Podcasts about Rupee

Common name for several currencies

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Latest podcast episodes about Rupee

In Focus by The Hindu
How much should India prop up the Rupee? | In Focus podcast Bonus Episode

In Focus by The Hindu

Play Episode Listen Later Oct 3, 2022 28:14


The rupee weakened past 81 against the dollar for the first time ever last week. The RBI's intervention in the forex market to help stem the volatility by selling dollars has meant that our forex reserves have fallen about $94 billion over the course of about 12 months to about $545 billion in mid September. How much lower can we afford to let our reserves go? Is there a ‘correct' level for the rupee? Where does the interest rate as a policy tool figure in all of this? 

Mumbai Crime
1.8 Q&A "100,000,000 Rupees…"

Mumbai Crime

Play Episode Listen Later Oct 3, 2022 14:09


Only two questions away from the billion-rupee prize, Thomas, draws on his experience as an unofficial guide at the Taj Mahal. His friendship with another homeless kid – elective mute, Shankar – leads to a cruel twist of fate and a horrific discovery… 

PGurus
M R Venkatesh I US Dollar behind the fall of the world market? I Inflation I Indian Economy

PGurus

Play Episode Listen Later Oct 2, 2022 83:00


M R Venkatesh I US Dollar behind the fall of the world market? I Inflation I Indian Economy Currency crisis across the world - Is the Dollar facing an Armageddon? Where does the Rupee stand? #Economy #USDollar #IndianRupee #IndianEconomy #Inflation #Recession

The Pakistan Pivot
Can PPP survive beyond regional Politics Ft. Senator Saleem Mandviwalla | The Pakistan Pivot

The Pakistan Pivot

Play Episode Listen Later Oct 1, 2022 46:55


In this week's episode of 'The Pakistan Pivot,' Michelle Mohiyuddin sits down with Pakistan People's Party Senator Saleem Mandviwalla, the former Finance Minister of Pakistan and the Former Chairman Board of Investment, to talk about PPP's response and preparedness in the wake of the floods that have engulfed a third of the country. We also put forward questions about the depreciation of the Rupee, the management of Pakistan's largest metropolitan city Karachi, audio leaks, the allure of the seat of a senator in Pakistan, and many other questions relevant to the recent events in the country.

Parley by The Hindu
How much should India prop up the rupee?

Parley by The Hindu

Play Episode Listen Later Sep 29, 2022 27:24


Last week, the rupee weakened against the dollar past the 81-mark to a record low. In recent months, the Reserve Bank of India (RBI) has been intervening in the forex market to smoothen the decline. With the RBI dipping into its kitty for this purpose, Indian foreign exchange reserves have fallen by about $94 billion in 12 months to about $545 billion until mid-September.  How much more forex can the RBI afford to use in reducing currency volatility? Does the benchmark interest rate, as a policy tool, have a role to play? Here we we discuss these questions.   Guests: Dharmakirti Joshi, Chief Economist, CRISIL Ltd; Lekha Chakraborty, Professor, NIPFP; and Member, Governing Board of Management of International Institute of Public Finance, Munich Host: K. Bharat Kumar

Stock markets - Trade and Invest with Aniket Choudhari
How the Rupee appreciation and depreciation affects the stock market ?

Stock markets - Trade and Invest with Aniket Choudhari

Play Episode Listen Later Sep 28, 2022 8:50


Join our Telegram group for all free updates about market and finance matters. Contact for availing our services on Mutual funds investment advisory, Stocks selection advisory, Personal finance, retirement planning & crypto investing: Email: freewithfinance@gmail.com Whatsapp : + 91 7058248602 , Click here to send a Whatsapp message Download The FinAzaad App for Financial market courses & Advisory services: Click for Android Click for IOS : (After installing the IOS app, enter organisation code: xtsbl & enter your phone no, verify by OTP & the app is ready to use) Click hereto send me a voice message (Questions, Opinions, Feedbacks) & I will include it in my next episode. Hindi Podcast(crypto, personal finance, career & entrepreneurship) Hindi Youtube Channel (Stocks Technical Analysis) English Youtube Channel (Crypto, personal finance & much more) Disclaimer: This podcast is only for sharing our personal opinions and for educational purposes only. --- Send in a voice message: https://anchor.fm/aniket-choudhari/message

Moneycontrol Podcast
3651: Markets Podcast: Rupee may be at record low, but the situation is nowhere as bad as 2013

Moneycontrol Podcast

Play Episode Listen Later Sep 27, 2022 14:23


The rupee is hovering around its record low against the dollar. But is that a reflection on economy's health or does it have to do with the US Fed's monetary policy? In this podcast, Santosh Nair picks CNBC TV18 Executive Editor Lata Venkatesh's thoughts on the factors behind the rupee's slide and if the situation is as dire as it was during the crisis of 2013.

Business Standard Podcast
What are the implications of Rupee staying beyond 80?

Business Standard Podcast

Play Episode Listen Later Sep 27, 2022 6:26


The Indian rupee sank to a new record low on Monday against the US dollar as the greenback's unabated strength wreaked havoc on financial markets across the globe amid fears over more aggressive monetary tightening. The local unit weakened by 63 paise to end Monday at 81.63 per dollar, against 80.99 at the previous close.  The rupee has depreciated 9.7% against the US dollar year-to-date. On September 21, the US Federal Reserve not only hiked rates by 75 basis points -- taking the total tally of rate hikes since March to 300 bps -- but also hinted at a longer monetary tightening cycle than earlier expected. Since then, the rupee has gone from one of the world's best performing currencies to one of the worst. The dollar index, which has gained a massive 22% so far in 2022, surged to a fresh 20-year high of 114.50 early Monday. The rupee has depreciated 2% versus the dollar since September 21, ranking among the worst-performing emerging market units. Over the time period, it has fared worse than 14 other emerging market currencies, with only the South Korean won losing more versus the US dollar. Prior to September 21, the rupee had outperformed many of its peers, primarily on account of heavy market interventions by the RBI. The RBI has aggressively defended the rupee through sales of the US dollar since the Ukraine war broke out in late February. India's forex reserves have fallen by almost $100 billion from their peak of $642 billion in October 2021. As on September 16, they have dropped to a near-2-year low of $545.65 billion  Some part of the fall in reserves is due to revaluation changes. The import cover provided by the reserves have reduced to 9 months from close to 15 months a year ago.  Rahul Bajoria, Chief India Economist, Barclays Bank says, FY23 CAD at just above 3% of GDP is seen as sustainable. Fall in commodity prices higher than rupee decline. Full pass through to consumers to happen over next 3 months. The rupee dropping to a record low may be a mixed bag as far as exports are considered. If rupee's depreciation continues, Indian exporters stand to gain. However, the gain would have been much more if the Indian economy was less import-dependent, experts said. As a result, products across segments such as petroleum, gems and jewellery, and electronics may not gain much as they are import-dependent. Besides, there is always a risk of imported inflation, if the rupee falls too much. As India is 85% dependent on imports to meet its oil needs, a weakening rupee will make its purchases expensive, further fueling inflation which has remained above RBI's upper tolerance band for eight consecutive months.  But oil and other commodity prices have eased from their peaks. Nevertheless, ICRA's Chief Economist Aditi Nayar said that a depreciating rupee will partly counteract the benefit of lower commodity prices on inflation. India's trade deficit more than doubled to $28 billion in August due to increased crude oil imports. Imports rose by 37% while exports rose marginally by 1.62%. This puts pressure on the current account deficit.     Pronab Sen, former chief statistician of India says, RBI expects commodity prices to come down. It's trying to ensure importers benefit amid falling rupee. High trade deficit is a structural problem.  Economists at HDFC Bank expect the RBI to continue with significant intervention to stall rupee depreciation pressures, especially as and if it moves towards 82 levels. According to them, the RBI has ample forex reserves and the recent drawdown in reserves needs to be seen in context of the significant build-up over the last two years. The RBI does not want the rupee to depreciate so quickly that India loses out on the benefit of lower crude prices in a significant way.   But most currencies including rupee have depreciated due to dollar's strength. There may be an argument therefore to let the rupee depreciate further to preserve Indi

Business Standard Podcast
TMS Ep268: Rupee's record plunge, diesel cars, markets, algo-trading

Business Standard Podcast

Play Episode Listen Later Sep 27, 2022 24:02


The Indian rupee continued to depreciate as it hit the all-time low of 81.63 against the US dollar on Monday. It is despite the central bank's efforts, which spent close to $100 billion to stem the fall, easing of commodity prices and return of foreign capital. Experts opine that the fall in rupee is in line with the massive fall in global currencies against the US dollar. Even though the falling rupee doesn't spell bad news for all the sectors, what will be the implications?  Depreciation of rupee may also blunt the benefits India may have enjoyed from the recent correction in commodity prices. So relief on petrol and diesel prices is unlikely anytime soon. Off late, the price gap between petrol and diesel has been narrowing. The price advantage that diesel enjoyed fuelled the rise of diesel vehicles in the country. But that edge is waning. And BSVI emission norms dealt another blow to the sales of diesel vehicles. So what is the road ahead for diesel cars in India?  Moving on, the market sentiment has turned negative after the US Federal Reserve delivered a third large rate hike last week with over half of Nifty500 stocks slipping below their key moving averages. So, is this fall set to continue or is the recent selling an overreaction?  SEBI recently issued guidelines for stock brokers who provide algorithmic trading services. And its chairperson Madhabi Puri Buch said last week that the regulator was not for or against the algo trading as long as there is “transparency and disclosures”. But what exactly is algo trading? Listen to this episode of the podcast to know more.

Mumbai Crime
1.7 Q&A "10,000,000 Rupees..."

Mumbai Crime

Play Episode Listen Later Sep 26, 2022 14:10


As Thomas gets closer to the billion-rupee prize, he must answer a difficult question about famous Bollywood Tragedy Queen, Neelima Kumari. Fortunately for him, he was once her house-boy, witnessing how the tragedies she played out on screen...become a part of her real life… 

The Day That Changed Everything
Sumit & Van Sharma - Rupee Beer

The Day That Changed Everything

Play Episode Listen Later Sep 26, 2022 42:22


Brothers Van and Sumit Sharma grew up in Portland and in the Indian restaurant business. In 2020 after returning to Maine from England and Australia, they helped out at Bombay Mahal, their parents' restaurant in Brunswick. It was while working there they brewed up an idea for an Indian beer brand to complement the curry dishes they grew up with – and joined forces with craft-beer guru Alan Pugsley to launch Rupee Beer in October 2021.

Face2Face Series
15 Ways to Detect Fake 2000 Rupees Notes

Face2Face Series

Play Episode Listen Later Sep 23, 2022 2:43


Government's bold move on the ban of old 500 and 1000 rupees to fight with black money and terrorism has been appreciated by the economist and the entire nation. It was a very important step towards improving tax compliance and broadening of the formal economy. There are big queues outside every bank in the country to exchange the demonetized 500 and 1000 rupees note. Though it has affected the lives of millions of Indians in the short term the broader picture seems very bright. To read more Visit : https://www.elearnmarkets.com/blog/15-ways-to-detect-fake-2000-rupees-notes/

Business Standard Podcast
Time to diversify to global equities as central banks hike rates?

Business Standard Podcast

Play Episode Listen Later Sep 21, 2022 4:15


Equity investors have been on the edge since the start of 2022. From Ukraine war, to a sharp turnaround in interest rate cycle, investors have been toiling with wild swings across global markets. Lately, investors have become risk averse in the backdrop of rising inflation and have been ‘selling the rallies'. Given this, most analysts say the risk-reward for investing in Indian equities remains favourable despite the global headwinds. Vineet Bagri, Managing Partner, TrustPlutus Wealth India, says global markets in a flux. It's complicated to guess what the market is saying. Existing and potential economic disruptions denting markets. India is well positioned.  Back home, the retail inflation climbed to 7% in August – staying above the Reserve Bank of India's target zone for the first eight months of 2022.  Yet, the levels are not as high as being seen in developed countries, which is keeping analysts bullish on India's growth outlook. Joseph Thomas, Head of Research, Emkay Wealth Management says, India's GDP growth is resilient compared to other emerging markets. Credit growth above 15% reflects improving business conditions. Manufacturing sector is expected to do well. Rupee-based investors should be careful. Wait till US Fed's hawkishness moderates. Prefer domestic markets vs global equities, he suggests.  Indian equities' performance thus far in 2022 has been a testimony of this confidence. The return of foreign institutional investors, who have pumped in over Rs 64,000 crore since July 2022, has also lent support.  While key global indices including Dow Jones, S&P500, Nikkei, Heng Seng, and MOEX Russia have tumbled in the range of 4 to 36%, so far in 2022, the S&P BSE Sensex and the Nifty50 have gained over 1.5% each. With this, the domestic equities have turned relatively expensive. But analysts still suggest investors focus on domestic equities for now. “Global pain in the form of deflationary condition would help India in the form of cheap oil and moderation in trade deficits and inflation in the near future,” says G Chokkalingam, Founder and Chief Investment Officer, Equinomics Research. “We continue to believe that the domestic markets would recover significantly after every major fall in the short-term and the Sensex would hit another record high level by end of CY22,” adds Chokkalingam.   As regards today, the US Federal Reserve's interest rate decision will be on investors' radar.

