Dharma, Markets and Indian Capitalism

Paper for the Conference on Markets & Morals, New Delhi, 4-5 January 2014

Some nations seem to possess a code word which, like a key, unlocks the secrets of the country. That word is ‘liberty’ in America’s case; égalité, ‘equality’, in the case of France; for India it is ‘dharma’. Some of the best and the worst deeds in these nations can only be understood when seen through the lens of its code word.

2014 की चुनौतियां और अवसर

वर्ष 2014 में भारत के समक्ष जो सबसे बड़ी संभावना और चुनौती होगी, वह आर्थिक विकास की उच्च दर को वापस लौटाने की होगी, जैसा कि कुछ वर्ष पहले था। यह केवल उच्च विकास ही है जो हमारे देश की सतत समृद्धि को सुनिश्चित करेगी। 2014 के आम चुनावों में हमें अवश्य ही एक ऐसे उम्मीदवार और पार्टी के पक्ष में मतदान करना चाहिए जो विकास को वापस पटरी पर लौटा सके।

A Still Sleeping Giant

Book Review: 'An Uncertain Glory' by Jean Drèze and Amartya Sen | 'Transforming India' by Sumantra Bose

Indian reformers did not sell their liberal reforms to the people, who concluded the free market helps the rich alone.

Book Review: 'An Uncertain Glory' by Jean Drèze and Amartya Sen , 'Transforming India' by Sumantra Bose, The Wall Street Journal

Indian reformers did not sell their liberal reforms to the people, who concluded the free market helps the rich alone.

Desire or dharma: Dilemma that is as old as the vedas

Over the past few weeks we have been mesmerized by the tragic story of Tarun Tejpal. He was a moral voice to a whole generation, looked up to for courageous and uncompromising journalism. The evidence of sexual assault against the founder editor of Tehelka suggests that he not only failed a young colleague but collectively all journalists, workingwomen, and his legion of admirers. Millions of words have been written on this story but no one has explained why men in positions of power behave badly.

Our bullion-dollar troubles can end if India goes for gold

It was a subdued Diwali this year. Gold trading on Dhanteras was down by 50%. Traders blamed it on mostly on the lack of gold supply which was 83% lower than last year. But policy makers cheered. Their draconian policy of restricting gold imports was working. India’s trade deficit had declined and the rupee had calmed. But it is a temporary victory. Gold smuggling is on the rise and will eventually triumph, undermining a great victory of the 1991 reforms, which was to kill the havala market. There is breathing room, however, as gold forecasters expect world prices to fall.

Secularism or development: Making the right choice

At long last India’s democracy is moving in the right direction in offering voters genuine choices in the upcoming general elections. One of these is a choice between “left of centre” and “right of centre”economic policies — a polarization that exists in many democracies and ends in educating citizens about two distinct paths to prosperity. The two main parties, Congress and the BJP (after Narendra Modi became its official candidate) now reflect this polarity.

Secularism or development: Making the right choice

At long last India’s democracy is moving in the right direction in offering voters genuine choices in the upcoming general elections. One of these is a choice between “left of centre” and “right of centre”economic policies — a polarization that exists in many democracies and ends in educating citizens about two distinct paths to prosperity. The two main parties, Congress and the BJP (after Narendra Modi became its official candidate) now reflect this polarity.

Secularism or development: Making the right choice

At long last India’s democracy is moving in the right direction in offering voters genuine choices in the upcoming general elections. One of these is a choice between “left of centre” and “right of centre”economic policies — a polarization that exists in many democracies and ends in educating citizens about two distinct paths to prosperity. The two main parties, Congress and the BJP (after Narendra Modi became its official candidate) now reflect this polarity.

Long-term prosperity vs short-term populism

“Life can only be understood backwards but it must be lived forwards,” says an epitaph from the philosopher, Soren Kierkegaard. It rightly belongs on the grave of this dying UPA government that has destroyed our economy, with the traumatic collapse of the rupee its latest achievement. The epitaph reminds us that we must not ignore history if we want to lead a reasonably predictable life in the future.