Praxeology: My Reflexions on India

  The Indian central bank RBI recently   said   that, Indian government consumption key to growth in economy amid pandemic. Indian government spending will support the economy during the pandemic, but private consumption will be needed to drive any economic recovery once the coronavirus threat eases. Is it so? Is government spending and consumption key to growth? Is citizens’ spending and consumption key to growth? In many of my   previous article s I have exposed this Keynesian fallacy of thinking that consumption can drive growth. It is a blatantly false notion. Growth means future higher income compared to today’s income. To increase any future income we need increased productivity of various factors of production like land and labor, and that is only possible when we use capital goods in combination with those factors of production. Capital goods, machine and tools, are not available in nature like land and labor and so they needed to be produced first. Capital g...

  I was recently interviewed by Mr Yohan Tengra of Anarchy for Freedom India. In this interview I discuss why the Government cannot mandate vaccines on multiple grounds, including the "public good" argument, Natural rights, Constitutionality, etc.   

We are entering the last months of the tumultuous year of 2020 and the Covid-19 Pandemic is still with us. As I am writing, the total number of worldwide cases have crossed   15 million   mark which actually is nothing, 0.19% of total 7.8 billion world population, when we consider all the hype created around this pandemic and all the unprecedented draconian policy actions, which have now destroyed the world economy and society, being taken world around by different governments under its excuse. Total global death numbers are   even smaller , some 630,313 people, than those case numbers and in most countries the   death numbers are now declining   as we reach the   threshold of herd immunity . In India also total number of cases are some 1.2 million out of total population of 1.38 billion people which is just 0.09% of total population; deaths are similarly very low, just 29,890 people, compared to the population of India. If the virus is so deadly as it is...

Covid-19 pandemic lock down has devastated the Indian economy. People were expecting the present BJP government to come out and announce some policy that will help the economy come out of this greater depression. Indian prime minister Mr. Narendra Modi few days back announced his new policy of making India a self reliant (Atmanirbhar) country. He said, I see people thinking kaash (I wish) we were self-reliant in medical equipment, I wish we were self-reliant in manufacturing PPE kits, I wish we were self-reliant in defense production, I wish we were self-reliant in manufacturing all that we buy or consume. I see countless such kaash in Indians today. The solution to all this can only come from atma nirbhar Bharat (self-reliant India). Is he right? Should India become self reliant and will doing so make it a super power of 21st century? I examine this policy of Atmanirbhar (Self Reliant) India in my latest economic report.

Praxeology   is a science of human action where we logically spin out all the laws of human action starting from an   a priori   axiom of human action which is apodictic in nature i.e., necessarily true. In this article I am going to use praxeology to understand and then deduce some of the possible outcomes of the on-going border tension between Indian and Chinese nation states. Couple of days ago on the Ladakh border front there was a violent clash between Indian and Chinese troops and now it has been revealed that total   20 Indian soldiers have died   in this skirmish and many more Indian soldiers are likely POW (Prisoners of War) in Chinese prisons. Not only this, terrorist activities in Kashmir valley has significantly increased in recent months and daily   one or two Indian soldiers    and   civilians   are dying there. As if border tension with Pakistan and China was not enough even neighboring Nepal state is now becoming aggres...

I was recently interviewed by Mr. Yohan Tengra of   Anarchy for Freedom India   to discuss the economic fallout of the Covid-19 lock down that the Indian government has imposed since last couple of months. We discussed the following topics: Economic condition of India before the lock down, The main factors responsible for our misery,   The impact of post lock down measures, Problems with Atmanirbhar Bharat & protectionist policies, Don’t blame MNCs, blame the state, Impact of bailout packages on the Indian economy, Risking hyperinflation, Perspectives on India’s labor laws, Is Bill gates really powerful? and What you can do to secure your wealth & future.

Amidst the ongoing Covid-19 lock down in India, yesterday the prime minister announced continuation of the lock down in its fourth phase in little less restricted mode. More importantly, he also announced an economic stimulus package worth 20 trillion rupees i.e., some 10% of India’s GDP. This package will also include already announced measures as well as RBI’s policies of injecting some 8 trillion rupees in the economy. Although the details of this package will be announced in the coming days, the basic background under which this package will work became clear in prime minister’s speech. While   announcing   this package prime minister said that, Announcing an economic stimulus package for ₹20-lakh-crore (estimated at 10% of the GDP), with a clearly defined leap towards economic reforms that will, in his words, lead to Atmanirbhar Bharat, or a self-reliant, resilient India. He   also   emphasised on achieving self-reliance for the country at a time when ...