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Friday, March 29, 2024
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India can live with Pakistan expelling its envoy. The challenge is in Kashmir

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Pakistan is seeking to escalate tensions over Kashmir by expelling India’s envoy. It’s a drastic step but India can live with it for now. It’s not unprecedented and ties are anyway not at their best. The Modi government should instead focus on tackling the internal challenges in post-Article 370 Kashmir.

RBI rate cut won’t help. Govt must first undo some of its damaging budget decisions

RBI cut rates for the fourth time this year by an unconventional 35 basis points in yet another attempt to boost growth. Banks need to pass it on to borrowers, but that alone won’t help. The Modi government must match it by first undoing some of its damaging budget announcements.

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3 COMMENTS

  1. This is possibly the longest summer drought in India – Pakistan relations. The elegant lady who had said, Padosiyon ke saath aise hi rishtey hone chahiyein has passed into the ages. True, the High Commissioners are envoys, convey messages, feedback, cannot influence policy formulation beyond the point of tendering high quality assessments and advice. Even so, at a time when casual, courtesy oriented meetings at the apex in third countries are not acknowledged to have taken place, the absence of High Commissioners would create a vacuum. 2. Difficult to sign on to this new spin that these constitutional changes have solved both the external and internal dimensions of the Kashmir problem. People are confined to their homes, all connectivity snapped, a fog of fear and uncertainty enveloping them. Emergency access to medical facilities is unavailable, a hit and run accident victim not surviving the short journey to the hospital that stretched interminably to two and a half hours because of security checkpoints en route. May there be a happy ending to this bold experiment.

  2. There is a certain lack of imagination in the RBI continuing to cut rates when monetary transmission is failing to work for the earlier reductions of 75 basis points. Not because there is cartelisation amongst the banks but because money in capital scarce India is worth a lot more than a measly 5.4%. Shri V G Siddhartha was paying 20 – 25 % to foreign PE firms. That apart, this mantra of rate cuts suggests a certain tone deafness to all the other pain points in the economy. The RBI and MoF should not be antagonists, although walking alone is sometimes good for an elderly couple, but a made to order central banker who signs on the dotted line is institutionally not good for the economy.

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