Zero Down
40. The Rupee goes Global?

Zero Down

Play Episode Listen Later Sep 20, 2022 11:20


In this episode, Reeti and Sejal talk about a recent decision by the RBI, allowing international trade settlements in rupee, as a measure against the ongoing inflationary trends in the economy. Bringing attention to it's benefits and challenges , they discuss the impact of the decision on the Indian economy. But, can this be regarded as the "internationalisation of the rupee"?

Rusty Rupees
Ep122 PAX West 2022 Special

Rusty Rupees

Play Episode Listen Later Sep 19, 2022 187:59


The Rupees went to Pax West 22 in Seattle and man what an time we had. We have alot of impressions, thoughts, and critiques on what we tried and we are here to bring it to you.

Mumbai Crime
1.6 Q&A "1,000,000 Rupees..."

Mumbai Crime

Play Episode Listen Later Sep 19, 2022 14:10


With two years of his salary strapped to his belt, Thomas boards a train back to Mumbai….only to be woken up in the middle of the night by bandits.

ThePrint
#CutTheClutter: India's Forex reserve lose $80 bn in 8 months as RBI defends rupee, quarterly CAD at alarming level

ThePrint

Play Episode Listen Later Sep 16, 2022 27:25


In Episode 1077 of Cut The Clutter, Shekhar Gupta looks at India's declining Foreign Exchange Reserves and the rising Current Account Deficit. He also explains what these mean for Indian economy and why RBI's quest to save the rupee is may be harming the economy. Brought to you by  @Kia India 

FYI - For Your Information
If the rupee falls, what difference does it make to your life? FYI | Ep. 271

FYI - For Your Information

Play Episode Listen Later Sep 13, 2022 14:58


अमेरिकी डॉलर के मुक़ाबले भारतीय रुपया गिरता है, ये ख़बरें तो बचपन से सुनते आ रहे हैं। लेकिन इसका प्रभाव हमारे ज़िंदगी पर किस तरह से पड़ता है, जानेंगे ABP LIVE Podcasts के इस FYI एपिसोड में। इस एपिसोड में हमारे मुख्य अतिथि बनकर आए अर्थशास्त्री आकाश जिंदल। उन्होंने हमारे सवालों के बहुत बख़ूबी जवाब दिए। आप सुनें और आपके मन में जो सवाल आते हैं, सभी सोशल मीडिय प्लेटफ़ॉर्म पर हमें लिख भेजें।        

Business Standard Podcast
Should you hold rice mill stocks amid export curbs?

Business Standard Podcast

Play Episode Listen Later Sep 13, 2022 2:59


Last week, the government imposed 20 per cent export duties on various grades of rice like non-basmati, unmilled, semi-milled or totally milled, and husked brown.  A blanket ban on broken rice, too, was imposed as domestic supplies dwindled, after below-average monsoon season. However, parboiled and basmati rice were exempted from export duties. With this, India, which accounts for 40% of the global rice trade, stands to lose its world's market share to rice producing global peers like Thailand, Vietnam, Pakistan and Myanmar.  India exports rice to at least 164 countries. Iran was the biggest overall importer of Indian rice in FY22, accounting for $855.7 million. China was the biggest recipient of broken rice in FY22, which accounted for $480.3 million.  Therefore, analysts expect rice exporting companies to face the heat in the near-term.  Gaurang Shah, Head, Investment Strategist, Geojit Financial Services, protectionist measures are momentary in nature. One must 'hold' companies with sound fundamentals.  From an investment viewpoint, analysts suggest investors to avoid rice-mills stocks for another quarter. Speaking to Business Standard, AK Prabhakar, Head of Research, IDBI Capital says, investors need to expect another quarter of correction. But he does not see rice companies to make profits, and offers a caution on rice stocks until the Ukraine war is over. On the bourses, shares of LT Foods, Kohinoor Foods, Chaman Lal Setia Exports have declined in the range of 1 per cent to 10 per cent. In comparison, frontline indices Nifty50 and the S&P BSE Sensex have gained nearly 1 per cent each, during the same period. As regards today, India's inflation numbers and macro data will guide markets today. Globally, US inflation numbers, UK unemployment report and OPEC's monthly report will also be tracked. Rupee movement, FII flows and crude oil prices will continue to steer investor sentiments on Tuesday.

Mumbai Crime
1.5 Q&A "500,000 Rupees..."

Mumbai Crime

Play Episode Listen Later Sep 12, 2022 14:09


Next is a question from the world of cricket… Fortunately, a chance encounter with his best friend, Salim  - who tells of how he got his revenge on the notorious beggar master, Babu, who had tried to maim them as children – provides Thomas with the answer.

All Things Policy
Rationalising subsidies to create more fiscal space

All Things Policy

Play Episode Listen Later Sep 8, 2022 29:16


How much does India spend on subsidies? What is its implication? Can there be a better solution? In this episode, Pranay Kotasthane and Sarthak Pradhan analyse subsidies from a public finance perspective and evaluate some policy alternatives.Here are the papers referred to in the podcast:The Volume and Composition of Subsidies in India 1967-88Subsidies, Merit Goods and the Fiscal Space for Reviving Growth: An Aspect of Public Expenditure in IndiaYou can follow Pranay Kotasthane on twitter: https://twitter.com/pranaykotasYou can follow Sarthak Pradhan on twitter: https://twitter.com/PSarthak19Check out Takshashila's courses: https://school.takshashila.org.in/You can listen to this show and other awesome shows on the IVM Podcasts app on Android: https://ivm.today/android or iOS: https://ivm.today/ios, or any other podcast app.You can check out our website at https://shows.ivmpodcasts.com/featuredDo follow IVM Podcasts on social media.We are @IVMPodcasts on Facebook, Twitter, & Instagram.https://twitter.com/IVMPodcastshttps://www.instagram.com/ivmpodcasts/?hl=enhttps://www.facebook.com/ivmpodcasts/Follow the show across platforms:Spotify, Google Podcasts, Apple Podcasts, JioSaavn, Gaana, Amazon MusicDo share the word with you folks!

Mumbai Crime
1.4 Q&A "100,000 Rupees..."

Mumbai Crime

Play Episode Listen Later Sep 5, 2022 14:08


The next question on the TV show “Who Will Win A Billion”  takes Thomas to his teenage years, when, working as the houseboy of Australian defence attaché, Colonel Taylor, he becomes embroiled in espionage.

Business Standard Podcast
What is a reserve currency?

Business Standard Podcast

Play Episode Listen Later Sep 2, 2022 3:45


the world order shifting towards multiple currency systems? The murmurs of finding an alternative mode of payment recently grew louder after western nations, led by the US, slapped a host of sanctions on Russia for attacking Ukraine. Iran too had been trying to find an alternative to the US dollar – the world's reserve currency – to circumvent the sanctions imposed on it for its nuclear programme.    Back home in India, the takers for UPI are growing. France, UAE, Singapore, Nepal and Bhutan are on-board UPI now. And it is fueling India's ambition to put Rupee on the world map by making it a reserve currency. But what is a reserve currency?  What is a reserve currency? A reserve currency is typically a globally-recognized foreign currency that central banks or other financial institutions hold in large quantities as part of their country's foreign exchange reserves. It is utilised for global transactions involving trade and investments. At present, the US dollar is the world's predominant reserve currency.   A reserve currency is also used by central banks to prepare for international debt obligations and to influence their domestic exchange rate. A large proportion of commodities, from gold to oil, are priced in the reserve currency. Thus, other countries have to hold this currency to pay for these commodities. There is one more reason for holding a reserve currency. Doing so minimizes exchange rate risk since the purchasing country will not need to exchange its currency for the reserve currency while making purchases. Besides import payments and servicing foreign debt, countries also maintain such reserves to overcome economic crises. Let us say a country sees its currency value fall during a recession, then its central bank can use its foreign reserves to maintain the currency value. Key features of reserve currency A reserve currency's main feature is that it must be easily convertible and have a stable value. The factors that determine the usage of a country's currency as a reserve currency are the size and heft of its economy, particularly the importance of the economy in global trade, the openness and depth of the concerned country's financial markets, and its macroeconomic policies. Since 1944, the US dollar has been the world's primary reserve currency, which is why other countries closely monitor US monetary policy to make sure that the value of their reserves does not face any negative impact due to inflation or rising prices. Over the years, the IMF has selected other reserve currencies, which are the Euro, Chinese Renminbi, Japanese Yen, Pounds Sterling, Australian Dollars, Canadian Dollars, and Swiss Francs. There has been speculation that the Chinese Renminbi will displace the US dollar as the world's reserve currency in the coming years. It is also believed that the dollar will have to share its influence with other currencies going forward. As far as the rupee is concerned, meeting the ambition of becoming a reserve currency requires full capital account convertibility, as suggested by the Tarapore Committee in 1997.  

Mumbai Crime
1.3 Q&A "50,000 Rupees..."

Mumbai Crime

Play Episode Listen Later Sep 1, 2022 14:10


Adopted from an orphanage by evil gangster, Babu, Thomas and his friend Salim are taken to Mumbai where they are to be maimed and put on the streets to beg.

Business Standard Podcast
Will markets dip more on Fed's hawkish chorus?

Business Standard Podcast

Play Episode Listen Later Aug 30, 2022 3:07


Domestic markets slipped on Monday after the US Federal Reserve firmed up its ante against inflation and dismissed talks about any softening in its monetary policy. The US Fed's chairperson Jerome Powell reiterated that the central bank will continue with the rate hike cycle to tame inflation. This, he added, will also bring some pain to the US economy. As global markets plunged, the Sensex and Nifty indices declined the most in around a month. The selloff was led by Nifty IT index, which shed 3.5%. Besides, the tough talk on rate hikes and likely economic slowdown has also renewed recession fears in the western economies.  Meanwhile, RIL also ended nearly 1% lower at Rs 2597despite the AGM announcements on 5G rollout and the new giga factory for power electronics on Monday and added to the overall weakness. That said, experts say that rising rates in the west could actually be favourable for India. According to G Chokkalingam of Equinomics Research, “For a few more weeks, the Indian market may remain volatile with a downward bias but eventually it would benefit from anticipated interest rate hikes in the West, which would bring down their aggregate demand and consequently oil prices.”  On the other hand, with rate hikes expected to be the order of the day, the strength in the dollar weakens the case for foreign inflows, analysts say. The rupee on Monday slumped to an all-time low of 80.14/$ as the dollar index soared to a new 20-yr high of 109.4 during intraday deals on Monday. VK Vijaykumar of Geojit Financial Services said, “The sharp rise in the Dollar index and the 10-year bond yield is negative for capital flows to emerging markets like India. FPIs are unlikely to continue buying in India in this scenario. Investors should not rush in to buy the dips now and should wait for the dust to settle.” Technical charts, however, suggest the outlook for frontline indices remains positive over the medium term. Avdhut Bagkar of Business Standard says, Sensex, Nifty support at 200-DMA (56,889 and 16,975). The medium-term trend remains positive, he says, adding that resistance will at 58,700 (for Sensex) and 17,500 (for Nifty).  On Tuesday, global cues will likely dictate the market's direction back home. Rupee level and brent crude prices will also be tracked by market participants. 

Business Standard Podcast
Will markets dip more on Fed's hawkish chorus?

