In The Media ⁽⁴⁰⁰⁾

Read full article Abstract: The ongoing 'Bhagwati versus Sen' debate has generated more heat than light, necessitating correction. As an equal co-author of India's Tryst with Destiny, which defines the Bhagwati position, my stake in the debate is second to none. Two extreme characterisations of the positions of the two sides have emerged. The first has it that the differences between them are minimal with each side expressing the same ideas in a different language. The second depicts Bhagwati as advocating solely growth and Sen solely social spending. Both characterisations are plain wrong.

Read full article Abstract: For some time now, a debate has raged on both the economic performance of Gujarat and its chief minister Narendra Modi. Critics of Gujarat say that the state hardly ranks at the top of any indicator and that the hype over it is the result of effective public relations by Modi. Modi critics say that he is hardly the only successful chief minister in the country: look at what Nitish Kumar has accomplished in Bihar, Prithviraj Chavan in Maharashtra and Bhupinder Singh Hooda in Haryana.

In India, ultra-high restrictions on worker layoffs in the organised sector encourage firms to operate in the unorganised sector.Read full article A recent visit to South Africa has provided me the opportunity to study its economy. With a population of just 51 million, South Africa is smaller than 10 Indian states. Its per capita income, at $8,000, is more than five times that of India. Despite these differences, there are striking similarities between the two economies. While India has 90% or more of its labour force in the informal sector, South Africa suffers from 25% unemployment. Both outcomes can be traced to labour-market inflexibilities.

Read full article Abstract: So much has already been written on the food security Bill that there would seem to be no justification for another column on it. Yet, a recent look at some consumption data has convinced me otherwise. How the food security Bill impacts people's lives ultimately depends on the effect it will have on the consumption basket of the beneficiaries. If you believe in serious analysis over flag waving, assessing this effect turns out to require careful detective work.

2 industrial tragedies in B'desh, have led activists to renew their campaign to force MNC's to take greater safety measures.Read full article Two recent back-to-back industrial tragedies in Bangladesh, a factory fire that claimed 117 lives and a building collapse that resulted in 1,127 deaths, have led activists and media persons around the world to renew their campaign to force multinational retailers such Wal-Mart and Carrefour to take greater responsibility for fire and structural safety in the factories from which they buy their products. Feeling the heat, a set of predominantly European retail chains, including Carrefour, Benetton, Marks &Spencer, El Corte Inglés, H&M and Inditex, have capitulated and signed an agreement accepting responsibility for rigorous independent inspections in the factories. They have also committed to paying for fire safety upgrades such as fire escapes. Most US companies, including Wal-Mart, have stayed out of the agreement. The urgency of actions to prevent these tragedies can be scarcely underestimated.