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February has been a brief and breezy month, and fittingly so, with the <keyword id="6489583" type="UNKNOWN" weightage="100" keywordseo="Valentines-Day">Valentine’s Day</keyword> ushering back love and romance in our humdrum existence. As we near the end of the month, it’s time to check out the titles published this month and creating the most buzz. As we said last month, it’s a <a href="http://www.businessinsider.in/Best-Reads-OfJanuary-7-Books-That-Will-Take-You-On-Journeys-You-Never-Made/articleshow/29602612.cms">journey of discovery</a> – a <keyword id="6374782" type="UNKNOWN" weightage="80" keywordseo="journey">journey</keyword> taken together to find our way back to the <keyword id="2037892" type="UNKNOWN" weightage="100" keywordseo="Printed-words">printed words</keyword> we have neglected so long. We don’t know yet whether these <keyword id="5050" type="UNKNOWN" weightage="100" keywordseo="books">books</keyword> will top the <keyword id="2081025" type="UNKNOWN" weightage="100" keywordseo="Best-sellers">best-sellers</keyword>’ list or not but this time, it is a collection of fiery five that can provide you the knowledge and the <keyword id="53180" type="PERSON" weightage="100" keywordseo="courage">courage</keyword> to push the frontiers and explore new territories. True to the <keyword id="4167782" type="UNKNOWN" weightage="100" keywordseo="V-day">V-day</keyword> spirit, the <keyword id="2081016" type="UNKNOWN" weightage="100" keywordseo="February-books">February books</keyword> are an assorted lot – varying from never-before insights into <keyword id="31602" type="UNKNOWN" weightage="100" keywordseo="brain-power">brain power</keyword> to the power of human love and the grit to defy the raw deals life meets out. “Do not read, as children do, to amuse yourself, or like the ambitious, for the purpose of instruction. No, read in order to live,” said <keyword id="1816003" type="PERSON" weightage="80" keywordseo="Gustave-Flaubert">Gustave Flaubert</keyword> and we believe that is the <keyword id="31559" type="UNKNOWN" weightage="80" keywordseo="Essence">essence</keyword> of existence, experience and elevation. So welcome on board and happy reading. 
 
Image credit: Thinkstock Photos/Getty Images

February Fab Reads: 5 New Books That Will
Help You Push The Frontiers

As the Narendra Modi-led government completes 100 days in office, it has been characterised by a difference in the functioning of the government. There have been quick decisions and timely clearances of projects. The previous Manmohan Singh-led <keyword id="6355364" type="ORGANIZATION" weightage="100" keywordseo="UPA">UPA</keyword> government had a different style of functioning. Instead of timely clearing the projects, it preferred setting up <keyword id="80657" type="ORGANIZATION" weightage="100" keywordseo="group-of-ministers">Group Of Ministers</keyword> (GOMs) and Empowered Group Of Ministers (EGOMs), which led to much delay. But the Modi government has done away with this time-taking approach. 
 
Modi's ascent to power was a paradigm shift in Indian politics as it was for the first time that a non-Congress party could garner a majority in the Lok Sabha on its own. While 100 days is not enough to evaluate a government, the early signs show that Modi indeed means business. 
 
Working on his mission of “less government and more governance,” Modi scrapped 19 GOMs and eight EGOMs. The logic behind this move was to fast track the decision-making process. Planning Commission, the highest body to decide the distribution of national resources, has also been done away with. 
 
Modi, in his Independence Day speech, vowed to ensure that every citizen gets a bank account and launched the Pradhan Mantri Jan Dhan Yojana. On its very first day, 1.5 crore bank accounts were opened across the country. 
 
The Modi government also constituted a special investigation team headed by Justice (retired) MB Shah to look into the issue of black money. 
 As far as foreign relations are concerned, Modi visited Bhutan and also became the first Indian <keyword id="71" type="POSITION" weightage="100" keywordseo="Prime-Minister">Prime Minister</keyword> to visit Nepal in 17 years. He is currently on Japan visit to boost business ties. 
 
However, there have also been some not-so-good moves by his government and it has come under fire for the same. Continuing with the Congress’ tradition of changing the governors, the Modi government, too, nudged several UPA-appointed governors to resign and transferred those who did not do so. 
 Another reported move of the Modi government to appoint former chief justice of India <keyword id="6389067" type="PERSON" weightage="100" keywordseo="P-Sathasivam">P Sathasivam</keyword> as Governor has come under heavy criticism. Modi needs to guard against these pitfalls.