Business Standard Podcast

Play Episode Listen Later Aug 30, 2022 3:07


Domestic markets slipped on Monday after the US Federal Reserve firmed up its ante against inflation and dismissed talks about any softening in its monetary policy. The US Fed's chairperson Jerome Powell reiterated that the central bank will continue with the rate hike cycle to tame inflation. This, he added, will also bring some pain to the US economy. As global markets plunged, the Sensex and Nifty indices declined the most in around a month. The selloff was led by Nifty IT index, which shed 3.5%. Besides, the tough talk on rate hikes and likely economic slowdown has also renewed recession fears in the western economies.  Meanwhile, RIL also ended nearly 1% lower at Rs 2597despite the AGM announcements on 5G rollout and the new giga factory for power electronics on Monday and added to the overall weakness. That said, experts say that rising rates in the west could actually be favourable for India. According to G Chokkalingam of Equinomics Research, “For a few more weeks, the Indian market may remain volatile with a downward bias but eventually it would benefit from anticipated interest rate hikes in the West, which would bring down their aggregate demand and consequently oil prices.”  On the other hand, with rate hikes expected to be the order of the day, the strength in the dollar weakens the case for foreign inflows, analysts say. The rupee on Monday slumped to an all-time low of 80.14/$ as the dollar index soared to a new 20-yr high of 109.4 during intraday deals on Monday. VK Vijaykumar of Geojit Financial Services said, “The sharp rise in the Dollar index and the 10-year bond yield is negative for capital flows to emerging markets like India. FPIs are unlikely to continue buying in India in this scenario. Investors should not rush in to buy the dips now and should wait for the dust to settle.” Technical charts, however, suggest the outlook for frontline indices remains positive over the medium term. Avdhut Bagkar of Business Standard says, Sensex, Nifty support at 200-DMA (56,889 and 16,975). The medium-term trend remains positive, he says, adding that resistance will at 58,700 (for Sensex) and 17,500 (for Nifty).  On Tuesday, global cues will likely dictate the market's direction back home. Rupee level and brent crude prices will also be tracked by market participants. 

Making Sense
Rupee Low Represents the World Economy, not India [Ep. 282, Eurodollar University]

Making Sense

Play Episode Listen Later Aug 30, 2022 26:01


When an emerging market central bank goes off-balance sheet to fight currency depreciation it means the world's monetary shortage has entered the next, more dangerous phase. The Indian rupee is at record lows against the United States dollar. This is neither the fault of India nor a consequence of the United States. It's all about the eurodollar system. Welcome to Hades.****DISCLOSURES****Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.****EP. 282 REFERENCES****Kicking and Screaming Into Deflationary Seas: https://bit.ly/3CHPFmgRealClear Markets Essays: https://bit.ly/38tL5a7Epoch Times Columns: https://bit.ly/39ESkRf****THE EPISODES****YouTube: https://bit.ly/310yisLVurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodvine: https://bit.ly/3lt5NiHPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39XjrPodcastRepublic: https://bit.ly/3LH8JlV****THE TEAM****Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "First Horizon" by ELFL.****FIND THE TEAM****Jeff: https://twitter.com/JeffSnider_AIPJeff: https://www.eurodollar.university/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.comELFL: https://www.epidemicsound.com/artists/elfl/"First Horizon": https://www.epidemicsound.com/track/YlWjWGbuEU/****DISCLOSURES****Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'?  Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.

Infosys
Clothes Bank for just Rupee 1

Infosys

Play Episode Listen Later Aug 23, 2022 14:10


An initiative by Vinod Lobo, an Infoscion who set out to achieve his philanthropic pursuits, backed by other Infoscions. Besides various other welfare initiatives, the Imagine Clothes Bank stood out, benefitting 600 families in the first month of inauguration.

Mumbai Crime
1.1 Q&A "5,000 Rupees..."

Mumbai Crime

Play Episode Listen Later Aug 22, 2022 16:14


Thomas is a contestant on the hit Indian TV show “Who Will Win A Billion”...As he ponders over the first question, his thoughts drift back to his childhood in Delhi – a baby abandoned on the steps of a church and brought up by well-meaning priest, Father Francis, until he is abandoned yet again

Mumbai Crime
1.2 Q&A "10,000 Rupees..."

Mumbai Crime

Play Episode Listen Later Aug 22, 2022 14:24


Now sixteen, Thomas lives in a decrepit slum in Mumbai with his best friend Salim. When Shantaram, an alcoholic ex-government scientist, down on his luck, moves in next door with his wife and daughter, Thomas has to protect them from his violent outbursts – with tragic consequences

Passenger List
1.1 Q&A "5,000 Rupees..." from Radiotopia's Mumbai Crime

Passenger List

Play Episode Listen Later Aug 22, 2022 15:25


Radiotopia is thrilled to bring you another show from the creators of Passenger List — MUMBAI CRIME. Enjoy episode 1 from the first season, then head over to the Mumbai Crime feed to subscribe and listen to episode 2. ************* Thomas is a contestant on the hit Indian TV show “Who Will Win A Billion”...As he ponders over the first question, his thoughts drift back to his childhood in Delhi – a baby abandoned on the steps of a church and brought up by well-meaning priest, Father Francis, until he is abandoned yet again

Tabadlab Presents...
Pakistonomy - Episode 123 - Why is the Rupee so Volatile?

Tabadlab Presents...

Play Episode Listen Later Aug 19, 2022 72:23


In this Urdu discussion, Uzair talks to Dr. Sajid Amin Javed about why the Pakistani rupee has been so volatile, the structural drivers of this weakness, and whether he believes the issues at hand go beyond the scope of economics. Dr. Javed is Deputy Executive Director at the Sustainable Development Policy Institute (SDPI) Pakistan. Prior to joining to SPDI, he was Senior Research Fellow and Assistant Professor at Department of Economics, Pakistan Institute of Development Economics (PIDE). Chapters: 0:00 Introduction 1:45 What caused the sudden devaluation? 14:00 Impact of Afghanistan trade and stopping imports 25:20 Has anything changed structurally? 30:10 Impact of petrol subsidy 37:20 Impact of fiscal deficits on currency value 51:20 Are these economic policy issues? 1:05:00 Conclusion

