Indian Arthashastra

In the last quarter of 2014 Indian economy has seen a growth rate of 7.5 per cent year-on-year basis. This has made India the fastest growing economy in the world, surpassing China. In the last quarter of 2013 Indian economy grew at the rate of 5.5 per cent. There is clearly a jump of 2 per cent in the growth rate. This has been achieved at the the time when most of the economies of the world are seeing a downward trend in their growth rate. A question arises what has actually changed in India that has made this achievement possible. Is it the change in the Government or the fall in the global crude oil prices? In my view the role of the new government and the fall in the oil prices both are responsible for this.  We all must have read or seen in the news that Global crude oil prices have decline from $110 per barrel to about $45 per barrel in less than six months time. What is the reason behi...

On 28th February finance minister Mr. Arun Jaitley presented his first (for full year) Union Budget. He finished his budget speech with the lines: "Sarve Bhavantu Sukhina......". These lines are actually the summary of the Union Budget 2015. As soon as he finished his speech there was huge uproar in the media and social networking sites. The corporate sector applauded the budget while the common people were shuffling the various news channels to gain an insight into the budget!! It's true because majority of the people in India understands this vital document of Indian economy through the lens of media and various experts in the panel.  Media created the myth that  Budget has nothing for the middle class!! First we need to understand the definition of "middle class". In India the majority of the population falls under this category. The size is so large with diverse characteristics that it needs to be classified into three categories: Upper Middle Class ...