- A difficult article to excerpt, so go ahead and read it in its entirety: Andy Mukherjee on India’s telecom woes.
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.. - “The NFMW should be determined based on macroeconomic considerations, namely (1) whether the NFMW would increase aggregate demand for mass market consumption. (2) Whether there are supply bottlenecks in responding to such aggregate demand and, if so, calibrate the NFMW to not cause inflationary pressures by driving up demand that would not elicit a domestic supply response- mass market textiles is a good example. (3) The impact of the minimum wage on the factor distribution of income i.e. wage and profit shares should be a key consideration not from the point of view of equity, but from that of macroeconomic stability and growth optimisation. (4) Subnational minimum wages could be set above the floor as desired with other considerations in mind.”
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Rathin Roy in an excellent article on the need for minimum wages in India.
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.. - Vivek Kaul is less than impressed with the real estate bailout package.
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“According to real estate research firm Liases Foras, the number of unsold homes in the country is more than 1.3 million. The number of unsold homes in India has risen dramatically primarily because of high prices. Builders have cited higher development costs as a reason for their inability to reduce prices of properties. The bailout package of ₹25,000 crore will lead to a further increase in the supply of homes, but without adequate price cuts these homes are not going to get sold. Hence, the problem will only deepen.”
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.. - “So he mounted his horse and galloped over to a nearby hill. “From the top of the hill there was a magnificent view embracing old Delhi and all the principal monuments situated outside the town, with the river Jumna winding its way like a silver streak…”The hill, near the village of Raisina, would become the epicentre of the new capital. By October 1912 the government initiated the legal process to acquire land. The first plots, required for the construction of what would be called Rashtrapati Bhavan, amounted to 4,000 acres.”
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Sidin Vadukut in a lovely article on how modern Delhi came to be, well, Delhi.
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.. - “The scorers refused to continue after the covering over their heads went up in flames. Fire brigades were called and a riot squad formed a line between the dressing rooms and the pitch.”
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The Guardian on riots in a Test match in Bombay during the 1960’s.
EconForEverybody 