IL&FS insolvency is rocking the Indian stock markets right now. The situation is so grim that the Modi government has now “nationalized” the company! They have bailed out a private limited company by using public money. The news is coming out that, as usual, LIC and state bank of India (SBI) are being coerced by […]
23
Sep
Sep
The Modi government is embroiled in an alleged corruption case of Rafale Jet deal with the French government. Opposition parties are now gunning for the resignation of prime minster Narendra Modi. They have accused him of personally influencing and altering the deal, which was originally put in place by the former UPA government, to benefit […]
13
Sep
Sep
A mud-slinging exercise is going on between the former Congress and present BJP government about who is responsible for the mounting non-performing assets (bad loans) problem. Political parties, as usual, are blaming each other for this mess. Former RBI governor Dr. Raghuram Rajan implicated bankers themselves for this problem. In a note on bank non-performing […]
02
Sep
Sep
The Long Divergence: How Islamic Law Held Back the Middle East. Princeton: Princeton University Press, 2013 by Timur Kuran Middle East, the region that includes the old Ottoman Empire, Iran, Egypt, the Maghreb (Tunisia, Algeria, Libya etc., countries), is marred with economic backwardness and wars at least since last millennia. This cradle of civilization, where […]
22
Aug
Aug
The recent historic flooding in Kerala killed hundreds of people and damaged billions of rupees worth of property while displacing more than million people. Keralites are going to need some time to get out of this shock. This flood once again raised many important questions like who is responsible for this flood? Is this a […]