It is the financial regulators who get regular beating for jumping ahead of the curve in monetary policy management. They also figure as the convenient punching bag for being behind the curve too, at other times. The Bank for International Settlements (BIS), headquartered in Basel, Switzerland, tasked the Basel Committee on Banking Supervision (BCBS) with recommending capital standards that could prevent bank failures. The BCBS’s evolution gained salience as the global standard setter through the three BASEL Accords of 1988, 2004 and 2010. These accords attempted to standardise the definition of ‘bank capital’ and the methodologies to compute the minimum requirement to support a bank’s balance sheet. These recommendations endeavoured to insulate the financial sector from bankruptcies of financial intermediaries. But bank failures continued to surface even after the accords. Were the BIS and the BCBS behind the curve?The learnings from bank failures formed the raft of recommendations from the first to the third accord of BCBS. While the first accord took a one-size-fits-all approach, the BCBS turned more risk sensitive through Basel 2, and suggested incentivising banks to save on regulatory capital on the basis of asset quality. Yet the likes of Lehman Brothers and Northern Rock Bank folded up in 2008. The BCBS realised that Northern Rock failed the rock test because of inadequate robustness in their asset-liability management rather than asset quality concerns. Their over-dependence on wholesale resources and assets and the sudden drying up of liquidity in these instruments threw up liquidity risks, though the bank did not carry significant asset impairment risks. As a fallout of this fiasco, the BCBS introduced Capital Conservation Buffer (CCB) as additional capital to buttress the banks’ balance sheets and address liquidity concerns. They also recommended Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) which banks have been complying with, to insulate them from liquidity risks.The abrupt folding up of Silicon Valley Bank (SVB) on March 10 2023 is another instance of these capital-related prescriptions being found to be inadequate to address liquidity risk. Was the BCBS behind the curve or Gregory Becker, the Chief Executive Officer of SVB Bank, ahead of the curve? What led Becker to jump ahead? He has grown with the bank for more than three decades and has been heading it since 2011. His groundbreaking outreach to start-ups has made the bank’s name synonymous with the innovation sector and Silicon Valley is home to technology and homecare companies. The bank found itself vaulted into the group of top 20 banks in the United States. SVB’s stock joined the S&amp;P 500 index in 2018. It carried customer liabilities close to $ 175 billion. The journey since 1983 has been rosy and juicy and it has an office in Bengaluru, touted as India’s Silicon Valley city.As part of Fed Reserve’s endeavours to stay ahead of the curve amidst the Covid-19 pandemic, there was an unremitting infusion of liquidity into the system. The central banks of other nations too merrily followed suit. When the Fed Reserve had to grapple with roiling inflation, it began pulling the trigger for rate hikes. The benchmark US Ten-Year sovereign curve touched 4.01 % on March 9, 2023 from the low of 0.54% on 21st April 2020. The start-ups and the public in general found it difficult to fund their needs after the 347 basis points rise in the benchmark yield curve.They began demanding funds from banks, SVB included. SVB had to offload its investments in US Treasuries to meet the liquidity needs. The liquidity came at a heavy price. As interest rates had gone up, the price of treasury bonds had dropped. The resultant failure to generate liquidity dented the capital base of SVB. It announced a stock sale to shore up capital. The market is self-fulfilling. The stock lost 60% in a single day. The capital raising plan had to be shelved. Before Gregory Becker could retrace the curve, the Federal Deposit Insurance Corporation (FDIC) stepped in on March 10 and placed the bank under receivership. While the deposit liabilities of SVB are at $175 billion, the FDIC offers insurance protection only up to $250,000 to each retail investor. The financial loss to the public in an economy that is staring at recession is humungous.The collateral damage to the financial sector has been contagious. Other banking stocks lost $52 billion in market value on a single day.The tussle between the devas and asuras as to who will hold the head and tail of the serpent Vasuki while churning the milky ocean for Amrut is well known. Similarly, the tussle between regulators and market functionaries will always exist. The BCBS may push for Basel Accord “n”, yet the likes of Gregory Becker would be nudged by avarice to jump the curve.Subscribe to our channels on <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/c/THEAIDEM">YouTube</a> &amp; <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a><div class="mdp-liker-box after-content two-buttons style-border-fill row-right" style="--mdp-liker-bg-color-active:rgba(255, 33, 40, 1);--mdp-liker-bg-color-hover:rgba(255, 33, 40, 1);--mdp-liker-bg-color:rgba(255, 33, 40, 1);--mdp-liker-border:1px;--mdp-liker-radius:50px;--mdp-liker-text-color-active:rgba(255, 255, 255, 1);--mdp-liker-text-color-hover:rgba(255, 255, 255, 1);--mdp-liker-text-color:rgba(255, 33, 40, 1);box-sizing:border-box;font-size:initial;font-weight:initial;margin:0px;padding:0px;" id="mdp-liker-21667" data-memory="on"><div style="align-items:center;box-sizing:border-box;display:flex;justify-content:space-between;margin:0px;padding:0px;"><div class="mdp-liker-description" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:medium;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;max-width:60%;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">&nbsp;</div></div></div> &nbsp;

