Pieces from India -1

As I settle into this side of the planet and get familiar with local concerns, many of these India tagged posts will seem obvious to local observers. For me, they serve as  place to store things my aging brain cannot recall as efficiently as before.

1. THIS piece from Project Syndicate provides food for thought. It talks about the entrenched behavior of Western governments towards the IMF and World Bank-both entities created, funded and staffed with intent of maintaining post WW-2 financial stability. As developing economies have grown the BRICS appear increased frustrated with the dictats, turf battles, bilateralism and decreasing funding from the West that impedes the functioning of these institutions and are considering creating their own BRICS bank.

2. In the same vein of resource allocation, the recently disbanded Planning Commission is increasingly viewed as a now irrelevant independence era creation. In earlier times, the PC’s role was to assess the available resources of the country-material, capital, human and technological, and make a plan for using them, augmenting them, to achieve the best and balanced outcome. Central planning at its intended best. With the Finance Commission charged with deciding how the allocations were made from Center to State (the bulk of revenue is central (taxes, indiv and corporate), the expenditure is at the state level). Now largely rubber stamps, with the states proposing a plan and some haggling and rounding off in terms of what they get.

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