Modinomics: His Journey So Far As The Prime Minister Of India

<div class="KonaFilter image-container float_right"><div class="image on-image">Reuters</div></div>Elections are underway in India and results are due May 16.
Many expect opposition leader Narendra Modi to become India's next prime minister and there's hope he could help revive economic growth in India which has been languishing.
Modi has been credited with driving Gujarat's economic growth since he took the helm as chief minister of the north west Indian state in 2001.
Modinomics: The Gujarat story
In a report published in September last year, Vijay K. Gaba at InvesTrekk wrote that "India is struggling with the limitations of the Nehruvian model of economic development that we have followed since independence." 
He described the current model as one that general calls for a large role of the private sector, but with "active state intervention during extremities of business cycle and argues against higher savings in both private and public sector." Modinomics on the other hand supports a free market with minimal state intervention.
<a href="http://www.ft.com/intl/cms/s/0/daa87f88-ae0e-11e3-974d-00144feab7de.html#axzz2yVF5E74I">David Pilling at the Financial Times</a> also recently wrote of Modi's getting-things-done leadership style. "Part of Mr Modi's attraction is that, by sheer force of will, he may be able to override some of the checks and balances of Indian democracy and introduce some of the clear-headedness of growth-driven China," he wrote.
Gujarat's real GDP has climbed 10.3% year-over-year between fiscal year (FY) 2003 and FY12, that's 2.4 percentage points above India's real GDP growth in the same period, Christopher Wood at CLSA pointed out in a note late last year.
Modi's candidacy is "about marketing the impressive track record in Gujarat over a 12-year period of achieving broad-based growth across the agricultural, manufacturing and service sectors since Modi assumed office…" Wood writes. 
"Modi's best chance of winning convincingly is if he can tap, helped by the intelligent use of social media, 'big data' and the like, the pro-growth aspirations of an estimated 149m young voters who will be voting for the first time in next year's general election, representing about 20% of the electorate.
Last year, Goldman Sachs put out a note titled <a href="http://www.businessinsider.com/goldman-report-angers-indian-government-2013-11">'Modi-fying our view: raise India to Marketweight'</a>. Timothy Moe, author of the note cited six key reasons for this, the top being, ""optimism over political change, led by BJP's prime ministerial candidate Mr. Modi, is dominating economic concerns," sparking outrage in India.
Is it all just hype? 
But some legitimately wonder if Modinomics will work for the rest of India and if Modi has been too generous in slathering on this self-praise.
<a href="http://www.theguardian.com/commentisfree/2014/mar/13/modinomics-narendra-modi-india-bjp">The Guardian</a> and <a href="http://qz.com/171409/gujarat-by-the-numbers/">Quartz</a> took a long look at Gujarat's economy in the years before Modi came to power, and found that Gujarat was doing well in the two decades before Modi came to power. And certain indicators like foreign direct investment, show that Gujarat actually lags other states.
There are also those that argue that placing the blame of recent lackluster growth squarely on the shoulders of the central government is too simplistic.
"The belief in certain quarters is that as long as the next government were to go all out at de-bottle-necking projects, sentiment would surge and this would spark an investment revival in the economy," writes Toshi Jain at JPMorgan. But he thinks this is an "overly-simplistic read on the situation" because many stalled projects have more to do with various state governments than the central government. Perhaps then, a Modi government would also hit the same roadblocks.
<div class="KonaFilter image-container float_right"><div class="image on-image">AP Photo/Manish Swarup</div></div>Modi can't shake his past 
There is of course one thing that Modi has never been able to dodge, questions surrounding his role in the deadly Gujarat riots of 2002, in which over 1,000 people were killed, women raped, and thousands displaced.
Modi's detractors also point to his ties to the Rashtriya Swayamsevak Sangh (RSS) a Hindu supremacist group.
Nomura's Alastair Newton points out that on a February 23 rally in Assam, Modi called for Hindu migrants from Bangladesh to be assimilated back into India. He also said non-Hindus should be sent back to their home nations. Modi's rhetoric has raised concerns about what this could mean for neighborhood politics. <a href="http://www.livemint.com/Opinion/VPNxrUuYeE4eSiC6nIF7NM/The-symbolism-of-Varanasi-in-2014.html"></a>
<a href="http://www.livemint.com/Opinion/VPNxrUuYeE4eSiC6nIF7NM/The-symbolism-of-Varanasi-in-2014.html">Indian publication LiveMint</a> also pointed to Modi's decision to contest the seat in the holy city of Varanasi as a sign that he hasn't abandoned his Hindu supremacist ideology: 
"It is widely expected that Modi's nomination from Varanasi will positively affect the outcome for the BJP in a number of other seats in Eastern Uttar Pradesh and Bihar which are electorally important as together the two states send 120 lawmakers to the Lok Sabha. Further, the choice of Varanasi is also symbolic in nature which indicates that the party may not have completely abandoned the Hindutva ideology."
It's a guessing game 
For now the polls are calling for a BJP (Bharatiya Janata Party) and NDA (National Democratic Alliance) coalition, winning 230-240 seats and headed by Narendra Modi. But Indian polls have been woefully wrong in the past. 
In 2004, the polls grossly overestimated the seats the incumbent would win and the Sensex crashed 11% the day after, and the rupee lost 3%. In 2009, the polls underestimated the seats the incumbent would win and the following day stocks went on a tear and the rupee surged 4%.
The bottom line however is that whichever party comes to power, they have a long road to reviving economic growth. Morgan Stanley's Ridham Desai thinks the new government needs to <a href="http://www.businessinsider.com/india-sees-worlds-biggest-election-2014-4">push through five key reforms</a>. Drive wage growth in line with productivity, cut the fiscal deficit, improve the business environment, rethink India's urbanization policy, and address structural rigidities in the energy and mining sectors.
If the rise of what's been <a href="http://www.businessinsider.com/why-indian-2014-elections-matter-2013-9">dubbed India's third front</a>, a string of regional parties, does end with a messy coalition, the Indian economy could continue to sputter for another five years.