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It is the financial regulators who get regular beating for jumping ahead of the curve in monetary policy management. They also figure as the convenient punching bag for being behind the curve too, at other times.

SVB collapse: Ahead of the Curve? Or Nudged by Avarice?

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The AIDEM’s Cover Story on the ‘Big Crash’ of the Adani group of companies and its larger economic and political fallout highlights an important statement from the People’s Commission on Public Sector and Public Services, a public interest group consisting of eminent academics, jurists, erstwhile administrators, trade unionists and social activists.



The Adani affair: Collapse of Regulatory Structures

The Adani Enterprises’ Follow-on Public Offer (FPO) that closed on Tuesday has been rated as a “sails through“ by market observers, but this is unlikely to settle the shares’ volatility in the days ahead. The most significant facet of the FPO was that non-institutional investors (NII) bid for 3.19 crores of the 5.08 crore shares bid for – that is 63% .But even more strikingly, even within the category of NII, those with bids of above Rs.10 lakhs accounted for 99.75 %. Thus, the biggest of the big ticket biggies, for whom 64 lakh shares were reserved, actually bid for 3.185 crore shares. Oversubscription in this subcategory was thus almost 5 times. The overall subscription of NIIs was 3.32 times their quota.This category may have saved the FPO for now, but this raises even more questions, given that the objective of the FPO was to dilute concentrated holdings of the Adani share among the promoters. More about it later. The only other category that saved the blushes for the Adanis today was the qualified institutional buyers (QIB) category — bids were received for 1.61 crore shares against a reservation of 1.28 crore shares — implying that the oversubscription here was 1.26 times their quota.Listen to the podcast of this article hereAudio Player00:00 00:00Use Up/Down Arrow keys to increase or decrease volume. Bids by foreign institutional investors (FIIs) accounted for 77 % of bids by QIBs — most notably, mutual funds, banks and financial institutions (FIs) were absent in this category. The FPO was a flop show among all other categories of investors. Adani Enterprises’ own employees, for whom 1.61 lakh shares were reserved, opted to bid for just half the reserved quantity of shares.<img src="https://strapi.bangalore2.com/uploads/about_us_768x325_1_38ed72c4e4.jpg" alt="about-us-768x325 (1).jpg"> Adani Corporate House, Ahmedabad, GujaratNot unexpectedly, given the circumstances, the biggest setback for the Adanis was among retail investors. Of the 2.29 crore shares set aside for this category, bids were received for only 26.98 lakh shares – implying an acceptance rate of just 11.78%. But even more tellingly, 71 % of the bids were received at the cut-off price – the base price of Rs. 3112 (the upper bound was at Rs. 3276/share).Of course these bids are eligible for a discount of Rs 64 a share. Overall, the Adani Ent FPO received bids for 5.08 crore shares against an offer of 4.55 crore shares – an oversubscription of 1.12 times. Great win? Not quite, it would appear. But questions abound, many of them disturbing, especially because the “success” has rested heavily on the big moneybags who have saved the FPO from the disaster that was apparently staring at the Adanis in the face till today afternoon.First, if the purpose was to dilute the promoter stake and make the shareholding more dispersed, the way the FPO has gone does little to further this objective. Secondly, the “innovative” book-now pay-later structure of the FPO in which investors needed to pay just half of the price now for the shares they will be allotted, may actually inhibit investor interest even more because of the extreme volatility that the stock has shown.If the price of the share goes down even further, investors who may have “overpaid” for the stock may well rue their decision to bid. In fact, this factor may well have played a significant role in why retail investors stayed away. Among the core issues raised by the Hindenburg revelations were those about how shareholdings that were not at arm’s length from the Adani Group are perhaps allegedly masquerading as “public” holdings.The most important issue that would be of investor interest would be to know who the Big Guns who have saved the day for the FPO actually are. From a systemic viewpoint Know Your Investor (KYI) ought to be just as important for an institution as knowing its customer’s KYC! And, that is not just about the fate of one of India’s fastest growing (and biggest) conglomerates or about a boss who is among the world’s richest, but about the credibility and integrity of Indian capital markets.Subscribe to our channels on <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/c/THEAIDEM">YouTube</a> &amp; <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a><div class="mdp-liker-box after-content two-buttons style-border-fill row-right" style="--mdp-liker-bg-color-active:rgba(255, 33, 40, 1);--mdp-liker-bg-color-hover:rgba(255, 33, 40, 1);--mdp-liker-bg-color:rgba(255, 33, 40, 1);--mdp-liker-border:1px;--mdp-liker-radius:50px;--mdp-liker-text-color-active:rgba(255, 255, 255, 1);--mdp-liker-text-color-hover:rgba(255, 255, 255, 1);--mdp-liker-text-color:rgba(255, 33, 40, 1);box-sizing:border-box;font-size:initial;font-weight:initial;margin:0px;padding:0px;" id="mdp-liker-20935" data-memory="on"><div style="align-items:center;box-sizing:border-box;display:flex;justify-content:space-between;margin:0px;padding:0px;"><div class="mdp-liker-description" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:medium;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;max-width:60%;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">&nbsp;</div></div></div> &nbsp;

