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Posts by Gurbachan Singh

A more focused RBI: Creating capacity to tackle ‘true’ market failure

Large, routine payments to the government by the public lead to liquidity crunch in the economy, necessitating interventions by the central bank. However, Gurbachan Singh argues that the RBI is better...

  • Perspectives

बजट 2022-23: पूंजीगत लाभ कर, और परिसंपत्ति-मूल्य

परिसंपत्ति-मूल्य स्थिरता को सुनिश्चित कराने की आवश्यकता होते हुए भी, वर्ष 2022-23 के बजट में इक्विटी निवेश पर पूंजीगत लाभ कर में कोई परिवर्तन नहीं किया गया है। इस लेख के ज़रिये, गुरबचन सिंह संपत्ति-मूल...

  • दृष्टिकोण

Budget 2022-23: Capital gains tax, and asset-price stability

Although there is a need to ensure asset-price stability, the 2022-23 Budget has left the capital gains tax on equity investment unchanged. In this post, Gurbachan Singh examines the idea of a tax as ...

  • Perspectives

Budget 2021-22: Missed opportunity for increasing tax collection

Examining income tax announcements of Budget 2021-22 with a broader perspective, Gurbachan Singh highlights the need to increase tax collection in India in a gradual and careful but sustained manner. ...

  • Perspectives

Inflation targeting and capital flows

Current law in India mandates a review of the target inflation rate by 31 March 2021 for a five-year period. Several critics have called for abandoning the flexible inflation targeting regime altogeth...

  • Perspectives

A ten-point programme for economic recovery

The Indian economy has been experiencing a slowdown in growth of GDP in general and investment in particular, with the Covid-19 crisis being the last (big) straw. In this post, Gurbachan Singh present...

  • Perspectives

Going beyond passive investing in the stock market

Investing in the stock market through passive funds is now becoming popular in India. This is, broadly speaking, a positive development. However, Gurbachan Singh contends that we need to go well beyon...

  • Perspectives

Covid-19: Recession in India, and policy lessons from other countries

Given the prevailing economic situation in India and following the past experience of several developed countries, there is a clamour for accepting much larger fiscal deficits, and adopting unconventi...

  • Perspectives

Covid-19, and the way to avoid a blunt interest rate policy

Given the looming recession due to Covid-19, the Reserve Bank of India has reduced interest rates to encourage economic activity in the country. In this post, Gurbachan Singh contends that the prevail...

  • Perspectives

Covid-19: Does the Government of India really have little fiscal space?

Several commentators have argued that the Government of India has very limited fiscal space to provide fiscal stimulus to jumpstart the economy, and spend on the poor and on medical care post Covid-19...

  • Perspectives

Covid-19: Getting fiscal policy right

The textbook answer to financing of additional government expenditure in a recession is that the government should borrow the funds rather than impose a tax. Gurbachan Singh argues that the convention...

  • Perspectives

Covid-19: Reserves to the rescue

On 27 March 2020, the Government of India announced a relief package of Rs. 1.7 trillion to deal with the Covid-19 crisis and its possible adverse effects on the economy. A view put forth by critics i...

  • Perspectives