Governance and Indian Nationalism (GAIN)

On February 19, 2025, Dr. Subramanian Swamy, a veteran Indian politician, economist, and Bharatiya Janata Party (BJP) leader, took to X to voice a blistering critique of Prime Minister Narendra Modi. In a post that has sparked widespread discussion, Dr. Swamy declared,  This statement, reflects Dr. Swamy’s longstanding reputation as an outspoken critic, even within his own political circles, and raises questions about Modi’s leadership, India’s geopolitical stance, and economic trajectory. Dr. Swamy’s Background: A Voice of Dissent Subramanian Swamy, a Harvard-educated economist and former Cabinet Minister, i s k nown for his Hindu nationalist leanings, legal activism, anti-corruption cru sade and progre s sive economic idea s . This post is continuation of a pattern that i s con si stent with Dr. S wamy' s ultra-nationali st vie w s. It a l so reflect s failure of oppo sition to hold ruling party accountable on variou s burning i s sue s. The China Border Dispute: Fact or Fiction?...

Introduction The depreciation of the Indian Rupee (INR) against major global currencies, particularly the US Dollar, has been a significant concern for investors, both domestic and foreign. This article explores how the weakening of INR can lead to a fall in the stock market, focusing especially on the perspective of Foreign Portfolio Investors (FPIs). Understanding Currency Depreciation Currency depreciation refers to the decline in the value of one currency relative to another. For the INR, this often means it takes more rupees to buy a dollar or other foreign currency. Several factors contribute to this depreciation, including: Trade Deficits : When India imports more than it exports, it needs more foreign currency, thus devaluing the INR. Inflation : High inflation rates in India compared to other countries can lead to a weaker currency. Global Economic Conditions : Shifts in global investor confidence, changes in oil prices, or geopolitical tensions can affect currency values. Mon...

Dr. Subramanian Swamy's Swadeshi Plan, first proposed in 1970, aimed to boost India's economic growth to 10% annually. It challenged the prevailing socialist model by advocating for a competitive market economy. Key elements included self-reliance, full employment, and nuclear capability development. Dr. Swamy argued that socialism, as implemented in India, stifled growth and innovation, pointing to the Nehruvian growth rate of 3.5% as evidence of its failure. He suggested replacing centralized planning with a decentralized, incentive-driven system, emphasizing agriculture, savings, and technology to counter diminishing returns.  The plan was presented at the request of Jan Sangh leaders like Nanaji Deshmukh and Jagannath Rao Joshi. It faced sharp criticism from Prime Minister Indira Gandhi, who labeled it "dangerous" on the Lok Sabha floor in March 1970. Despite this, Dr. Swamy later influenced economic reforms as Commerce Minister under Chandra Shekhar, laying groun...

In May 2020, India and China faced the worst ever military face-off at Galwan Valley, Hot springs, Gogra and Pangong  region in Ladakh. With the loss of 20 Indian soldiers and 43 Chinese soldiers, the Galwan valley clash was the bloodiest of all.  Growing tensions between India and China not only shook the geo-political relations across the world but it also led to the build up of hostile domestic sentiment against China's arrogance. As a result, calls for #BoycottChina grew louder and louder with each passing day.      Rising anti-China public sentiment compelled government to take some policy level measures such as stricter FDI norms for countries sharing the border with India. While this may restrict Chinese investments to certain extent, it isn't enough to neutralize the influence of China in Indian market. Recently, People's Bank of China raised its stakes in HDFC bank to more than 1% and later also invested in ICICI Bank through the FPI route. Although the...