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The Adani Enterprises’ Follow-on Public Offer (FPO) that closed on Tuesday has been rated  as a “sails through“ by market observers, but this is unlikely to settle the shares’ volatility in the days ahead. The most significant facet of the FPO was that non-institutional investors (NII) bid for 3.19 crores of the 5.08 crore shares bid for  – that is 63% .

What is at stake after the Adani FPO?: The Credibility and Integrity of Indian Capital Markets

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So what are the implications of the January 2, 2023 Supreme Court verdict on Prime Minister Narendra Modi’s November 8, 2016 enforcement of demonetisation of Rs 500 and Rs 1,000 notes ? Indeed, the five-judge constitutional bench of the Apex Court upheld the controversial decision with a 4:1 verdict.

Demonetisation, Supreme Court order and unanswered Questions

On States’ Income and Devolution
I am seeing a lot of chatter about the collection of taxes and devolution of tax income. Certain statements by Tamil Nadu Finance Minister Palanivel Thiagarajan have contributed to this.
Tamil Nadu is one of the prosperous states, and so there is a lot of economic activity in TN. This means that a lot of tax is collected in TN.
Palanivel Thiagarajan
But the devolution of tax income is based on the population of each state. UP has a huge population and hence gets the lion’s share of tax income that goes to the states. But economic activity in UP is relatively low, so it doesn’t contribute very much to tax revenues, relatively speaking. That’s because UP is terribly poor and underdeveloped, no matter how many dimensions you measure it on.
How should you feel about this?
Well, I guess that depends on your economic philosophy.
Are you a socialist? Didn’t Marx say, “From each according to his ability, to each according to his need?” So, if you are a socialist, then TN is able to make more money, so you take more from TN. You assume that each person has the same basic needs, so you distribute the total revenue equally according to population. UP has a larger population than TN, so they get more. UP doesn’t have the same ability to earn as TN, so we have to take less from UP.
Now, keep in mind, the devolution of taxes is based on the population in 1971 and its split among the states. Since then, the population of UP has grown much more than that of TN. If the devolution of tax revenue was done according to today’s population levels, TN would get significantly less.
If you are not a socialist, then you would say, I am not going to subsidize UP or any other state. I will make my contribution to the national treasury for national needs like defense, etc., but I should get back devolution of tax income based on what I put in.
By that token, of course, you would also not like progressive taxation. After all, why should the needs of the poor be subsidized by taxing you? Let the poor guy and you and Ambani all pay the same flat rate. Just like TN earned its tax income through hard work, so did Ambani earn his income. If TN should not be penalized for doing well, why should Ambani?
And why should there be government schools for poor people? The money for the government schools comes from taxing people like you, people who work hard to earn your salary or profit. They want to use your hard-earned money to give free schooling to poor people who pay no tax. How dare they? Let the “poor” people send their kids to private schools if they can, or remain illiterate if they cannot. Why should their education happen on your dime? Goddamn freeloaders.
And you wouldn’t like any social programs, such as Mid-day means, Pradhan Mantri Awas Yojana, Integrated Child Development Services, and many other similar programs. Because the money for all those comes from the taxes you pay to pay for services for people who don’t pay taxes. After all, you don’t send your kids to government schools (see above paragraph.)
It’s a question of economic philosophy. India is still a socialist country, and that’s why these rules are in place.
But if you are not a socialist, the good news for you is that India is gradually becoming a more capitalist country, and perhaps when that happens, these rules will go away. The irony is that the states that are helping the BJP win are states like UP. The BJP is reducing the entitlements that the poor are being given in the socialist model, such as gradually reducing MNREGA. These will adversely affect states like UP, because there are more poor people in UP as a percentage of the population.
The state owning the means of production is another hallmark of a socialist state. Under the BJP, state-owned enterprises are being privatized rapidly. Even the railways are being privatized. Who needs these “government jobs” desperately? Certainly not Tamil Nadu. TN has so many private companies offering high-paying jobs that they will manage without the government jobs. But a state like Bihar or UP will have very few jobs without government jobs. Yet these are the people who vote most enthusiastically for the BJP that is busy axing government jobs by privatizing huge chunks of the economy.
So, in conclusion, if you are a person from Tamil Nadu, who is very upset about how your money is being used to subsidize poor people in UP, Bihar, Odisha, Rajasthan, and the like, take a deep breath and wait a decade. In that time, Modiji will end all this government expenditure. There will not be any government owned businesses – no railways, no steel plants, no factories; no government schools to waste money on midday meals; no army infrastructure to subsidize (because even this is being privatized thanks to Agnipath).
Simply put, government is going to become small, and so government expenditures are going to drastically decrease, so you will not have to part with so much of your income. The government will have no use for your money.
Everyone will finally be happy. The folks in UP and MP who like to see Modiji rule them forever, and the folks in TN who don’t want their money to be spent on welfare schemes in UP and MP.
So, my friends from TN, take a chill pill! Acche Din are coming soon in New India!