Anticipating The Unintended
#181 We Shall Overcome

Anticipating The Unintended

Play Episode Listen Later Aug 15, 2022 54:59


Happy Independence Day!- Pranay Kotasthane and RSJThis newsletter can often seem pessimistic about India. That isn’t true, though. Every year, on Independence Day, we remind ourselves and our readers why we write this newsletter. This is how we ended the Independence Day edition of 2020:“What we have achieved so far is precious. That’s worth reminding ourselves today. We will go back to writing future editions lamenting our state of affairs.We will do so because we know it’s worth it.”  This year we thought it would be fun (?) to run through every year since 1947 and ask ourselves what happened in the year that had long-term repercussions for our nation. This kind of thing runs a serious risk. It can get tedious and all too familiar. Most of us know the landmark events of recent history and what they meant for the nation. Maybe. Maybe not. We’ve given an honest try (of over 8000 words) to see if there’s a different way of looking at these familiar events and their impact on us. Here we go.1947 - 1960: Sense Of A Beginning 1947Perhaps the most significant “What, if?” question for independent India surfaced on 17th August 1947 when the Radcliffe Line was announced. The partition of the Indian subcontinent has cast a long shadow. What if it had never happened? What if Nehru-Jinnah-Gandhi were able to strike a modus vivendi within a one-federation framework? These questions surface every year around independence.The indelible human tragedy of the partition aside, would an Akhand Bharat have served its citizens better? We don’t think so. We agree with Ambedkar’s assessment of this question. In Pakistan or the Partition of India, he approaches the question with detachment and realism, concluding that the forces of “communal malaise” had progressed to such an extent that resisting a political division would have led to a civil war, making everyone worse off. The partition must have been handled better without the accompanying humanitarian disaster. But on the whole, the partition was inevitable by 1947.“That the Muslim case for Pakistan is founded on sentiment is far from being a matter of weakness; it is really its strong point. It does not need deep understanding of politics to know that the workability of a constitution is not a matter of theory. It is a matter of sentiment. A constitution, like clothes, must suit as well as please. If a constitution does not please, then however perfect it may be, it will not work. To have a constitution which runs counter to the strong sentiments of a determined section is to court disaster if not to invite rebellion.” [Read the entire book here]1948What if Mahatma Gandhi wasn’t killed that year? How would the course of our history change? Gandhi spoke like an idealist and worked like a realist. He was possibly the most aware of the gap between the lofty ideals of our constitution and the reality of the Indian minds then. He knew the adoption of the constitution was only half the work done. He’d likely have devoted the rest of his life to building a liberal India at the grassroots level. His death pushed a particular stream of right-wing Hindu consciousness underground. We still carry the burden of that unfinished work.1949The Constituent Assembly met for the first time in December 1946. By November 26th 1949, this assembly adopted a constitution for India. Even a half-constructed flyover in Koramangala has taken us five years. For more context, Pakistan’s Constituent Assembly began work on 10th August 1947, and their first constitution came into force in March 1956, only to be abrogated two years later. India’s founding fathers and mothers were acutely aware that they were elite, unelected, and unrepresentative of the median Indian. They dared to imagine a new nation-state while grappling with that period's harsh economic, social, and political realities. Their work should inspire us to strengthen, improve, and rebuild—but never to give up on—the Republic of India.For more, check out the miracle that is India’s Constitution in our Republic Day 2021 special edition.1950We have written about our Constitution a number of times. It is an inspiring and audacious document in its ambition to shape a modern nation. It has its flaws. Some consider it too liberal; others think it makes the State overbearing. Some find it too long; others feel it comes up short. This may all be true. However, there is no doubt our constitution has strengthened our democracy, protected the weak and continues to act as a tool for social change. It is our North Star. And a damn good one at that. 1951Few post-independence institutions have stood the test of time as the Finance Commission (FC), first established in 1951. In federal systems, horizontal and vertical imbalances in revenue generation and expenditure functions are commonplace. Closing the gap requires an impartial institution that is well-regarded by various levels of government and the people. The Finance Commission is that institution.It’s not as if it didn’t face any challenges. As a constitutional body established under article 280 of the Constitution, it was sidelined by an extra-constitutional and powerful Planning Commission until 2014. But we have had 15 FCs in total, and each key tax revenue-sharing recommendation has become government policy.1952Our Constitution adopted a universal adult franchise as the basis for elections. Every citizen was to be part of the democratic project. There was to be no bar on age, sex, caste or education. And this was to be done in one of the most unequal societies in the world. The ambition was breathtaking. To put this in context, women were allowed to vote in Switzerland only in 1971. Not only did we aim for this, but we also moved heaven and earth to achieve it in 1952. In his book India After Gandhi, Ram Guha describes the efforts of the government officials led by the first Election Commissioner, Sukumar Sen, to reach the last man or woman for their ballot. The elites may lament vote bank politics or cash for votes scams and question the wisdom of universal franchise. But we shouldn’t have had it any other way. And, for the record, our people have voted with remarkable sophistication in our short independent history. 1953 For a new nation-state, the Republic of India punched above its weight in bringing hostilities on the Korean peninsula to an end. Not only did the Indian government’s work shape the Armistice Agreement, but it also chaired a Neutral Nations Repatriation Commission (NNRC) that was set up to decide the future of nearly 20,000 prisoners of war from both sides. This experience during the Cold War strengthened India’s advocacy of the Non-Aligned Movement (NAM).  1954Article 25 guaranteed the freedom of conscience and the freedom to profess, practice, and propagate religion to all citizens. But how does one define a religious practice? And can a practice under the garb of religion breach the boundary of individual rights or public morality? This is a familiar conflict zone in secular States and would inevitably show up in India because everything in India can be construed as a religious practice. Like Ambedkar said during the constituent assembly debates:“The religious conceptions in this country are so vast that they cover every aspect of life from birth to death…there is nothing extraordinary in saying that we ought to strive hereafter to limit the definition of religion in such a manner that we shall not extend it beyond beliefs and such rituals as may be connected with ceremonials which are essentially religious..."In 1954, the Supreme Court gave a landmark judgment on what constitutes a religious practice in what’s known as the Shirur Math case. It held that the term religion would cover all practices integral to that religion. Further, the Court will determine what practice will be deemed essential with reference to doctrines within that religion itself.This test of ‘essentiality’ in religion has kept the public, the legislature and the courts busy since (entry of women in Sabarimala, headscarf in Islam, to name two). The outcome has bent towards individual liberty in most contexts, but the ambiguity in the definition of essential means it could go the other way too.1955Another wild "What, if” moment that we like to recall relates to Milton Friedman’s visit to the Indian finance ministry in 1955. What shape would India’s economy have taken had his seminal document “A Memorandum to the Government of India 1955” been heeded?In this note, Friedman gets to the root of India’s macroeconomic problems—an overburdened investment policy, restrictive policies towards the private sector, erratic monetary policy, and a counterproductive exchange control regime. Being bullish about India’s prospects was courageous when most observers wrote epitaphs about the grand Indian experiment. But Friedman was hopeful and critical both.The Indian government, for its part, was humble enough to seek the advice of foreigners from opposing schools of thought. At the same time, it was too enamoured by the Soviet command and control model. In fact, many items from Friedman’s note can be repurposed as economic reforms even today.Here’re our points from Friedman’s note.1956The idea of One Nation, One ‘X’ (language, election, song, tax, choose any other) is both powerful and seductive. It is not new, however. Back in the 50s, there was a view that we must not strengthen any identity that divides us. So when the question of reorganisation of the colonial provinces into new states came up, an argument was made that it must be done on factors other than language. Nehru, ever the modernist, thought the creation of language-based states would lead us down the path of ethnic strife. The example of nation-states in Europe built on language in the 19th century and the two devastating world wars thereafter were too recent then. So, he demurred.Agitation, hunger strikes and deaths followed before we chose language as the primary basis for reorganising the states. It was perhaps the best decision taken by us in the 50s. As the years since have shown, only a polity assured of its heritage and identity will voluntarily accept diversity. The melding of our diversity into a single identity cannot be a top-down imposition. We should never forget this.1957India’s economic strategy of state-led industrialisation through deficit financing in pursuit of import substitution took off with the Second Five-Year Plan. Heavy industries needed imported machinery, inflating India’s import bill. Since the exchange rate was pegged to the British pound, it meant that Indian exports became pricier. This imbalance between rising imports and flagging exports was financed by running down the foreign exchange reserves. By 1957, India witnessed its first foreign exchange crisis. This event had a significant effect on India’s economy. Instead of devaluing the rupee, the government opted for foreign exchange budgeting - every investment in a project needed government approval for the foreign exchange required to buy foreign inputs. The immediate crisis in 1957 led to controls that worsened India’s economic prospects over the next 35 years.1958The government nationalised all insurance companies a couple of years earlier. India hadn’t gotten into a socialist hell yet, so this was a bit of a surprise. The proximate cause was a fraud that few private life insurers had committed by misusing the policyholders’ funds to help their industrialist friends. A run-of-the-mill white-collar crime that should have been dealt with by the criminal justice system. But the government viewed it as a market failure and moved to nationalise the entire industry. It would take another 45 years for private players to come back to insurance. Insurance penetration in India meanwhile remained among the lowest in the world.  Also, in 1958, Feroze Gandhi took to the floor of Lok Sabha to expose how LIC, the state insurer, had diverted its funds to help Haridas Mundhra, a Calcutta-based businessman. The same crime that private insurers had done.The government would repeat this pattern of getting involved where there was no market failure. The outcomes would inevitably turn out to be worse. Seven decades later, we remain instinctively socialist and wary of capital. Our first reaction to something as trifling as a surge price by Ola or a service charge levied by restaurants is to ask the State to interfere.1959“The longest guest of the Indian government”, the 14th Dalai Lama pre-empted the Chinese government’s plans for his arrest and escaped to India. Not only did India provide asylum, but it also became home to more than a hundred thousand Tibetans. Because of the bold move by the Indian government in 1959, the Central Tibetan Administration continues its struggle as a Nation and a State in search of regaining control over their Country to this day. This event also changed India-China relations for the decades to come.1960Search as hard as we might; we hardly got anything worth discussing for this year. Maybe we were all sitting smugly waiting for an avalanche of crisis to come our way. Steel plants, dams and other heavy industries were being opened. The budget outlay for agriculture was reduced. We were talking big on the international stage about peace and non-alignment. But if you had looked closer, things were turning pear-shaped. The many dreams of our independence were turning sour.The 60s: Souring Of The Dream1961The Indian Army marched into Goa in December 1961. The 450-year Portuguese colonial rule ended, and the last colonial vestige in India was eliminated. It took this long because Portugal’s dictator Antonio Salazar stuck to his guns on controlling Portuguese colonies in the subcontinent, unlike the British and the French. Portugal’s membership in NATO further made it difficult for the Indian government to repeat the operations in Hyderabad and Junagadh. Nevertheless, that moment eventually arrived in 1961. This was also the year when India’s first indigenous aircraft, the HAL HF-24 Marut, took its first flight. Made in Bengaluru by German designer Kurt Tank, the aircraft was one of the first fighter jets made outside the developed world. The aircraft served well in the war that came a decade later. It never lived up to its promises, but it became a matter of immense pride and confidence for a young nation-state.1962Among the lowest points in the history of independent India. We’ve written about our relationship with China many times in the past editions. The 1962 war left a deep impact on our psyche. We didn’t recover for the rest of the decade. The only good thing out of it was the tempering of idealism in our approach to international relations. That we take a more realist stance these days owes its origins to the ‘betrayal’ of 1962.1963ISRO launched the first sounding rocket in November 1963. Over the years, this modest beginning blossomed into a programme with multiple launch vehicles. The satellite programmes also took off a few years later, making India a mighty player in the space sector. 1964If you told anyone alive in 1964 that less than 60 years later, Nehru would be blamed for all that was wrong with India by a substantial segment of its population, they would have laughed you out of the room. But here we are in 2022, and there’s never a day that passes without a WhatsApp forward that talks about Nehru’s faults. It seems inevitable that by the time we celebrate the centenary of our independence, he would be a borderline reviled figure in our history. But that would be an aberration. In the long arc of history, he will find his due as a flawed idealist who laid the foundation of modern India. 1964 was the end of an era.1965As the day when Hindi would become the sole official language of the Indian Union approached, the anti-Hindi agitation in the Madras presidency morphed into riots. Many people died in the protests, and it led to the current equilibrium on language policy. The “one State, one language” project moved to the back burner, even as Hindi became an important link language across the country. The lesson was the same as in the case of the 1956 states reorganisation: melding our diversity into a single identity cannot be a top-down imposition.1966The two wars in the decade's first half, the inefficient allocation of capital driven by the second and third five-year plans, and the consecutive monsoon failure meant India was on the brink in 1966. The overnight devaluation of the Rupee by over 50 per cent, the timely help with food grains from the US and some providence pulled us back from it. The green revolution followed, and we have remained self-sufficient in food since.The experience of being on the brink taught us nothing. We still believe in the Pigouvian theory of market failure, where government policies are expected to deliver optimality.  Strangely, the idea that we reform only in crisis has only strengthened. There cannot be worse ways to change oneself than under the shadow of a crisis. But we have made a virtue out of it.1967This was the year when the Green Revolution took baby steps, and the Ehlrichian prediction about India’s impending doom was put to rest. But it was also the year when the Indian government made a self-goal by adopting a policy called items reserved for manufacture exclusively by the small-scale sector. By reserving whole product lines for manufacturing by small industries, this policy kept Indian firms small and uncompetitive. And like all bad ideas, it had a long life. The last 20 items on this list were removed only in April 2015. We wrote about this policy here. 1968In the past 75 years, we have reserved some of our worst public policies for the education sector. We have an inverted pyramid. A handful of tertiary educational institutions produce world-class graduates at the top. On the other end, we have a total failure to provide quality primary education to the masses. It is not because of a lack of intent. The National Education Policy (NEP) that first came up in 1968 is full of ideas, philosophy and a desire to take a long-term view about education in India. But it was unmoored from the economic or social reality of the nation. We often say here that we shouldn’t judge a policy based on its intentions. That there’s no such thing as a good policy but bad implementation because thinking about what can work is part of policy itself. NEP is Exhibit A in favour of this argument.1969 The nationalisation of 14 private-sector banks was a terrible assault on economic freedom under the garb of serving the public interest. The sudden announcement of a change in ownership of these banks was challenged in the courts, but the government managed to thwart it with an ordinance. Fifty years later, we still have low credit uptake even as governments continue to recapitalise loss-making banks with taxpayer money.1970The dominant economic thinking at the beginning of the 70s in India placed the State at the centre of everything. But that wasn’t how the world was moving. There was a serious re-examination of the relationship between the State and the market happening elsewhere. The eventual shift to a deregulated, small government economic model would happen by the decade's end. This shift mostly passed India by. But there were a few voices who questioned the state orthodoxy and, in some ways, sowed the intellectual seeds for liberalisation in future. In 1970, Jagdish Bhagwati and Padma Desai published their monograph, India: Planning for Industrialisation, which argued that our economic policies since independence had crippled us. It showed with data how central planning, import substitution, public sector-led industrial policy and license raj have failed. But it found no takers. In fact, we doubled down on these failed policies for the rest of the decade. It was a tragedy foretold. What if someone had gone against the consensus and paid attention to that paper? That dissent could perhaps have been the greatest service to the nation. It is useful to remember this today when any scepticism about government policies is met with scorn. Dissent is good. The feeblest of the voice might just be right.The 70s: Losing The Plot1971Kissinger visited China in July 1971 via Pakistan. Responding to the changing world order, India and the USSR signed an Indo–Soviet Treaty of Peace, Friendship and Cooperation in August of that year. India had become an ally of the USSR. Four months later, the India-Pakistan war pitted India and the USSR against Pakistan, China, and the US. The Indian strategic community came to internalise USSR as a super-reliable partner and the West as a supporter of India’s foes. It took another three decades, and the collapse of the USSR, for a change in this thinking. Even today, Russia finds massive support in the Indian strategic establishment. We had problematised this love for Russia here. 1972India won the 1972 war with Pakistan and liberated Bangladesh. India’s unilateral action stopped a humanitarian disaster. The victory was decisive, and the two parties met in Simla to agree on the way forward. This should have been a slam dunk for India in resolving festering issues on the international boundary, Kashmir and the role of the third parties. But international diplomacy is a two-level game, and Bhutto played that to his advantage. We explained this in edition 30. We paid a high price for giving away that win to Bhutto.1973The Kesavananda Bharti verdict of the Supreme Court rescued the Republic of India from a rampaging authoritarian. The basic structure doctrine found a nice balance to resolve the tension between constitutional immutability and legislative authority to amend the constitution. Bibhu Pani discussed this case in more detail here. 1974You are the State. Here are your crimes. You force import substitution, you regulate the currency, you misallocate capital, you let the public sector and a handful of licensed private players produce inferior quality products at a high cost, you raise the marginal tax rate at the highest level to 97 per cent, you run a large current account deficit, and you cannot control Rupee depreciation.Result?People find illegal ways to bring in foreign goods, currency and gold. And so was born the villain of every urban Bollywood film of the 70s. And a career option for a capitalist-minded kid like me. The Smuggler.But the State isn’t the criminal here. The smuggler is. And the State responded with a draconian law to beat all others. An act the knowledge of whose expanded form would serve kids well in those school quizzes of the 80s. COFEPOSA — The Conservation of Foreign Exchange and Prevention of Smuggling Act. A predatory state's defining feature is how it forces ordinary citizens to do unlawful activities. COFEPOSA was the mother of such laws. It has spawned many children. 1975This blank editorial by the Indian Express says it all. 1976We view our population as a core problem. The politicians, the public servants and the ordinary citizens share this view. We don’t want to acknowledge our governance deficit. Calling population a problem allows us to shirk the responsibility of running a functioning State. We have written about the flaw in thinking about the population as a problem on many occasions.How far could we go to control the population? Well, in 1976, during the peak of the Emergency, the State decided to sterilise male citizens against their wishes. This madness ended when the Emergency was lifted. But even today calls for population control keep coming back. 1977The first non-Congress union government was an important milestone for the Indian Republic. While Morarji Desai’s government did reverse the worst excesses of the Emergency rule, its economic policies were less successful. This period went on to witness a demonetisation in search of black money (2016 from the future says Hi!), and the same old counter-productive policies in search of self-reliance.1978Despite all available evidence that statist socialism was an abject failure, the Janata government that came to power decided to double down on it. One of the great ideas of the time was to force MNCs to reduce their stake in their Indian subsidiaries to below 40 per cent. A handful agreed, but the large corporations quit India. One of those who left was IBM in 1978. The many existing installations of IBM computers needed services and maintenance. In a delightful case of unintended consequences, this led to the nationalisation of IBM’s services division (later called CMC). Domestic companies started to serve this niche. Soon there were the likes of Infosys, Wipro and HCL building a business on this. CMC provided a good training ground for young engineers. And so, the Indian IT services industry got underway. It would change the lives of educated Indians forever.1979In a classic case of violating the Tinbergen rule, the Mandal Commission recommended that the reservation policy should be used to address relative deprivation. While the earlier reservations for oppressed castes stood on firm ground as a means for addressing unconscionable historical wrongs, the Mandal Commission stretched the logic too far. Its recommendation would eventually make reservation policy the go-to solution for any group that could flex its political muscles. We wrote about it here. 1980After ditching the Janata experiment and running out of ideas to keep Jan Sangh going, the BJP was formed. It wasn’t a momentous political occasion of any sort then. A party constitution that aimed for Gandhian socialism and offered vague promises of a uniform civil code and nationalism didn’t excite many. Everything else that would propel the party in later years was to be opportunistic add-ons to the ideology. The founding leaders, Advani and Vajpayee, would have been shocked if you told them what the party would be like, four decades later.The 80s: A Million Mutinies Now1981This year witnessed a gradual shift away from doctrinaire socialism in economic policymaking. “The Indira Gandhi government lifted restrictions on the expansion of production, permitted new private borrowing abroad, and continued the liberalisation of import controls,” wrote Walter Anderson. The government also “allowed” some price rises, leading to increased production of key input materials. The government also permitted foreign companies to compete in drilling rights in India. All in all, a year that witnessed changes for the better. 1982The great textile strike of Bombay in 1982 was inevitable. The trade unions had gotten so powerful that there was a competitive race to the bottom on who could be more militant. Datta Samant emerged intent on breaking the monopoly of RMMS on the city's workers. And he did this with ever spiralling demands from mill owners in a sector that was already bloated with overheads and facing competition from far eastern economies. There was no way to meet these demands. The owners locked the mills and left. Never to come back. The old, abandoned mills remained. The workers remained. Without jobs, without prospects and with kids who grew up angry and unemployed. The rise of Shiv Sena, political goondaism and a malevolent form of underworld followed. Bombay changed forever. It was all inevitable.1983The Nellie massacre in Assam and the Dhilwan bus massacre in Punjab represent the year 1983. Things seemed really dark back then. It seemed that the doomsayers would be proved right about India. Eventually, though, the Indian Republic prevailed. 1984Her Sikh bodyguards assassinated India Gandhi. The botched Punjab policy of the previous five years came a full circle with it. An unforgivable backlash against innocent Sikhs followed. A month later, deadly gas leaked out of a Union Carbide factory in Bhopal, killing and paralysing thousands. 1984 will rank among the worst years of our republic. There were two silver linings in retrospect. One, we would learn to manage secessionist movements better from the harrowing Punjab experience. Two, had Indira continued, would we have had 1991? Our guess is no.1985This was an eventful year in retrospect. Texas Instruments set up shop in Bangalore. It was to begin one of modern India’s true success stories on the world stage. This was also the year when the Anti-defection law transformed the relationship between the voter and her representative. Political parties became all-powerful, and people’s representatives were reduced to political party agents. We have written about this changing dynamic here. This was also the year when the then commerce minister, VP Singh, visited Malaysia. The visit was significant for India because it served as a reference point for Singh when he visited that country again in 1990, now as the Prime minister. Surprised by Malaysia’s transformation in five years, he asked his team to prepare a strategy paper for economic reforms. This culminated in the “M” document, which became a blueprint for reforms when the time for the idea eventually came in 1991.1986Who is a citizen of India?  This vexing question roiled Assam in the early 80s. The student union protests against the widespread immigration of Bangladeshis turned violent, and things had turned ugly by 1985. The Assam accord of 1985 sought to settle the state's outstanding issues,, including deporting those who arrived after 1971 and a promise to amend the Citizenship Act. The amended Citizenship Act of 1986 restricted the citizenship of India to those born before 1987 only if either of their parents were born in India. That meant children of couples who were illegal immigrants couldn’t be citizens of India simply by virtue of their birth in India. That was that, or so we thought.But once you’ve amended the definition of who can be a citizen of India, you have let the genie out. The events of 2019 will attest to that.1987Rajiv Gandhi’s ill-fated attempt to replicate Indira Gandhi’s success through military intervention in another country began in 1987. In contrast to the 1971 involvement, where Indian forces had the mass support of the local populace, the Indian Peacekeeping Force (IPKF) got itself embroiled in a bitter Sri Lankan civil war. Not only did this involvement end in a failure, it eventually led to Rajiv Gandhi’s brutal murder in a terrorist attack. The policy lesson internalised by the strategic community was that India must stay far away from developing and deploying forces overseas.1988Most government communication is propaganda in disguise. However, there are those rare occasions when government messaging transcends the ordinary. In 1988, we saw that rare bird during the peak era of a single government channel running on millions of black and white TV sets across India. A government ad that meant something to all of us and that would remain with us forever. Mile Sur Mera Tumhara got everything right - the song, the singers, the storyline and that ineffable thing called the idea of India. No jingoism, no chest beating about being the best country in the world and no soppy sentimentalism. Just a simple message - we might all sing our own tunes, but we are better together. This is a timeless truth. No nation in history has become better by muting the voice of a section of their own people. Mile Sur Mera Tumhara, Toh Sur Bane Hamara, indeed.  19891989 will be remembered as the year when the Indian government capitulated to the demands of Kashmiri terrorists in the Rubaiya Sayeed abduction case. It would spark off a series of kidnappings and act as a shot in the arm of radicals. 1990VP Singh dusted off the decade-long copy of the Mandal Commission report and decided to implement it. This wasn’t an ideological revolution. It was naked political opportunism. However, three decades later, the dual impact of economic reforms and social engineering has increased social mobility than ever before. Merit is still a matter of debate in India. But two generations of affirmative action in many of the progressive states have shown the fears of merit being compromised were overblown. The task is far from finished, but Mandal showed that sometimes you need a big bang to get things going, even if your intentions were flawed.1990 also saw the exodus of Kashmiri Pandits (KPs) from the valley. A tragedy that would bookend a decade of strife and violence in India. The only lesson one should draw from the sad plight of KPs is that the State and the people must protect minority rights. We’re not sure that’s what we have taken away from it. And that’s sad.The 90s: Correcting The Course1991With the benefit of hindsight, the 1991 economic reforms seem inevitable. But things could well have been different. In the minority government, powerful voices advocated in favour of debt restructuring instead of wholesale reforms. In the end, the narrative that these changes were merely a continuation—and not abandonment—of Nehru and Indira Gandhi’s vision for India carried the day. This political chicanery deserves some credit for transforming the life of a billion Indians. 1992Harshad Mehta scammed the stock markets. It wasn’t a huge scam. Nor did it hurt the ordinary Indians. Fewer than 1% invested in markets back then. Yet, the scam did something important. It set in motion a series of reforms that made our capital markets stronger and safer for ordinary investors. Notably, over the years, Mehta came to be seen as some kind of robber baron figure. Capitalism needed an anti-hero to catch the imagination of people. Someone who could reprise in the 90s the Bachchan-esque angry young man roles of the 70s. Mehta might not have been that figure exactly, but he helped a generation transition to the idea that greed could indeed be good.Also, Babri Masjid was brought down by a mob of kar sevaks in 1992. It will remain a watershed moment in our history. The Supreme Court judgement of 2019 might be the final judicial word on it. But we will carry the scars for a long time.1993The tremors of the demolition of the Babri Masjid were felt in 1993. Twelve bombs went off in Bombay on one fateful day. The involvement of the city’s mafia groups was established. The tragic event finally led to the government rescuing the city from the underworld. Not to forget, the Bombay underworld directly resulted from government policies such as prohibition and gold controls. 1994One of the great acts of perversion in our democracy was the blatant abuse of Section 356 of the constitution that allowed the union to dismiss a state government at the slightest pretext. Indira Gandhi turned this into an art form. S. R. Bommai, whose government in Karnataka was dismissed in this manner in 1988, took his case up to the Supreme Court. In 1994, the court delivered a verdict that laid out the guidelines to prevent the abuse of Section 356. It is one of the landmark judgments of the court and restored some parity in Union and state relationship.Article 356 has been used sparingly since. We are a better democracy because of it.1995India joined the WTO, and the first-ever mobile phone call was made this year. But 1995 will forever be remembered as the year when Ganesha idols started drinking milk. This event was a precursor to the many memes, information cascades, and social proofs that have become routine in the information age. 1996Union budgets in India are occasions for dramatic policy announcements. It is a mystery why a regular exercise of presenting the government's accounts should become a policy event. But that’s the way we roll. In 1996 and 1997, P. Chidambaram presented them as the FM of a weak ragtag coalition called the United Front. But he presented two budgets for the ages. The rationalisation of income tax slabs and the deregulation of interest rates created a credit culture that led to the eventual consumption boom in the next decade. We still carry that consumption momentum.1997The creation of the Telecom Regulatory Authority of India (TRAI) is an important public policy milestone for India. By no means perfect, the setting up of TRAI helped overturn a norm where government departments were both players and umpires. TRAI made the separation of “steering” and “rowing” functions a new normal. That template has been copied in several sectors thereafter, most recently in the liberalisation of the space sector. 1998India did Pokhran 2, which gave it the capability to build thermonuclear weapons. We faced sanctions and global condemnation. But the growing economy and a sizeable middle class meant those were soon forgotten. Economic might can let you get away with a lot. We have seen it happen to us, but it is a lesson we don’t understand fully.Also, in 1998, Sonia Gandhi jumped into active politics. The Congress that was ambling towards some sort of internal democracy decided to jettison it all and threw its weight behind the dynasty. It worked out for them for a decade or so. But where are they now? Here’s a question. What if Sonia didn’t join politics then? Congress might have split. But who knows, maybe those splinters might have coalesced in the future with a leader chosen by the workers. And we would have had a proper opposition today with a credible leader.1999This was a landmark year for public policy. For the first time, a union government-run company was privatised wholly. We wrote about the three narratives of disinvestment here. 2000We have a weak, extended and over-centralised state. And to go with it, we have large, unwieldy states and districts that make the devolution of power difficult. In 2000, we created three new states to facilitate administrative convenience. On balance, it has worked well. Despite the evidence, we have managed to create only one more state since. The formation of Telangana was such a political disaster that it will take a long time before we make the right policy move of having smaller states. It is a pity.The 2000s: The Best Of Times2001Not only was the Agra Summit between Musharraf and Vajpayee a dud, but it was followed by a terrorist attack on the Indian parliament. It confirmed a pattern: PM-level bilateral meetings made the Pakistani military-jihadi complex jittery, and it invariably managed to spike such moves with terrorist attacks. 2002There was Godhra and the riots that followed. What else is there to say?2003The Fiscal Responsibility and Budget Management (FRBM) Act and the Civil Services Pension Reform are two policy successes with many lessons for future policymakers. We have discussed these on many occasions. 2004The NDA government called for an early election, confident about its prospects. India Shining, its campaign about how good things were, wasn’t too far from the truth. It is how many of us felt during that time. The NDA government had sustained the reform momentum of the 90s with some of the best minds running the key departments. Its loss was unexpected. Chandrababu Naidu, a politician who fashioned himself like a CEO, was taken to the cleaners in Andhra Pradesh. Apparently, economic reforms didn’t get you votes. The real India living in villages was angry at being left out. That was the lesson for politicians from 2004. Or, so we were told.Such broad narratives with minimal factual analysis backing them have flourished in the public policy space. There is no basis for them. The loss of NDA in 2004 came down to two states. Anti-incumbency in Andhra Pradesh where a resurgent Congress under YS Reddy beat TDP, a constituent of NDA. TDP lost by similar margins (in vote share %) across the state in all demographics in both rural and urban areas. There was no rural uprising against Naidu because of his tech-savvy, urban reformist image. Naidu lost because the other party ran a better campaign. Nothing else. The other mistake of the NDA was in choosing to partner with the ruling AIADMK in Tamil Nadu (TN) over DMK. TN was famous for not giving split verdicts. It swung to extremes between these two parties in every election. And that’s what happened as AIADMK drew a blank.Yet, the false lesson of 2004 has played on the minds of politicians since. We haven’t gotten back on track on reforms in the true sense. 2005The Right to Information Act and the National Rural Employment Guarantee Act came into force in 2005. The “right to X” model of governance took root.2006In March 2006, George W Bush visited India and signed the Civil Nuclear Cooperation Agreement with Manmohan Singh. From facing sanctions in 1998 for Pokhran 2 to the 123 Agreement, this was a victory for Indian diplomacy and its rising status in the world. You would think this would have had bipartisan support among the political class in India. Well, the Left that was part of UPA and the BJP that worked on the deal when it was in power, opposed it. Many shenanigans later, the deal was passed in the parliament in 2008. It is often said there’s no real ideological divide among parties in India. This view can be contested on various grounds. But events like the opposition to the nuclear deal make you wonder if there are genuine ideological positions on key policy issues in India. Many sound policy decisions are opposed merely for the sake of it. Ideology doesn’t figure anywhere. 2007It was the year when the Left parties were out-lefted. In Singur and Nandigram, protests erupted over land acquisition for industrial projects. The crucible of the resulting violence created a new political force. As for the investment, the capital took a flight to other places. The tax on capital ended up being a tax on labour. Businesses stayed away from West Bengal. The citadel of Left turned into its mausoleum.2008Puja Mehra in her book The Lost Decade traces the origin of India losing its way following the global financial crisis to the Mumbai terror attack of 2008. Shivraj Patil, the home minister, quit following the attack and Chidambaram was shifted from finance to fill in. For reasons unknown, Pranab Mukherjee, a politician steeped in the 70s-style-Indira-Gandhi socialism, was made the FM. Mehra makes a compelling case of how that one decision stalled reforms, increased deficit and led to runaway inflation over the next three years. Till Chidambaram was brought back to get the house in order, it was too late, and we were halfway into a lost decade. It is remarkable how bad policies always seem easy to implement while good policies take ages to get off the blocks.2009The Unique Identification Authority of India (UIDAI) was established in January 2009 to architect a unique digital identity for persons in a country where low rates of death and birth registrations made fake and duplicate identities a means for corruption and denial of service. Under the Modi government, the digital identity — Aadhaar — became the fulcrum of several government services. This project also set the stage for later projects such as the Unified Payments Interface (UPI) and Abha (Health ID).2010There’s petty corruption everywhere in India. It is pervasive. Not surprisingly, it is one political issue leading to mass movements in India. The anti-corruption mood gripped India in 2010 on the back of the 2G spectrum scam, where the chief accountant of the government claimed a notional loss of about Rs. 1.8 trillion to the exchequer. Auctioning of natural resources wasn’t exactly a transparent process then. It was evident there was a scam in the allotment of the 2G spectrum. But the 1.8 trillion number was a wild exaggeration that anyone with a semblance of business understanding could see through. It didn’t matter. That number caught the imagination. UPA 2 never recovered from it. More importantly, the auction policy for resources was distorted forever. We still suffer the consequences.The 2010s: Missed Opportunity2011India’s last case of wild poliovirus was detected in 2011. Until about the early 1990s, an average of 500 to 1000 children got paralysed daily in India. The original target for eradication was the year 2000. Nevertheless, we got there eleven years later. India’s pulse polio campaign has since become a source of confidence for public policy execution in India. We internalised the lesson that the Indian government can sometimes deliver through mission mode projects. 2012If you cannot solve a vexing public policy issue, turn it into a Right. It won’t work, but it will seem like you’ve done everything. After years of trying to get the national education policy right, the government decided it was best to make education a fundamental right in the Constitution. Maybe that will make the problem go away. A decade later, nothing has changed, but we have an additional right to feel good about.2013This year saw the emergence of AAP as a political force via the anti-corruption movement. AAP combines the classic elements of what makes a political party successful in India - statist instincts, focus on aam aadmi issues, populism and ideological flexibility. Importantly, it is good at telling its own version of some future utopia rather than questioning the utopia of others. 2014The BJP came to power with many promises; the most alluring of them was ‘minimum government, maximum governance’. Over the past eight years it has claimed success in meeting many of its promises, but even its ardent supporters won’t claim any success on minimum government. In fact, it has gone the other way. That a party with an immensely popular PM, election machinery that rivals the best in the world, and virtually no opposition cannot shake us off our instinctive belief in the State's power never ceases to surprise us.2015The murder of a person by a mob on the charges of eating beef was the first clear indication of the upsurge of a new violent, majoritarian polity. It was also one of the early incidents in India of radically networked communities using social media for self-organisation. Meanwhile, 2015 also witnessed the signing of a landmark boundary agreement between India and Bangladesh, which ended the abomination called the third-order enclave. The two States exchanged land peacefully, upholding the principle that citizen well-being trumps hardline interpretations of territorial integrity. 2016There will be many case studies written in future about demonetisation. Each one of them will end with a single conclusion. Public policy requires discussion and consensus, not stealth and surprise. We hope we have learnt our lesson from it.2017Until 2017, many in India still held the hope of a modus vivendi with China. Some others were enamoured by the Chinese model of governance. However, the Doklam crisis in 2017, and the Galwan clashes in 2020, changed all that. Through this miscalculation, China alienated a full generation of Indians, led to better India-US relations, and energised India to shift focus away from merely managing a weak Pakistan, and toward raising its game for competing with a stronger adversary. For this reason, we wrote a thank you note to Xi Jinping here. 2018It took years of efforts by the LGBTQ community to get Section 377 scrapped. In 2018, they partially won when the Supreme Court diluted Section 377 to exclude all kinds of adult consensual sexual behaviour. The community could now claim equal constitutional status as others. There’s still some distance to go for the State to acknowledge non-heterosexual unions and provide for other civil rights to the community. But the gradual acceptance of the community because of decriminalisation is a sign that our society doesn’t need moral policing or lectures to judge what’s good for it.2019The J&K Reorganisation Act changed the long-standing political status quo in Kashmir. Three years on, the return to political normalcy and full statehood still awaits. While a response by Pakistan was expected, it was China that fomented trouble in Ladakh, leading to the border clashes in 2020. 2020We have written multiple pieces on farm laws in the past year. The repeal of these laws, which were fundamentally sound because of a vocal minority, is the story of public policy in India. Good policies are scuttled because of the absence of consultation, an unclear narrative, opportunistic politicking or plain old hubris. We write this newsletter in the hope of changing this. 2021The second wave of the COVID-19 pandemic left behind many bereaved families. People are still trying to pick up the pieces. The sadness was also interrupted by frustration because of the delays in getting the vaccination programme going. India benefited immensely from domestic vaccine manufacturing capability in the private sector. Despite many twists and turns in vaccine pricing and procurements, the year ended with over 1 billion administered doses. In challenging times, the Indian State, markets, and society did come together to fight the pandemic. So, here we are. In the 75th independent year of this beautiful, fascinating and often exasperating nation. We are a work in progress. We might walk slowly, but we must not walk backwards. May we all live in a happy, prosperous and equal society. Thanks for reading Anticipating the Unintended! Subscribe for free to receive new posts and support our work. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com

