Do it yourself

Households in most parts of the world are struggling to manage their finances. The cost of living is becoming unaffordable for most poor and lower middle class households. The basic necessities like housing, food, energy and healthcare have seen material inflation in most jurisdictions. Even middle class households are finding it hard to maintain their current lifestyles as the wealth effect created by bloated asset prices is waning fast; savings are depleting due to massively negative real interest rates; and real wages have declined over the past 3yrs. Historically, such conditions have provided a fertile ground for a workers’ (communist) movement. Countries face widespread civil unrest (anarchy) and anger against the wealthy (burgeon) and capitalist democracies are usurped by the authoritative (dictatorial) leaders. Peoples’ right to basic standard of life takes precedence over liberty and nationalism. The latest election results in Sweden and Italy are surprising in this co...

 Being the finance minister of India is arguably one of the most challenging jobs in the world. The incumbent has to deal with 28 Federal States and 8 Union territories, each having a distinct socio-economic and fiscal profile. Unlike some developed countries like the USA, the Federal States in India are not autonomous and/or self-reliant in fiscal matters. These states rely on the Union Government for financial resources. Besides, the finance minister of India is limited by the constitutional mandate of being “socialist”. To make things more complicated, implementation of GST; acceptance of the recommendations of 15 th  Finance Commission; and abolition of the planning commission have materially curtailed the powers of the union finance minister. Technically speaking, all the policies formulated and proposed to be implemented by the union finance ministry must pass the test of “socialism”, since the Constitution of India overrides all the legal provisions and policy directi...