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I am seeing a lot of chatter about the collection of taxes and devolution of tax income. Certain statements by Tamil Nadu Finance Minister Palanivel Thiagarajan have contributed to this.

On States’ Income and Devolution

This year’s Economics Nobel Prize is a cruel joke. It has been presented to three economists, one of whom is Ben Bernanke, former Chairman of the Federal Reserve.The citation reads: “Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond, and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises.”<img src="https://strapi.bangalore2.com/uploads/image_2022_10_11_150403103_768x504_40e2f59e28.png" alt="image_2022-10-11_150403103-768x504.png"> 2022 Economic Sciences Nobel Prize laureates Ben Bernanke, Douglas Diamond and Philip DybvigSeriously? Ben Bernanke was in charge of the U.S. economy from 2005 onwards, and his policies were responsible for the great recession of 2007-08. As the Chairman of the Federal Reserve, it was his job to stem the tide of toxic housing mortgages that were spreading rampantly in the United States. He failed at his primary job and caused the crisis. He was asleep at the wheel. His irresponsibility caused the banks to fail.This man’s policies crashed the world economy. And then he gave a free pass to the criminals who caused the crisis because they were “too big to fail.” And he gets an award for “how to make banks less vulnerable in crises” and “why avoiding bank collapses is vital?” Ask those families that lost everything how they feel about this.What of his policies after the crash, for which the folks in Stockholm are rewarding him? Bernanke was responsible for the introduction of the irresponsible practice of printing money, also known as Quantitative Easing, which has now led to soaring inflation all over the world. The global economy, and banks everywhere, are expected to crash like never before because of this inflation, coupled with the effects of the Ukraine war.The U.S. could get away with printing money because it has reserve currency. But thanks to its reckless policy of denying access to Russia to the dollar-based system, countries around the world have lost faith in the U.S. dollar, and are moving to de-link their economies from the dollar. China has greatly reduced its holdings of U.S. Treasury Bonds. Russia had been doing this for the past eight years, a key reason why Western sanctions have not hurt it as much as the West hoped they would.Other countries have seen what is happening. If the U.S. could try to kill Russia’s economy, one day it might try to do the same to them. In economic terms, the U.S. used the nuclear option against Russia, as it were. So, countries are moving quietly away from the dollar and back, after 50 years, to gold-backed currencies.Many of the economic crises that have ravaged the world are due to the world leaving the gold standard. After the Bretton Woods Conference in 1944, which led to the dollar becoming the world’s reserve currency, it was decided that the value of the dollar would be pegged to the price of gold. This was a rational system.But in 1971, U.S. President Richard Nixon took the decision to de-link the dollar from the price of gold. But the dollar still remained the reserve currency of the world. The net effect was that the U.S. could keep printing money whenever it needed it to finance its wars – in Vietnam, Iraq, Libya, Afghanistan, and so on. The U.S. financed these wars by selling its bonds to foreign countries and loading them with dollar securities because it could print as many dollars as were needed to finance those bonds. <img src="https://strapi.bangalore2.com/uploads/Untitled_1_768x507_2dfbe51e6f.png" alt="Untitled-1-768x507.png">The New York Times – August 16, 1971However, in the last few years, countries have been dumping the dollar. This becomes obvious when you look at the interest rates offered by U.S. treasury bonds. When the demand for your bonds goes down, you have to offer higher returns on your bonds so that people will buy them. How much demand for US bonds has gone down can be seen from the fact that, from a low of 0.6% on July 26, 2020, the interest rate on US bonds has jumped to nearly 4% today.