Archive for July 11th, 2013

CSO to release key economic data at 5:30 ??!!

July 11, 2013

Crazy things keep happening. Just when I hoped BoP data would now be released during market hours, the reverse has happened.

Now CSO will release the 3 key data it is responsible for – CPI inflation (new series), IIP and GDP – post market hours at 5.30.  Why so?

  • The main reason would be to curb market volatility. Yes there is huge volatility but that is the whole point right. Who said markets are expected to be slow and steady.
  • Or is it because of the numerous mistakes CSO keeps making in the data making it both embarrassing and doubly volatile?

It would have been much better if the several govt officials were asked to stop commenting  the moment data is released. It is these comments which create unnecessary volatility and raise false hopes..

On one hand the govt keeps promising to liberalise markets and then keeps taking such strangulating measures…

NBER conference on first 100 years of the Federal Reserve

July 11, 2013

NBER hosted the conference yesterday.

It has some really interesting papers and Speech by Bernanke.

I will try and cover a few papers in days ahead..

While Indians were silent and government was busy destructing..

July 11, 2013

A brilliant piece by Pratap Bhanu Mehta.

He presents a full set of events when we were silent and India’s government was busy destroying everything under the sun:

First, the UPA came for the roads sector. They destroyed contracting. They slowed down road construction. They left highways half built. We did not speak out. After all, the only reason the NDA could have started the golden quadrilateral is because they wanted to spread Hindutva.

Next, they came for the airline sector. They let Air India suck more money from taxpayers. They let bad regulation destroy the private sector. They let crony banking sustain bad bets. They ensured India would never be an aviation hub. We did not speak out. After all, flying is what birds do, not humans. Besides, aviation is bad for climate change.

Then they came for the power sector. …

And it goes on to cover agriculture, industry inflation etc etc..

Superlative stuff. Why were we silent? Is it that we are too tolerant a society or just that people have exited from governance as Prof AS pointed in his super article?

Terrific stuff.

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