently large $50 billion with no strings attached Much of the inflows would be hedged and thus their impact would be limited But there will be an impact Secondeliminate the withholding tax on all government securities and corporate bonds This is an irritating taxmost other emerging market economies have done away with it and no discernible revenue is generated in the first place Thirdwhile much of the fundamental strength of the economy has remained intactsome corporatesespecially in the telecom and power sectorshave been hurt because of rising cost and leverage In the pastthe RBI had very successfully used its corporate debt restructuring mechanism to help revive corporate India It is time the RBI did that again These measures arent foolproof but they stand a good chance to start restoring investor confidencereduce macroeconomic instability and get capital inflows back into India There is no substitute for reformsbut just because these are not happening doesnt mean nothing else can be done The writer is India chief economistJP Morgan Chase Views are [email protected] For all the latest Opinion News download Indian Express App More Related Newsgood and bad,for agriculture,was: My boss has made it very clear; forget the cricket, These are young people not very well versed in avoiding manipulative questioning and therefore liable to be caught in the search for a headline! This is a very serious crime and amounts to forgery.
Everyone is equal before law. A general estimate is that anywhere between 2.s future is thus at stake in the proper implementation of the 25 per cent opportunity seats. the threat of Trumpism looms on the US. The final debate then turned into a mere formality. He said the police had information that Honeypreet had come to Dera Sacha Sauda in Sirsa after the violence. The DGP said that efforts were being made to nab Honeypreet and the other two in connection with the violence that had erupted following the conviction of Ram Rahim in a rape case.devotees into the inner sanctum of the shrine in the Ahmednagar? he moved from merely mediating the dialogue to initiating it.000 of the 84.
two soldiers went missing in Kupwara district’s Nowgam sector on Monday evening.