<img src="https://strapi.bangalore2.com/uploads/unnamed_e1665479717523_682x1024_45c30d8b06.jpg" alt="unnamed-e1665479717523-682x1024.jpg"> US10Y: U.S. 10 Year Treasury – Stock PriceWorthless DollarEssentially, the US dollar is increasingly becoming worthless, and nobody wants to hold it any longer. The two countries that have been aggressively dumping the dollar are Russia and China. And the reason their action is U.S. sanctions. Under Trump, the U.S. engaged in a trade war with China, and that spooked the Chinese. Since 2014, the U.S. has been imposing sanctions on Russia. All these sanctions have led to the world viewing the U.S. as an unreliable partner who is capable of capriciously trying to destroy the economies of other countries, a perception that was only strengthened by its all-out economic war against Russia after its invasion of Ukraine.And so, the US is going to be left holding a huge pile of paper dollars that nobody wants. This is going to end its superpower status.All this is a consequence of the groundbreaking and unprecedented (in U.S. history) decision by Ben Bernanke to start printing money.And for this “achievement” of his – the destruction of the American economy (admittedly, not complete yet), the Nobel Committee has decided to award the Prize to Bernanke.If anyone should have gotten the Nobel Prize in economics for the housing crisis, it is Raghuram Rajan, because in 2005, he flagged the issue of the crazy housing bonds in a conference to Ben Bernanke, and was ridiculed at the time by Bernanke.<p style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;line-height:1.7;margin:0px 0px 15px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;"> Actually, I agree with the decision to award a Nobel to Bernanke. Only, it was the wrong prize. He should have been awarded the Peace Prize.<hr><h4 style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;letter-spacing:normal;line-height:1.2;margin:0px 0px 15px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">Subscribe to our channels on<a style="background-color:transparent;box-sizing:border-box;color:rgb(247, 168, 16);display:block;margin:0px;padding:0px;text-decoration:none;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/c/THEAIDEM">YouTube</a>&amp;<a style="background-color:transparent;box-sizing:border-box;color:rgb(0, 0, 0);display:block;margin:0px;padding:0px;text-decoration:none;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a></h4>

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his year’s Economics Nobel Prize is a cruel joke. It has been presented to three economists, one of whom is Ben Bernanke, former Chairman of the Federal Reserve.

A Nobel for Economic Disaster

<p style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;line-height:1.7;margin:0px 0px 15px;orphans:2;padding:0px;text-align:justify;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">In this second part of The AIDEM interactions on the economic, social and political implications of the ‘Adani Crash’ Senior Economic affairs journalist Paranjoy Guha Thakurtha dwells on the macro economic situation of India and points out that the Modi government’s policy oversights are such that they trigger unrest in large sections of the population&nbsp; especially the poor, the youth and the unemployed. Interaction anchored by Venkitesh Ramakrishnan, Managing Editor, The AIDEM.<p style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;line-height:1.7;margin:0px 0px 15px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">To read and view more from the Adani Crash Cover Story package, <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://theaidem.com/tag/adani-crash/">Click here</a>.<hr><p style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(39, 39, 39);font-family:Manjari;font-size:18px;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;line-height:1.7;margin:0px 0px 15px;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">Subscribe to our channels on <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/c/THEAIDEM">YouTube</a> &amp; <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a>

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In this second part of The AIDEM interactions on the economic, social and political implications of the ‘Adani Crash’ Senior Economic affairs journalist Paranjoy Guha Thakurtha dwells on the macro economic situation of India and points out that the Modi government’s policy oversights are such that they trigger unrest in large sections of the population  especially the poor, the youth and the unemployed. Interaction anchored by Venkitesh Ramakrishnan, Managing Editor, The AIDEM.

