Do it yourself

In a December 2025  commentary , economist Kenneth Rogoff argues that the rising tide of anti-immigration sentiment in many wealthy countries isn’t just a political squabble: it’s an economic self-inflicted wound. Rogoff notes that many advanced economies are confronting aging populations, shrinking workforces, and chronic labour-shortages. Yet political pressure is pushing in exactly the opposite direction: tougher restrictions on migration. He warns that by “shutting the door on immigrants,” nations undermine their ability to adapt to rapid technological change, maintain innovation, and sustain long-term growth. In effect, restricting immigration at this moment equates to taxing the future — a decision that may feel popular, but that carries serious costs in competitiveness, productivity, and payoffs from technological adoption. Recently  Elon Musk also echoed similar sentiments . At its core, his message: demographics aren’t optional — if labour supply and talent mobility d...

For decades, the United States has held a unique place in the global imagination — as the land of opportunity. Its greatest strength may not lie in military might, financial depth, or diplomatic reach, but in its remarkable ability to attract and absorb the best minds from across the world — including from adversarial or war-torn nations. The most striking evidence of this is visible in America’s talent pool. Professionals of foreign origin — Indian, Chinese, Iranian, German, and more — dominate leadership roles across top corporations, academic institutions, legal systems, research labs, and even sensitive government-linked establishments like NASA. Many of these individuals come from countries that have historically suffered at the hands of U.S. military or economic policy — yet they thrive in the American ecosystem, contributing to its innovation, productivity, and geopolitical leverage. This magnetic pull continues despite periodic political rhetoric against immigration, restrictio...

President elect of the US, Donald Trump has already designated key members of his team. Based on his election agenda, speeches and rhetoric and personal views of his designated team members, market participants are speculating about the likely policy framework of Trump 2.0 administration, and its implications for the global trade and markets. My personal view is that the actual agenda of governance might have some shades of the election rhetoric but its actual path may not materially deviate from the trend seen in the post GFC (2009) period. At this point in time, I do not expect to sight any black swan in global economics and/or markets. With this caveat, let me summarize the current market speculations and its likely impact on India. Trade tariffs Trump has been speaking about imposing high tariffs on the US merchandise imports to promote local manufacturing, cut US trade deficit and strengthen USD. He has been suggesting 20% universal tariff on all imports, 60% tariff on impor...

  In India, the issue of labor migration has always been on the top of socio-economic and political agenda. The remittances from Indian workers in the foreign countries has been one of the primary sources of our current account financing. The issue of VISA for Indian students and workers (and their families) has remained one of the key contentions in our strategic diplomatic discussion with developed countries. Movies like Do Bigha Zamin (1953, Bimal Roy) have been raising the issue of migrant workers for a long time. Songs like Ae mere pyare watan (Movie Kabuliwala, 1961) Chithi aayi hai (Movie Naam, 1986) have been favorites with all generations. Political parties in the states like Maharashtra, Goa, Delhi, Tamil Nadu, Karnataka etc. have been consistently raising the issue of migrants straining the local economy. During Covid-19 induced lockdown, the issue of mismanagement of reverse migration had become one of the top controversies; and still continues to haunt the incum...