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.
As the rupee falls to new lows, the author reviews India's external sector risk indicators.
As concerned Indians we need to ask what can be done in the short term, which does not require legislative approval to enhance investment.
Regrettably, another voluntary disclosure scheme may be needed to strengthen India's foreign exchange reserves.
Despite what partisan fund managers are projecting, the rise in the Indian equity market has to be evaluated carefully.
At present, 25 officers from various departments of the government of India are on a week-long programme at the School of Business at Cambridge.
The 33-member Indian team which participated in the ongoing Paralympic Games was felicitated by the country's High Commissioner to the UK -- Dr Jaimini Bhagwati -- at the India House in London.
If India can fast utilise currency flows for long-term projects, the regulatory regime could be more liberal.
In the wake of the sharp downturn in the valuations of mortgage-backed securities last year, financial firms justified their investment in these non-transparent instruments on the triple ratings accorded to them.
Jaimini Bhagwati assesses the key points in RBI's discussion paper on new bank licences.
It is not in our interest for the rupeee to rise against the dollar in which our exports are invoiced.
To sum up, it is increasingly likely that in the last quarter of 2010, there may be another round of convulsions in western economies. The consequent opportunity costs for India of not having insurance mechanisms in place and pushing for reforms could be higher than usual.
A Carnegie paper estimates India's GDP will grow at 5.9% p.a. till 2050, compared to China's 5.6%, says Jaimini Bhagwati.
Montek Singh Ahluwalia's suggestion should be slightly modified for this.
Mathai took the office on Monday. He succeeds Jaimini Bhagwati, who retired recently.
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.
'As for tricky relations with China, India needs less of summitry type event management and more anticipatory analysis and management of events,' says Ambassador 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.
Last week, Deputy Prime Minister Nick Clegg opposed the Conservative-led coalition government's controversial 3,000 pounds visa bond scheme, which would affect visitors from certain countries, including India.
Private banks are assumed to be more efficient at intermediating between depositors and investors.
Given the international practice, it is inexplicable why the government is going with anonymous electoral bonds.
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.
'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,'
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.
It is surprising that central bankers around the world have cautioned the US Federal Reserve against raising rates.
The better performing states throw up more employment opportunities including at unskilled levels.
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.
'His contributions in setting up transparent precedents of governance are still basically intact despite the cynicism of several of his successors,' notes Jamini Bhagwati.
Several speakers noted that Budget carried the weight of expectations.
Without bringing sound governance and technical capabilities into the RBI's work, injecting new money sets the stage for a next wave of bad behaviour by banks, warns Ajay Shah.
Budget should raise revenues & reduce spending to increase capital expenditure.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
A long crisis with a lack of sound short-term, long-term actions can result in sluggish growth in India, similar to that in Japan.
The hype surrounding the Budget gives it undue importance.
It is high time to manoeuvre the rupee more effectively and predictably, even as it has to be recognised that such tweaking of the rupee needs to be accompanied by reforms to the real sector and factor markets.
The RBI should provide readily accessible summary information on its website about all corporate debt defaulters and the amounts involved.
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