ECONOMIC NOTES

Tax Revenues: ‘Direct’ Action Needed

IN election season, when political parties are seen to be making promises that would involve a commitment to governments making expenditures later, a question is often posed whether the country can afford such a ‘burden’. Those who pick this specific criticism among the several possible reasons that could be advanced against what is being offered, of course, are not in favour of any significant stepping up of public expenditures and effectively assume that the resources that the government can command are not amenable to increase.

Tax Revenues: ‘Direct’ Action Needed

IN election season, when political parties are seen to be making promises that would involve a commitment to governments making expenditures later, a question is often posed whether the country can afford such a ‘burden’. Those who pick this specific criticism among the several possible reasons that could be advanced against what is being offered, of course, are not in favour of any significant stepping up of public expenditures and effectively assume that the resources that the government can command are not amenable to increase.

Empty Coffers: The Legacy that the Modi Govt Will Leave Behind?

ON April 1, 2019, the ministry of finance issued a statement announcing the GST collections for March 2019, the last month of the financial year 2018-19. The statement celebrated what was supposed to be the highest monthly collection since the introduction of GST – Rs 1,06,577 crores. What was, however, left out of the picture was what this collection put the final seal on – namely, that GST revenues for 2018-19 are well below the figure projected even in the revised estimates (RE) presented in the union budget 2019-20 on February 1, 2019.

The Abysmal State of Economic Decision Making

THE minutes of the board meeting of the Reserve Bank of India just prior to the announcement that currency notes of Rs 500 and Rs 1000 denomination were being demonetised are now available in the public domain, thanks to an RTI query. And what they reveal is the abysmal state of decision-making on economic policy that prevails under the Modi government.To be sure, economic decision-making has always been informed by class bias; but that is not what I am referring to here.

Economics and Imperialism

MAINSTREAM bourgeois economics which is what occupies a hegemonic position in the academic world today is often criticized for being “unreal”, for proceeding on the basis of assumptions that obviously do not correspond to reality. This criticism however, though valid, does not capture its real intent, which is to serve as a means of camouflaging imperialism. The theoretical content of mainstream bourgeois economics is to advance a set of propositions about the functioning of capitalism which deny any need for, and hence any role of, imperialism in capitalist development.

Epistemic Critiques of Hindutva

AnchorIT is heartening to see that several intellectual critiques of Hindutva on epistemic grounds are beginning to appear now – one has come across a few online in recent weeks. The immediate shock of seeing the intellectual discourse in the country being swept aside by sheer brute force had a numbing effect; this effect is finally wearing off.

Neoliberalism and Unemployment

WHENEVER the unemployment problem is under discussion a common response is that overcoming it requires an even higher GDP growth rate than we have been having. This completely misses the point. Unemployment is the manifestation of certain social relations; unemployment will continue to grow, no matter how high the rate of growth of GDP within those social relations.

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