covid-19 tv ceo china europe peace state british french west russia chinese government friendship german lgbtq left public congress indian supreme court political court overcome union states portugal muslims businesses whatsapp islam emergency insurance switzerland economic responding korean prevention republic constitution pakistan independence day tn ibm prime capitalism twelve steel cold war nato malaysia conservation domestic indians soviet portuguese result george w bush fifty singh agreement bangladesh surprised hindu mumbai dalai lama bollywood gandhi hindi friedman north star cooperation ideology ussr rs xi jinping pakistani tibetans merit bangalore kashmir anticipating modi importantly notably bombay dissent lic calcutta nda mahatma gandhi mehta strangely goa punjab sri lankan indo fcs wto happy independence day cmc trai one nation hyderabad partition 2g milton friedman aap bangladeshi smuggler unintended assam information act bjp memorandum bengaluru karnataka ganesha sikhs foreign exchange agitation nep west bengal texas instruments madras infosys ladakh green revolution upa planning commission bhopal hcl india pakistan rupee india china kashmiri andhra pradesh mehra wipro nehru republic day united front indira gandhi mncs naidu telangana mandal ambedkar tdp indian express aadhaar bhutto lost decade lok sabha industrialisation auctioning advani gandhian dmk india us constituent assembly kps indian it shiv sena bachchan chidambaram sonia gandhi rajiv gandhi manmohan singh union carbide citizenship act indian state babri masjid sabarimala musharraf janata aiadmk vajpayee doklam tinbergen walter anderson ram guha chandrababu naidu jagdish bhagwati pranay kotasthane
Hinduism In Ancient World Documented, Practices
Autism Mantras Temples Consultation Details

