Assorted Links

1. As was expected, Fed leaves rates unchanged at 5.25%. In yet another excellent pointer from WSJ Blog, see how the FOMC statement has changed from the previous ones. This is super stuff.

2. Wall Street vs Silicon Valley. Google rules on US campuses. Thanks to WSJ Blog once again. Another pointer is the article by Hal Varian on how ipods are made…It is a global ipod with components coming from all over the world.

3. Montek Singh Ahluwalia’s interview in BS is a nice read.  He says inclusiveness is not just about poverty reduction. Unlike most (including me) he says reforms haven’t slowed down.

We have restructured policies to induct public-private partnership (PPP) into infrastructure, to re-energise agriculture and also to improve health and education. Tax reform has continued and yielded excellent results. The near universal adoption of VAT by states and the spread of the service tax net are particularly important.

I recognise that the financial press often complains that reforms have slowed down. I think this it is partly because they focus on one or two areas like labour reforms, where we have not made progress, because we simply do not have the political consensus to move forward.

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