Archive - 2008

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Global crisis and India

HS Mehtani
Karl Marx is said to be an economist who had laid down the tenets of economic equality and socialistic pattern of society to fight imperialist and capitalist societies. Actually it was fight between the state controlled economy and against the free and liberal economy. The magic of Marxism engulfed almost half the world for rhetoric of equality it offered.

Save yourselves

The casualty list from the credit crisis does not stop at investment banks and Iceland. The idea of the international bank is also coming under pressure.

The argument that being in lots of countries diversifies risk looks thinner now that the downturn has the world economy in its grip. A brace of regulatory initiatives also suggests that national authorities have become much more focused on their own interests.

Column : 2008: looking for scapegoats

Bibek Debroy

How will 2008 be remembered? Since 2003, India broke away from an earlier growth rate trend of 6.5% and approached 9%. This year will therefore be remembered for a return to the back-to-business trajectory.

India's iron ore exports double in Nov

The country's iron ore exports doubled to about nine million tonne in November as against 4.13 million tonne in October, mainly on account of better demand from Chinese steel mills.

As per a data compiled by Federation of Indian Mineral Industries (FIMI), total quantity of iron ore shipped in November stood at 8.74 million tonne, whereas 4.13 million tonne were exported in October.

U.S. economy — it’s business as unusual

P. Sainath

On average, the United States has seen the loss of nearly 14,000 jobs each day since September 1. In 90 days from that date, close to 1.3 million Americans lost their jobs. After weeks of headline-grabbing events on Wall Street, these developments tend to recede into the background.

Current estimates suggest that over half a million Americans lost their jobs in November alone. Something not seen in a single month since December 1974.

Tottering BRICs?

Shankar Acharya

Remember “decoupling”? (And I am not referring to mating mammals.)

SEZs to miss export targets

India’s tax-free industrial enclaves for exports, called Special Economic Zones (SEZs), are likely to miss their export targets due to the ongoing global economic slowdown, which has resulted in muted demand from markets abroad. SEZs, which enjoy a slew of tax incentives for exports, are perceived to be insulated from the economic turmoil.

India to miss $200-bn export target

India is likely to miss the export target of $200-billion by 5-10% this fiscal as exporters face payment defaults, price cut and order cancellations with deepening of global financial crisis.

"Feedback from the apex chambers of commerce and different export promotion councils (EPCs) suggests that the target for the current year is unlikely to be achieved," a top official said.

When the golden eggs run out

A decade of poor returns and the onset of recession are likely to make investors cautious. That would be understandable, but mistaken

IT IS the envelope they dare not open. When this year’s statement from the financial adviser or pension plan lands on the doormat, many people will not want to know the bad news. They would rather put the envelope in a drawer and forget all about it.

Where have all your savings gone?

Investors may draw the wrong lesson from history