Hinduism In Ancient World Documented, Practices

Play Episode Listen Later Aug 9, 2022 1:27


For consultation a fee of Rupees 500/ may be remitted to to guide you on Mantras and Temples .For more information WhatsApp +919480591538.mail.ramanan50@gmail.com --- Send in a voice message: https://anchor.fm/ramanispodcast/message

Tabadlab Presents...
Pakistonomy - Episode 121 - Rupee's Decline and Risks of Default in Pakistan

Tabadlab Presents...

Play Episode Listen Later Aug 5, 2022 66:34


Where is the rupee headed? Will Pakistan default? In this episode, Uzair talks to Shahrukh Wani about the ongoing crisis in Pakistan, why this is just the latest episode of a long-term crisis, and what needs to change to get out of this. Shahrukh Wani is an economist at the International Growth Centre's Cities that Work initiative based at the Blavatnik School of Government, University of Oxford. In this role, he supports evidence-based urban economic policy reforms across Africa, the Middle East, and South Asia, mainly on public finance and governance. These have included collaborations with policymakers in Afghanistan, Uganda, Pakistan, and Zambia on a range of policy questions — such as on property tax design in Punjab and informal settlements in Lusaka. Shahrukh has also co-authored a variety of policy-focused papers, including on urban governance, transport, public-private partnerships, and taxation in developing countries. He also advises public policy projects such as the UK Government's Global Future Cities Programme.

Business Standard Podcast
Is the current strength in rupee sustainable?

Business Standard Podcast

Play Episode Listen Later Aug 4, 2022 3:51


From a record low of 80.06 per dollar touched in late July, the rupee has pulled back to 78-79 per dollar levels. The reversal has been aided by a brake on foreign investors' exodus, weak crude prices and the dollar. For instance, the US dollar index has cooled off to 106 level from its 20-year high of 108.5 touched last month. The move came as the US Fed downplayed recession fears and hinted at a likely slowdown in rate hikes. However, any decisive move in the currency is dependent on foreign flows and the RBI's rate hike trajectory, analysts say. Dilip Parmar, Research Analyst, HDFC Securities, Dollar inflows, macro data key monitorables. Good monsoon may prod the RBI to be less hawkish and crude oil prices have been supportive. But geopolitical challenges remain a major risk, he says.  Besides, analysts flag India's strained external position as another dampener for the currency. A note by Bank of Baroda says, ‘Trade deficit continues to be at a record high, which will put pressure on the balance of payments. Imports may moderate due to softening global commodity prices. But, exports will be muted amid weak demand in key markets like the US and Europe'  Sharing similar views, Amit Pabari, of CR Forex Advisors expects the recent pullback to be unsustainable. According to him, “The recovery in rupee was driven due to triggering of stop-losses as the majority of the market's punt was long on US dollar, and short covering of the same aggravated the move. The currency will likely bottom out and resume its upward journey towards 79.5 to 80 levels.” That said, analysts believe that any further relief in the rupee will be most beneficial for oil marketing companies, which can offset the losses taken on the marketing margins. Traditionally preferred IT and pharma companies also remain preferred bets given their strongly hedged positions against currency volatility. According to Gaurang Shah, Chief Investment Strategist, Geojit Financial Services, markets generally look at IT, pharma in present scenario. Export opportunity makes speciality, agrochemicals etc good bets. Today, besides corporate earnings, the Bank of England's interest rate policy outcome will also be on investors' radar. 

Top Headlines
Top Headlines Of The Day (August 02, 2022)

Top Headlines

Play Episode Listen Later Aug 2, 2022 1:46


All Things Policy
The Pakistani economy is in trouble, yet again.

All Things Policy

Play Episode Listen Later Aug 1, 2022 34:30


Our neighbor in the North West is yet again in a deep economic crisis. With foreign reserves at a historic low and the rupee losing its value by the day. Pakistan is yet again seeking a loan from the IMF. Will it go down the Bangladesh way? Will the World watch a nation with nukes to collapse?Links mentioned in the episode:Why world won't let Pakistan go the Lanka way by Anupam ManurTweet thread mentioned in the episode Video on Pakistan's economic crisisYou can follow Ritul Gaur on twitter: https://twitter.com/GaurRitulYou can follow Anupam Manur on twitter: https://twitter.com/anupammanurYou can follow Pranay Kotasthane on twitter: https://twitter.com/pranaykotasCheck out Takshashila's courses: https://school.takshashila.org.in/You can listen to this show and other awesome shows on the IVM Podcasts app on Android: https://ivm.today/android or iOS: https://ivm.today/ios, or any other podcast app.You can check out our website at https://shows.ivmpodcasts.com/featuredDo follow IVM Podcasts on social media.We are @IVMPodcasts on Facebook, Twitter, & Instagram.https://twitter.com/IVMPodcastshttps://www.instagram.com/ivmpodcasts/?hl=enhttps://www.facebook.com/ivmpodcasts/Follow the show across platforms:Spotify, Google Podcasts, Apple Podcasts, JioSaavn, Gaana, Amazon MusicDo share the word with you folks!