Everything You Need To Know About 'Modinomics' The New Economic Strategy That Could Be Coming To India

<ul><li>
Moody's upgraded India in November 2017, a year after demonetisation, but economic growth has hit a six-year low since then.</li><li>Those who invested based on Moody's upgrade of India would have risked huge losses.</li><li>The current cut in outlook for Indian economy has come after a series of measures by the government to stimulate investment and demand.</li><li>Was 2017 too soon to upgrade India’s credit rating or is 2019 too late to tell people that prospects are bleak?</li></ul>Exactly one year after demonetisation, global credit rating agency Moody’s upgraded India with a ringing endorsement of Prime Minister Narendra Modi’s reforms. But today, three years hence, Moody’s cut the outlook on India’s economic prospects to ‘negative’. Interestingly, the latest cut has come after weeks of continued efforts⁠— from cut in corporate taxes to merging large banks, creating a rescue fund for cash-strapped builders, and other stimulus measures⁠— by the Modi government to revive the economy from the doldrums. However, according to many economists, the current economic slowdown in India has its roots in the ill-advised demonetisation in November 2016, when Prime Minister Modi, in one stroke, banned 86% of all cash circulating in the country. Soon after the note ban came a well-intended but poorly executed rollout of the Goods and Services Tax (GST). Together, they threw the business, payments, and credit cycles for small businesses in the country into complete disarray. But that is when Moody’s upgraded India. The Finance Ministry then celebrated as an endorsement of the ‘Modinomics’. 
	
	
	
	
	<div type="twitter" handle="adhia03" handlename="Dr Hasmukh Adhia" image="http://pbs.twimg.com/profile_images/2925511197/d32f3db60b1b3dc824c5a8befab0f651_normal.jpeg" favoritecount="308" retweetcount="122" status="2/3 The path that Government has chosen for long term reforms and fiscal consolidation is well recognised by investors already." createdat="1510887219000" id="931354618977665024"></div>











 However, as Sensex hit new highs in recent days, expecting a windfall for companies from the recent tax cuts and other measures intended to revive the economy, Moody’s has cut the outlook. Not surprisingly, the Finance Ministry hit back immediately. Just like growth projections, credit ratings are important. It plays a part in an investor’s decision on whether to invest more in a country. It moves borrowing rates on foreign loans. But as <a href="https://www.business-standard.com/article/economy-policy/imf-s-growth-projections-are-80-wrong-eac-pm-member-rathin-roy-117101100846_1.html">pointed out often</a>, the GDP projections⁠— even by reputed institutions like the International Monetary Fund (IMF) ⁠— have been amiss more often than not. In the case of Moody’s, those who invested based on the upgrade in November 2017, a year after demonetisation, must have risked huge losses as the economic growth since then slowed down sharply to a six-year low at the end of June 2019. And the slowdown has been broad-based across sectors like textiles, automobiles, aviation, consumption and many more. 
 