Economic Policies Trigger Unrest

What next in the sordid Adani crash saga? In a Cover Story consisting of many components, The AIDEM explores this question. One of these is the exclusive AIDEM Interactions with Paranjoy Guha Thakurtha, the senior economic affairs journalist and writer whose many exposes on the Adani empire was referred to in the Hindenburg report. Watch the interaction anchored by Venkitesh Ramakrishnan, Managing Editor, The AIDEM.To read and view more from the Adani Crash Cover Story package, <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://theaidem.com/tag/adani-crash/">Click here</a>.<hr>Subscribe to our channels on <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://www.youtube.com/c/THEAIDEM">YouTube</a> &amp; <a style="background-color:transparent;box-sizing:border-box;color:rgb(255, 53, 36);display:inline-block;margin:0px;padding:0px;transition:all 0.4s ease 0s;" target="_blank" rel="noopener noreferrer" href="https://chat.whatsapp.com/ELqD1D1bImgAP6MrG8jskq">WhatsApp</a><div class="mdp-liker-box after-content two-buttons style-border-fill row-right" style="--mdp-liker-bg-color-active:rgba(255, 33, 40, 1);--mdp-liker-bg-color-hover:rgba(255, 33, 40, 1);--mdp-liker-bg-color:rgba(255, 33, 40, 1);--mdp-liker-border:1px;--mdp-liker-radius:50px;--mdp-liker-text-color-active:rgba(255, 255, 255, 1);--mdp-liker-text-color-hover:rgba(255, 255, 255, 1);--mdp-liker-text-color:rgba(255, 33, 40, 1);box-sizing:border-box;font-size:initial;font-weight:initial;margin:0px;padding:0px;" id="mdp-liker-21149" data-memory="on"><div style="align-items:center;box-sizing:border-box;display:flex;justify-content:space-between;margin:0px;padding:0px;"><div class="mdp-liker-description" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:medium;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;max-width:60%;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">&nbsp;</div></div></div> &nbsp;

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What next in the sordid Adani crash saga? In a Cover Story consisting of many components, The AIDEM explores this question.

Adani, SEBI and the many questions Paranjoy posed

Three seasoned observers of Indian economy – Senior Economic Affairs Journalist V Sridhar , Experienced Banker and Financial expert UK Sethumadhavan and Author Ravi Nair – discuss the Union Budget from diverse perspectives and underscore that much more needs to be done at various levels to make the Finance Minister’s proclamations beneficial to the country , its people and fiscal structures . Conversation anchored by Venkitesh Ramakrishnan, Managing Editor , The AIDEM<div class="mdp-liker-box after-content two-buttons style-border-fill row-right" style="--mdp-liker-bg-color-active:rgba(255, 33, 40, 1);--mdp-liker-bg-color-hover:rgba(255, 33, 40, 1);--mdp-liker-bg-color:rgba(255, 33, 40, 1);--mdp-liker-border:1px;--mdp-liker-radius:50px;--mdp-liker-text-color-active:rgba(255, 255, 255, 1);--mdp-liker-text-color-hover:rgba(255, 255, 255, 1);--mdp-liker-text-color:rgba(255, 33, 40, 1);box-sizing:border-box;font-size:initial;font-weight:initial;margin:0px;padding:0px;" id="mdp-liker-20996" data-memory="on"><div style="align-items:center;box-sizing:border-box;display:flex;justify-content:space-between;margin:0px;padding:0px;"><div class="mdp-liker-description" style="-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);box-sizing:border-box;color:rgb(85, 85, 85);font-family:Manjari;font-size:medium;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;margin:0px;max-width:60%;orphans:2;padding:0px;text-align:left;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">&nbsp;</div></div></div> &nbsp;

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Three seasoned observers of Indian economy – Senior Economic Affairs Journalist V Sridhar , Experienced Banker and Financial expert UK Sethumadhavan and Author Ravi Nair – discuss the Union Budget from diverse perspectives and underscore that much more needs to be done at various levels to make the Finance Minister’s proclamations beneficial to the country , its people and fiscal structures . 