Anticipating The Unintended
#178 How Do I Raid Thee? Let Me Count The Ways

Anticipating The Unintended

Play Episode Listen Later Jul 24, 2022 23:30


India Policy Watch #1: To Catch A Falling Rupee Insights on burning policy issues in India— RSJThe Indian rupee this week declined to an all-time low as it went beyond 80 per dollar. For reasons that aren’t always clear to me, this kind of thing makes a lot of news in India. I mean, it was 79.9 the week before. There isn’t a yawning gap between that and 80. Yet opinion pieces are written, cartoons sketched, and old tweets of macroeconomic theorists like Akshay Kumar, Juhi Chawla and Sri Sri (Sri?) Ravishankar are dug out to contrast their current reactions to this phenomenon with their past asides. The WhatsApp factory also rolls out their new models that suggest how a strong dollar is bad for the US economy and how this is some kind of a switch and bait move that we are making on them. Somewhere in many of our heads, the strength of the Indian rupee is no longer subject to the dynamics of the currency market. Like many things these days, it too is anchored to our self-respect. And since our national clarion call is desh nahin jhukne doonga (won’t let the country down), we then start working on the narrative that shows all of this in a warm, positive glow. All in a day in the life of India.Anyway, I thought it would be useful to take this moment to appreciate the winds that are buffeting it, the long-term view of what will actually strengthen the rupee and then zoom out a bit to appreciate what’s happening to the US economy and what it could mean for India. The Safety Of Dollar We will start with why has the rupee gone to 80 a dollar? The simple answer is the US dollar has been more in demand since the start of the Ukraine war than before. This is true for all currencies, not just the rupee, as the chart below shows.There are reasons for this. The 40-year high inflation print that the US is witnessing month over month has turned the Fed hawkish. It is likely to raise rates by another 75 bps in its meeting next week, and the consensus suggests the benchmark rates will be around 3.4 per cent by the end of the year. These rate hikes make storing money in dollars more attractive. This potent cocktail of uncertainty around the Ukraine war, the high oil and commodity prices that make emerging markets more vulnerable and the prospect of a global recession is starting to give global fund managers a massive hangover. Their most obvious response: flight to the safety of the US dollar. The dollar demand has gone up as foreign portfolio investors have checked out of domestic equities across the world. In India, we have had over ₹2.3 trillion of outflow from the equity market so far this year. Things would have been worse had it not been for the domestic investors (mutual funds and insurers) who invested about ₹1.4 trillion during this period. The price of oil—averaging over US$ 120 or so during this year—has made things worse because we import over 90 per cent of our requirements. The across-the-board rise in commodity prices has further increased our import bill. Almost simultaneously, the high rate of inflation, the rise in interest rates and a prospect of a recession have meant our exports are beginning to soften. The commentary from our software services giants suggests the demand pipeline isn’t what it used to be. This might also show up in other export-dominated sectors as the steep rise in interest rates starts to kill off growth in developed markets. This has meant the consensus forecast among analysts for the current account deficit has inched up to 3 per cent for the year-end. We will need more dollars to support that kind of deficit. That apart, our own inflation numbers have remained high, and we are running a negative real interest rate (the difference between interest rate and rate of inflation). This will continue to support riskier assets and reward consumption that will feed back into inflation. So, expect further interest rate hikes, and that will impact growth. All of this indicates the dollar strengthening against the rupee is here to stay.Propping Up The RupeeWhat can be done to address this? This is market dynamics at play. There are too many interlinked factors here. Beyond a point, there are only tweaks that you can do in the short term to support the currency. The RBI has tried to ensure that the depreciation is orderly and gradual, which is the best it can do now. It has increased dollar inflows by loosening norms in multiple areas, helping curb volatility. The raft of measures taken here shows how many short term levers are available with a central bank to manage currency volatility. These included removing the interest rate restrictions on banks for foreign currency and non-resident deposits. Such deposits have also been exempted from the statutory liquidity requirements that Banks need to carry for their deposits. This has allowed banks to hike their savings rates for such deposits by almost 75 bps. This will attract dollar deposits from non-resident Indians. The RBI has also relaxed foreign investments in debt instruments and allowed the use of overseas foreign currency borrowing for lending domestically in foreign currency. Even the amount of external commercial borrowing businesses can do through the automatic route has been doubled to US$ 1.5 billion. These immediate measures will smoothen the flow and increase the supply of dollars. The idea here is to weather through the Fed interest rate hike storm for the next two quarters and then take stock. The RBI also made an interesting move last week that was reported as the ‘internationalisation’ of the rupee. It allowed special accounts (rupee Vostro accounts) to pay and settle exports and imports in rupees. Further, the surplus in these accounts could be invested in government T-bills and securities. What does this mean? Simply put, if Indian firms can find counterparties who are willing to trade with them in rupees, they can do so more easily than before. On the face of it, this means very little. Because there aren’t many global firms who would want to settle their trade in a currency like the rupee that will depreciate in the long-term and which isn’t useful for trade with non-Indian partners. But it allows us to trade with Russia without getting the dollar involved. In fact, it is both an economic move and a geopolitical one. We run a trade deficit with Russia. We can now pay for Russian oil in rupees. Russia can use those rupees to buy our exports. The surplus in these accounts can be used to buy government bonds. So we save on buying more dollars to settle this trade, and we create demand for government bonds because the surplus in this account will be invested there. Seems like a neat solution, and I guess the US and the west won’t mind because we have pointed out their hypocrisy on Russian gas and Saudi oil more than a few times now. Apart from this, the government has done its usual quota of excise duty tweaks to manage the situation. We have increased duties on the export of petroleum products and limited sugar and wheat exports. And we have cut import duties on key raw materials and on cooking oils to manage inflation. These won’t add to much, but it gives an impression that something’s been done to address inflation. When inflation stabilises, we will take ages to dismantle these duties. That is an old and different story. That takes care of the short term. In the long run, the rupee's strength depends on the fundamentals of our economy. We must run a current account shortfall below 2 per cent, bring down the fiscal deficit and debt to GDP ratio that have gone up significantly in the past two years and keep inflation in the four per cent range, which was the RBI mandate. All of this is hard work and will need the government to translate its words into action. Structural reforms in labour and capital have been pending for ages, the infrastructure push promised in the last budget is still in the works, and fiscal discipline is a tad out of fashion. If we continue to insist on pegging our self-respect to the rupee, then we must know what to demand from the government. Where Next?Lastly, where does the global economy go from here? Well, it is clear that the Fed and other central banks were wrong in their assessment in 2021 that the inflation was transitory. They could have raised rates then, and we wouldn’t have seen the serious inflationary pressure we have now seen for the last six months. This isn’t hindsight. There were more than a handful of sceptics about the notion of transitory inflation. So, the question is, now that the Fed has gone into the territory of whatever it takes to control inflation, what kind of a landing will we have? Will it be a short and mildly painful recession, or are we going to be in for a hard landing? As some are saying, it is possible that we will see the peak of inflation in the next few months, and then the rate hike impact will start to bring it down quickly to more comfortable levels within a year. We could then have a rate reversion cycle begin as early as the end of 2023. That is what the optimists are seeing today. However, it is possible that there’s a hard landing. That is not just inflation taking longer to tame, but the sustained high-interest environment kills growth and puts the financial system under enormous stress. There’s a possibility that a perfect storm of decline in investment, reduction in consumption and a recession could hurt incomes around the world. The pandemic saw a significant rise in debt levels for both firms and households. A scenario where interest rates stay high and incomes start coming under stress would spell bad news for the ability of these entities to service their debt. A cycle of default could then start and put the entire financial system under stress. We might not have a GFC (2008) like moment, but we could be in that vicinity in future. We have been so used to quantitative easing, low inflation and low-interest rate scenario in the last decade that it is difficult to envisage an alternative where things are radically different. Yet, as history has shown, you ignore long-tail risks at your own peril. As a parting shot, the then finance minister Manmohan Singh’s response in the Rajya Sabha addressing the fears of devaluation of the rupee needs a revisit:Let me say that in this country there seems to be a strange conspiracy between the extreme left and extreme right that there is something immoral or dishonourable about changing the exchange rate. But that is not the tradition. If you look at the whole history of India’s independence struggle before 1947 all our national leaders were fighting against the British against keeping the exchange rate of the Rupee unduly high. Why did the British keep the exchange rate of the Rupee unduly high? It was because they wanted this country to remain backward and they did not want this country to industrialise. They wanted the country to be an exporter of primary products against which all Indian economists protested. If you look at Indian history right from 1900 onwards to 1947, this was a recurrent plea of all Indian economists—not to have an exchange rate which is so high that Indian cannot export, that India cannot industrialise. But I am really surprised that something which is meant to increase the country’s exports and encourage its industrialisation is now considered as something anti-national.India Policy Watch #2: Q.E.D.Insights on burning policy issues in India— Pranay KotasthaneNowadays, it seems like just one government agency is burning the midnight oil: the Enforcement Directorate (ED). It’s never out of the headlines.There’s data to back this claim too. Responding to a Lok Sabha question earlier this year, the Minister of State (Finance) revealed that while during 2004-14, 112 searches were carried out by the ED, this number stands at 2974 in the eight years since 2014, a twenty-six-fold increase! Forget for a moment that the conviction rate of ED in raids conducted under the Foreign Exchange Management Act is merely 0.5 per cent.Whether it is political parties in the opposition, Chinese companies, fugitive economic offenders, or non-profits, the ED has become the de-facto brahmastra.Structurally, ED is a law enforcement body deriving powers from a wide range of laws. It was constituted as the “Enforcement Unit” way back in 1956. And since foreign exchange control was a big obsession back then, it primarily investigated cases arising from the Foreign Exchange Regulation Act (FERA), 1947. Then came the Foreign Exchange Management Act in 1999, the Prevention of Money Laundering Act (PMLA) in 2005, and the Fugitive Economic Offenders Act in 2018. A wide remit backed by labyrinthine economic laws made it easily weaponisable. Now, it is well-known that many law enforcement agencies in India are politicised. Neither is ED the first one nor the last. In the naughties, the “CBI raids” served the same purpose. Exploring the pervasive politicisation of the ED, Pratap Bhanu Mehta writes:The use of the ED has three purposes. The first is intimidation. The second is to keep the narrative of the old corrupt regime boiling. This is not a difficult proposition to sell to the public. But the third is to reveal the sheer self-absorption of the Opposition. “For my friends, everything; for my enemies, the law.” said a former Peruvian Field Marshal Óscar Benavides. That is precisely what seems to be happening here.Domestic politics aside, two Chinese mobile phone companies have recently come under ED investigation. In response, China’s foreign ministry spokesperson had this to say:The frequent investigations by the Indian side into Chinese enterprises not only disrupt the enterprises’ normal business activities and damage the goodwill of the enterprises, but also impedes the improvement of business environment in India and chills the confidence and willingness of market entities from other countries, including Chinese enterprises to invest and operate in India.Keeping aside the hypocrisy of China’s moralising, the spokesperson makes an important point. If the narrative goes out that economic crime investigations are being used for political purposes, India will pay a big price. Retrospective taxation was the poster child for India’s economic mismanagement last decade. We don’t need another deterrent puncturing investment dreams this decade.What could bring law enforcement agencies under control? Are there structural checks and balances that prevent political misuse? I don’t know. But an essential component of strengthening India’s Republic has to be to make investigative agencies truly autonomous from executive control. Not(PolicyWTF): The Question of ChoiceThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen? - Pranay Kotasthane"Life is like a box of chocolates. You never know what you're gonna get." This Forrest Gump quote is equally applicable to the Indian judiciary. On most days, it comes out with verdicts that just follow the prevailing social trend. But, there are also those rare moments when the judiciary stands up to defend the Republic from the Democracy. Take what happened last week. In 2019, the Central Consumer Protection Authority (CCPA) —a new regulatory body—was formed to protect consumer rights. Earlier this month, the CCPA, in its infinite wisdom, issued guidelines that prevent hotels and restaurants from levying service charges. The guidelines thundered:No collection of service charge shall be done by any other name. No hotel or restaurant shall force a consumer to pay service charge and shall clearly inform the consumer that service charge is voluntary, optional and at consumer’s discretion… No restriction on entry or provision of services based on collection of service charge shall be imposed on consumers. Service charge shall not be collected by adding it along with the food bill and levying GST on the total amount.Why would the Indian State want to invest resources and time in changing these small matters is an always-relevant confounding question. But this time, the courts came to a partial rescue. The Delhi High Court stayed the guidelines. The judge even had a libertarian statement to go with the ruling. He said:If you don't want to pay, don't enter the restaurant. It is ultimately a question of choice.Music to my ears. Information asymmetry is not a problem as long as the service charges are known to the consumer beforehand. There is no market failure. The State can move on. How I wish the courts applied this new-found virtue of choice to other areas such as:If you don't want to get offended, don't read the book. It is ultimately a question of choice. No need to ban the book. If you don't want to pay, don't enter the movie theatre. It is ultimately a question of choice. No need to cap movie tickets.If you don’t like what others say about you, don’t talk to them. It is ultimately a question of choice. No need for defamation laws.You get the drift. Don’t make the State a tool to address your pet grievance. It has bigger fish to fry. (And let it apply service charges for the fried fish.)Global Policy Watch: The Three InternetsInsights on policy issues making news around the world— Pranay KotasthaneMany editions ago, I linked to one of Yiqin Fu’s articles on the Chinese internet. There’s so much about it that’s different beyond the fact that the State tightly controls the information flow there. For instance, Fu explains that the Chinese internet is different from the Western internet in these respects:One, search engines (and not just Google) are hardly used. People read primarily through social media feeds. And two, the complete dominance of super-apps:Take WeChat as an example. It is home to the vast majority of China’s original writing, and yet: 1. It doesn’t allow any external links; 2. Its posts are not indexed by search engines such as Google or Baidu, and its own search engine is practically useless; 3. You can’t check the author’s other posts if you open the page outside of the WeChat app. In other words, each WeChat article is an orphan, not linked to anything else on the Internet, not even the author’s previous work.The result of a lack of rediscovery means that knowledge creation, reflection, and historical context-setting are disincentivised. This resembles some parts of the Indian internet but is not quite the same. This architecture also means that people are pushed towards tracking the latest social media trend, with little or no incentive to create and read time-invariant content, such as blogs, articles, and papers without news pegs.So, there are three broad internet prototypes:The Western one: primary access is through desktop/laptop, not super-app based, search-engine driven, high discoverability of older articles, and email-based.The Chinese one: primary access is through the mobile phone, super-app driven, low discoverability, and instant-messaging based.The Indian one: The elites see an internet that’s a mix of the Western one and the Chinese one minus the censorship, while the non-elites are experiencing something much closer to the Chinese one. Forget geopolitics for a moment. And consider the impact of these three internet prototypes on their respective users. Will their cognitive effects be different? If yes, in what way? This is a fascinating question to which I have no good answers yet. What do you think? Another downside to skipping desktop is that weak ties built around emails are never formed. I don’t have data on Chinese employees’ modes of communication, but I wouldn’t be surprised if 90% of work communication is done over instant messaging. Multinational firms still use email, although when I asked on Chinese social media, my readers complained that emails often went unread. It seems like in the Chinese workplace, instant messaging still reigns supreme.Fu argues that the result is that weak ties through cold emails are seldom formed. Again, not very different from the case in India where we need to have a phone number in order to form a weak link now. What is the social consequence of this phenomenon?HomeWorkReading and listening recommendations on public policy matters[Podcast] MacroVoices #333: Erik Townsend and Patrick Ceresna in conversation with Harley Bassman on Inflation, Bond Yields, VIX vs MOVE, Demographics & More.[Blog] Pakistan is in big trouble: Noah Smith covers the subcontinent for the second week in a row.[Article] The functioning of the Enforcement Directorate, by Sonam Saigal.[Paper] How to reform high-stakes exam systems? is an important question in the Indian context. A new NBER paper titled Pareto Improvements in the Contest for College Admissions has some clues. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com