 
 
 
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 While not one data point or factor determine ratings or outlook, the question remains in front of Moody's: was 2017 too soon to upgrade India’s credit rating or is 2019 too late to tell people that prospects are bleak? SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/moodys-changes-outlook-on-india-to-negative/articleshow/71966087.cms">Moody's says India's tax cuts, realty rescue, and bailouts are not enough to beat the slowdown</a> <a href="https://www.businessinsider.in/recession-in-india-searches-spike-as-gdp-growth-hits-a-six-year-low/articleshow/70922461.cms">Indians were fearing recession even before data showed that GDP growth hit a six-year low</a>

Upgrade post demonetisation, downgrade post tax cuts⁠— Moody's mood swings expose the economist’s inertia

New Delhi, Nov 15 () The Statistics and Programme Implementation Ministry (MOSPI) on Friday said it has decided not to release the Consumer Expenditure Survey results of 2017-18 due to data quality issues.
 The MOSPI also mentioned that an expert panel has recommended that 2017-18 would not be an appropriate fiscal to be used as base year for new GSP series.
 On consumer expenditure survey, the ministry stated that it is separately examining the feasibility of conducting the next Consumer Expenditure Survey in 2020-2021 and 2021-22 after incorporating all data quality refinements.
 The statement came against the backdrop of the Congress attacking the Modi government over the National Statistical Office (NSO) survey which reportedly points to a fall in consumer spending for the first time in four decades in 2017-18.
 A media report has claimed the survey was approved to be released on June 19 this year but was withheld by the government agency owing to its "adverse" findings.
 "Modinomics stinks so bad, the government has to hide its own reports," Rahul Gandhi said in a tweet, tagging the news report.
 The MOSPI said that its has seen media reports regarding consumer expenditure survey by the NSS stating that consumer spending is falling and the report has been withheld due to its 'adverse' findings.
 "We would like to emphatically state that there is a rigorous procedure for vetting of data and reports which are produced through surveys. All such submissions which come to the ministry are draft in nature and cannot be deemed to be the final report," it noted.
 The National Statistical Office (NSO) of MOSPI carried out an all-India survey on household consumption expenditure in the 75th round during the period July 2017 to June 2018.
 "Further, the results of the survey were examined and it was noted that there was a significant increase in the divergence in not only the levels in the consumption pattern but also the direction of the change when compared to the other administrative data sources like the actual production of goods and services," the MOSPI said.
 "Concerns were also raised about the ability/sensitivity of the survey instrument to capture consumption of social services by households especially on health and education. The matter was thus referred to a Committee of experts which noted the discrepancies and came out with several recommendations including a refinement in the survey methodology and improving the data quality aspects on a concurrent basis. The recommendations of the Committee are being examined for implementation in future surveys," it added.
 The NSS Consumer Expenditure Survey generates estimates of household Monthly Per Capita Consumer Expenditure (MPCE) and the distribution of households and persons over the MPCE classes.
 It is designed to collect information regarding expenditure on consumption of goods and services (food and non-food) consumed by households. The results, after release, are also used for rebasing of the GDP and other macro-economic indicators.
 
 - Expert panel against using FY18 base year for new GDP series -
 
 The MOSPI also said that an expert panel on national accounts has recommended that 2017-18 would not be an appropriate fiscal to be used as base year for new series for measuring gross domestic product (GDP).
 The ministry is in the process of finalising the base year for new series of GDP to be unveiled shortly. At present, 2011-12 is the base year for tabulating national accounts.
 "The Advisory Committee on National Accounts Statistics has also separately recommended that for rebasing of the GDP series, 2017-18 is not an appropriate year to be used as the new base year," MOSPI said in a statement.
 Earlier this month, MOSPI Secretary Pravin Srivastava had said that the MOSPI would decide on a new base year for the GDP series in a few months.
 He had also told that though the ministry is considering 2017-18 as the new base year, no decision was taken as the committees of experts are awaiting some more data (Annual survey of industries, consumer expenditure survey) before finalising their opinion. KKS MR
MR

You Searched For "Modinomics" and got 5 results

February Fab Reads: 5 New Books That Will Help You Push The Frontiers

Sanghamitra Mandal

Modinomics: His Journey So Far As The Prime Minister Of India

Manish Kumar

Everything You Need To Know About 'Modinomics' The New Economic Strategy That Could Be Coming To India

Mamta Badkar

Upgrade post demonetisation, downgrade post tax cuts⁠— Moody's mood swings expose the economist’s inertia

Sriram Iyer

MOSPI says not releasing consumer expenditure survey due to data quality issues

PTI

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