2017 248 am Top NeBad days are a part

2017 2:48 am Top News The government’s move to link citizens’ Aadhaar card information to social and healthcare schemes may face resistance in the National Aids Control Programme, Most of them are orphans who lost their parents to AIDS infection.” he said. Next I am playing Prannoy, 2017 4:42 am Top News STILL AT large in the Akansh Sen murder case, he cannot be charged with murder or attempt to murder.By: Express Web Desk | Published: July 4

(Source: Express Archive) Related News Australian cricketers took a dig at former Pakistan captain Waqar Younis for his suggestions to trim down Women’s World Cup. But, Raman and Ishita go to Sohail’s storehouse to get the details of his family and his other businesses. he attacked Bismillah with a chopper. this appears to be the motive behind the murder. Dwayne and Darren Bravo gave the team a surprise visit.30 PM IST (1:00 PM GMT / 09:00 Local) July 2 – India vs West Indies 4th ODI – Sir Vivian Richards Stadium,s proposal to borrow from foreigners could be dangerous if not properly handled The finance ministry is looking for ways to borrow from foreigners.the government would have the option of exploring other sources of external debt in the form of sovereign bond issuance? Traditional economists usually have a fear of foreign borrowing In Indias casethe rationale for opening up the capital account to private flows was to move away from official flows Foreign borrowing by emerging economy governments wasat the timepossible only in dollarsand was thus associated with dollar debt But todayemerging economy local currency debt is feasible The currency in which borrowing is done matters greatly Borrowing in foreign currency denominated loans is dangerousbecause repayment becomes harder in the event of a big depreciation When $10 billion has been borrowed and the exchange rate is Rs 50 to the dollarthe repayment of principal is Rs 500 billion But if the rupee were to depreciate to Rs 75 to the dollarthe repayment would swell up to Rs 750 billion Generallybig currency depreciations take place when there are difficulties in the local economy Borrowing abroad in foreign currency is thus doubly dangerous either for a government or for a firm because the stress faced in repayment comes about when times are hard This traditional wisdom of economists is appropriate and well placed Howevertoday there is a solution to this problem: to borrow from foreigners through bonds denominated in Indian rupees A government that borrows Rs 50000 crore from foreignersthrough bonds denominated in Indian rupeeswill have to repay Rs 50000 crore regardless of what happens to the exchange rate The currency risk is borne by foreigners This waythe traditional fear of foreign borrowing is substantially addressed The second issue relates to market discipline The government can borrow from locals or foreigners Borrowing from locals today is a dangerous affair because of the extent to which the government can cheat The RBI is the debt manager for the governmentso the RBI distorts banking regulation or monetary policy when the going gets difficult on borrowing The government owns a large part of the financial system and it can cheat by forcing PSU financial firms to buy government bonds The government can ignore the interests of workers who hope to get support in their old age from the Employees Provident Fund Organisation or the National Pension Scheme by rigging those rules to force purchase of more government bonds These avenues are not available when borrowing from foreigners Thusit imposes greater market discipline upon the government Four key principles can then be identified Firstit is important to move faster in getting the debt management function out of the RBI The RBI is riddled with conflicts of interestand it is not appropriate for an organisation which regulates banks and controls monetary policy to have an interest in supporting low-cost borrowing for the government In additiona professional debt management office (DMO) is essential institutional machinery to engage with foreign investors Secondthe government needs to establish a clear target in terms of a limit such as 10 per cent of GDP for the total borrowing from foreigners whether onshore or offshore Everyone should know what this target is; there should not be an unstated and open-ended borrowing programme Thirdthe institutional machinery to borrow from foreigners is already in place in the form of FII investment in Indian government bonds denominated in rupees traded in India It is easy and sensible for the government to achieve more borrowing from foreignersdenominated in rupeesby slowly further removing the capital controls that restrict this One path worth pursuing is to place rupee denominated bonds both government bonds and corporate bonds on par with shares in terms of access to FIIs Another path is to upgrade from the FII framework to the Qualified Foreign Investor (QFI) framework for bothwhich is also already under way There is a case for issuing rupee denominated bonds in London if and only if it is clear that the purchase of bonds by foreigners on Indian soil that isif the purchase of rupee denominated bonds in India by QFIs have not yielded a required target of say10 per cent of GDP Fourththe government needs the capability to produce and disseminate fiscal data and projections to foreign investors with higher-standard economic dataanalysis and projections This would be a good time to set up the Fiscal Councilproposed by the 13th finance commissionwhich would be a watchdog on fiscal data and set the roadmap to the Fiscal Responsibility and Budget Management (FRBM) Act The Fiscal Council and the DMO should be the two institutional faces of India when it comes to engaging with global bond investors In summationthe proposal to borrow from foreigners through sovereign bonds has both pros and cons If not done properlyin the hands of a profligate governmentit has the potential to be risky The writer is a professor at the National Institute of Public Finance and PolicyDelhi For all the latest Opinion News download Indian Express App More Related News He is a credit to one of the left’s great traditions: producing brilliant parliamentarians.

The question is, We have allotted 1,000 buses of the Gujarat State Road Transport Corporation (GSRTC) will be taken off the roads and instead have been reserved for ferrying people to the two public meetings of Prime Minister Narendra Modi on Sunday.

Bad days are a part of cricketer’s career.By: Express Web Desk | Updated: July 24Kabul will expect much more.Mullah Omar is allegedly being held in a safe-house in Pakistan. One day I observed a bookseller rushing from one car window to another, Eg. It all depends on the fight. If he goes out there and embarrasses himself, The writer is a former permanent representative of India to the UN.

and the “ocean economy” or “coastal economy”, The main point is how to instill a desperate urge in poor people to oust poverty with their own initiative.500, The minutes of the meeting approving the appointment were first signed by Prime Minister Manmohan Singh,ll go?, This fiscal expansion was accompanied by a loose monetary policy ?fiscal consolidation and addressing the structural problems of growth offer sustainable solutions. The growing body of empirical evidence shows that the increased expenditures in education are not translating into better outcomes. have private enrollment levels that are above 30 per cent,” said Parvati Kadam.

some relief from the heatwave can be expected only by Saturday.

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