A happy scenario for Indian growth; Improved government buying; Governance for payments regulation; People vs regime in Iran; episodes
Optimistic possibilities for Indian growth
So far, the slogan China+1 have not showed up in the FDI or goods-exports data [dated]. The difficulties of the global trade system, and the radical uncertainty surrounding the Chinese and US economies, has created an important opportunity for India in the eyes of global firms. The UK, US and EU FTAs could add up to the first big pro-globalisation reforms in India in a while. These things could add up nicely if we actually get strong trade liberalisation + less economic nationalism. My column in the Business Standard from 8 June describes an optimistic scenario. It isn’t in the bag, but it’s an exciting opening.
Improved government buying
The India-UK FTA has important progress with more equal treatment for foreign firms in Indian government procurement. Writing in the Business Standard on 11 May, Susan Thomas and I locate these gains within the context of the problems of government contracting in India. While it is always better to reduce economic nationalism, the choke point that we face in India is that good Indian private firms do not wish to do business with the Indian state.
A better governance arrangement for payments regulation
The field of payments in India has fared poorly for many reasons. One problem lies in the governance arrangements of the RBI. In recent years, much effort has gone into establishing a better governance arrangement for payments regulation while keeping this function within the RBI. In my column in the Business Standard of 25 May, I show the logic of these initiatives and the larger context of the required improvements of payment regulation.
Public choice theory and the Iranian regime
The interests of the Iranian state, in the pursuit of the nuclear program, are not congruent with the interests of the Iranian people. My column in the Business Standard of 22 June looks back into the last century with examples of great leaders who prioritised prosperity over pride.
Episodes
Everything is Everything with Amit Varma, has episodes:
105 Is manufacturing special? This builds on Ep104 What ails Indian manufacturing?
106 The world in 2050.
Waiting for the uncertainty in other economies that will provide opportunities to India is an irrational suggestion. Opportunities are created instead of waiting. The government should fix its domestic issues and reorganize its domestic production, manufacturing, and exporting facilities.