It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.

In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.

The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.

'A balanced head plus heart approach would be a full opening up of the economy including manufacturing and internal travel in the country but excluding COVID-19 hotspots,' recommends Jaimini Bhagwati.

If net forex outflows turn out to be relatively high in the next few years, the rupee could depreciate beyond Rs 80 to a dollar by 2022. The causal reasons could, for example, include unmet expectations of FPI and FDI investors about the performance of the Indian economy, sharp rise in prices of imported oil and decrease in FX remittances. The RBI has to ask itself whether guaranteeing future rupee-dollar exchange rates on FX forward contracts is a reasonable way to use its risk-bearing capacity, says Jaimini Bhagwati.

Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.

Despite the Indian government's recent efforts anecdotal evidence indicates that there has been little change in the extortionist behaviour of a significant proportion of tax and police officials, says Jaimini Bhagwati.

Given the international practice, it is inexplicable why the government is going with anonymous electoral bonds.

'The government's principal aim should be to reduce the volume of cash transactions.' 'That would bring more of the Indian economy within the purview of taxation.' 'The current downturn in economic activity due to a lack of adequate cash is likely to be limited to a year,'

Private banks are assumed to be more efficient at intermediating between depositors and investors.

High fiscal deficits raise inflation which hits the lowest income and salaried classes.

Banks cannot shirk their responsibility in cases of frauds.

In India we have to be careful not to copy any level of dependence on the financial sector and infatuation with the get-rich-quick syndrome, says Jaimini Bhagwati.

The better performing states throw up more employment opportunities including at unskilled levels.

The RBI should provide readily accessible summary information on its website about all corporate debt defaulters and the amounts involved.

The hype surrounding the Budget gives it undue importance.

One of the urgent tasks ahead for the new government should be to improve public trust in the executive.

The external affairs ministry's files, as distinct from those of the ministry of defence or the agencies, at least from before 1974 should be declassified. And if select files that are more than 40 years old are not to be declassified, the ministry should follow explicit guidelines to justify taking such a view, says Jaimini Bhagwat.