3 Things
Rupee falling to 80, Avinash Das detained, and Sri Lanka's new president

3 Things

Play Episode Listen Later Jul 21, 2022 23:27


First, Indian Express' Udit Misra joins host Utsa Sarmin to talk about the rupee depreciating against the dollar, what it means for the Indian economy and what the government can do. Second, Indian Express' Vaibhav Jha talks about filmmaker Avinash Das who was detained by Ahmedabad police for posting a photo of Amit Shah and Pooja Singhal. Third, we give an update about Sri Lanka where the parliament voted for its next president.

All Things Policy
Implications of a depreciating rupee

All Things Policy

Play Episode Listen Later Jul 19, 2022 28:13


This year the Indian Rupee has depreciated almost 7% against the US dollar. On 14th July 2022, it briefly touched the Rs 80 mark against the dollar. Why is the rupee falling against the dollar? What will be the impact on the economy? Is there anything the government can do? Anupam Manur talks to Sarthak Pradhan.You can follow Anupam Manur on twitter: https://twitter.com/anupammanurYou can follow Sarthak Pradhan on twitter: https://twitter.com/PSarthak19Check out Takshashila's courses: https://school.takshashila.org.in/You can listen to this show and other incredible shows on the new and improved IVM Podcast App on Android: https://ivm.today/android or iOS: https://ivm.today/iosYou can check out our website at https://www.ivmpodcasts.com

Cyrus Says
CnB ft. Meghnad, Navin & Antariksh | Unparliamentary Words & Rupee Settling For Record Low

Cyrus Says

Play Episode Listen Later Jul 15, 2022 61:37


On Cock & Bull today, we are joined by Meghnad S, Navin Noronha, and Silverie. Cyrus today is happy because of an audio glitch that made the audio of Navin stop suddenly before the show started. He wishes this to happen in real life whenever someone over-talks him. The show started with Meghnad, the co-host today, addressing the questions he is getting on why he is trying to bring organization to the chaos in the show. Cyrus praises Meghnad for being the new leader of the show and how he can now anytime choose to be the co-host of the show. Topics discussed by the panel were: The list of unparliamentary words, the Rupee settling at a new record low of 79.90 against the US dollar, and Lalit Modi Announcing 'New Beginning' With Sushmita Sen. Tune in for this and much more!Check out Cyrus Says merch:ivm.today/3PLKo1mJoin the Cyrus Says fan created Discord Server: https://discord.gg/BMNJ3ftkMmYou can follow Meghnad on Instagram at @meghnadsYou can follow Navin on Instagram at @houseofnoronhaYou can follow Antariksh on Instagram @antariksht: https://instagram.com/antarikshtYou can follow Abbas Momin on Instagram @abbasmomin88: https://www.instagram.com/abbasmomin88/Do send in AMA questions for Cyrus by tweeting them to @cyrussaysin or emailing them at whatcyrussays@gmail.comDon't forget to follow Cyrus Broacha on Instagram @cyrus_broacha(https://www.instagram.com/cyrus_broacha)In case you're late to the party and want to catch up on previous episodes of Cyrus Says you can do so at: www.ivmpodcasts.com/cyrussaysYou can listen to this show and other awesome shows on the new and improved IVM Podcasts App on Android: https://ivm.today/android or iOS: https://ivm.today/ios

The Heresy Financial Podcast
India No Longer Requires Dollars for Imports/Exports

The Heresy Financial Podcast

Play Episode Listen Later Jul 15, 2022 10:20


Another day, another domino pushed over, pushing the world that much closer to global de-dollarization. Let's take a look at India right now, they're Rupee is in trouble! The central bank is trying do things to stimulate its demand, and one of the ways they're doing this right now is by putting in place a mechanism so that international trades, settlement of exports and imports can be settled in the Indian Rupee instead of US Dollars.

Finshots Daily
The RBI is trying to take the Rupee international

Finshots Daily

Play Episode Listen Later Jul 14, 2022 5:31


In today's episode for 13th July 2022, we see what the RBI approval to settle international trades in Indian Rupees actually means. We've launched a new endeavor to give simplified health and life insurance advice via Ditto Insurance. Book a free consultation call with our advisors or just drop us a text on WhatsApp for all your insurance queries. Check out Ditto: https://bit.ly/3ym6GjO Insta- https://www.instagram.com/joinditto/ Twitter- https://twitter.com/joinditto

Economic Ninja
RBI allows payment for International trade in Rupee... SHTF For The Dollar!

Economic Ninja

Play Episode Listen Later Jul 12, 2022 9:56


Reserve Bank of India has just walked away from the US Dollar saying that the RBI sets up system to settle trade in rupees. Have you seen it on study iq? indian rupee for international trade is a big deal! rupees in international market demand will explode. Indian Central Bank RBI has introduced a rupee settlement system for international trade yesterday. The system could help India promote its export and facilitate trade with countries under sanction now under the new mechanism exporters and importers can use

The DeshBhakt With Akash Banerjee
Communal Bulldozer Vs. Bullet Train of Vikas | Who's Winning as per Govt Numbers?

The DeshBhakt With Akash Banerjee

Play Episode Listen Later Jul 12, 2022 14:46


Download the fleek app here https://getfleek.onelink.me/MDpg/rnkuj14j (Special offer for subscribers! The first 1000 people who sign up on Fleek using the link above get Rs 100 off on subscription of their choice! ****************** As communal flames threaten to burn brighter each day - it's important to ask - what happened to India's rapid economic growth story ?? Did the Communal Bulldozer derail the Bullet Train of Vikas? Most importantly - it's not international rankings that is showing our decay & emergency - OUR OWN GOVT. numbers show how bad the situation is. Here are just 8 hard Govt numbers that show the sad truth & why its critical for us to get back on track!

Bharatvaarta
Bharatvaarta Weekly #98 | Change Of Power In Maharashtra, Rupee Slides To Lowest, Nupur Sharma

Bharatvaarta

Play Episode Listen Later Jul 3, 2022 56:43


The Bharatvaarta Weekly is our reaction to the news headlines of the  week that was. If you liked this episode, then don't forget to subscribe to our channel and share this content. You can stay updated with everything at Bharatvaarta by following us on social media: we're @bharatvaarta on Twitter, facebook.com/bharatvaarta.in on Facebook, and @bharatvaarta on Instagram).

Dr. Jay de Soca Prince's De Prescription Podcast

SOCA THERAPY - JUNE 19, 2022: Soca Therapy Podcast Up In D Party (Dr. Jay Plate) - JadelSomething Special (Dr. Jay Plate) - Fay Ann LyonsBring It (Dr. Jay Plate) - Faith CallenderStress Bout Dat (Dr. Jay Plate) - Adam ODrifting - EzraBounce - Invasion BandBend - SedaleMore Drama - Hollywood HPMy Rum - GorgBlessings - King BubbaCheers To Life (DJ Shy Acoustic Edit) - VoiceUnforgettable - Kerwin Du Bois x Patrice RobertsDay One (SMJ Refix) - Machel Montano x Farmer NappyI Got U (Quixx Edit) - Ricardo DrueFriend Dem - Pahjo x SimbaarleyIf You Know - K-Lee x Ms DesireCaribbean Queen - SunDivasMash Up - BlaxxTANTY TUNE OF THE WEEK: Watch Out My Children - Ras Shorty IBlame It On The Music - RupeeFestival Again - RupeeHelpless - RupeeFirst Wine - RupeeJolene - KesI Need - Adam OToxic Love - Patrice Roberts x Ricardo DrueToxic Love (Dr. Jay Plate) - Patrice Roberts x Ricardo DrueBa Ba Ben - DJ CheemSoca Feeling - ChristoJamish Feeling - MottoWine Of Di Century - DestraSpeechless - Kerwin Dubois x Voice x Teddyson John x LyrikalWiney Winey - Timeka Marshall Good Up Good Up - Problem Child Like It Hot - Patrice Roberts Party We Love - Shal Marshall What Happens In The Party - RupeeYou Never Know - RupeeTOP 8 COUNTDOWN (Father's Day Edition chosen & co hosted by Rupee)8. Famalay - Machel Montano x Skinny Fabulous x Bunji Garlin7. Thanks - Rupee6. Togetherness - Square One5. Happiest Man Alive - Machel Montano4. Cheers To Life - Voice3. Pump Me Up - Krosfyah2. Cloud 9 - Lyrikal1. Jump - RupeeJUS SMILE NUH segment with 9 Year Old JUSTINDisco Daddy - NelsonSugar Daddy - Nadia BatsonDaddy Reach - Kerwin Du Bois x DestraCalypso (Jus Now Road Mix) - GBM NutronCan't Take My Joy - Terri LyonsLocation - PreedyFar Away - DJ Private Ryan x Adam OChange The World - DJ Private Ryan x Ricardo Drue feat Drastic & LillyBig Bad Soca (Jester Anthem Edit) - Bunji GarlinVintage Garlin (DjStarKidd Intro Cut Refix) - Bunji GarlinWe Done Dey - Bunji GarlinGive It Up - 3SunsTanty Say - Benjai x SkarfaceTouch Road - Busy SignalBig Blood - Bunji Garlin x 3Suns x SkarfaceOut & Bad (Scratch Master x Riddim Master Remix) - VoiceOut And Bad - Michael “The Pannist”Follow Dr. Jay @socaprince​ and @socatherapy“Like” Dr. Jay on http://facebook.com/DrJayOnline

ThePrint
ThePrintPod: Buying Russian oil is ruble wise but rupee foolish. It bloodies India's hands

ThePrint

Play Episode Listen Later Jun 17, 2022 9:20


US has no moral rectitude to deliver ethical sermons. But regardless, India must take a holistic view in purchasing oil from Russia—it's not a rosy picture. ----more---- https://theprint.in/opinion/buying-russian-oil-is-ruble-wise-but-rupee-foolish-it-bloodies-indias-hands/998913/