Rupee Depreciation: Causes and Consequences

By Kavaljit Singh | Commentary | July 9, 2018

On June 28, 2018, the Indian rupee plunged to an all-time low of 69.10 against the US dollar amid growing concerns over tightening of global financial conditions and higher crude oil prices coupled with the worsening of domestic macroeconomic variables especially the current account balance and inflation.

The mad rush for dollar by importers and currency speculators was halted temporarily after the central bank, Reserve Bank of India, aggressively intervened in the currency markets by selling dollars in both spot…

Learning Lessons from Failure of WTO Ministerial Conference

By Biswajit Dhar | Guest Blog | December 15, 2017

The 11th Ministerial Conference (MC11) of the World Trade Organization (WTO) held in Buenos Aires ended without taking decisions on any of the issues on which the members of the organisation have been engaged on over the past several months. The organization has thus been left virtually without any substantive work programme and this should be considered as a failure of the organisation to deliver results.

Many would consider this outcome to be entirely acceptable, as the major pre-MC11 engagements…

BRICS: Time to Reset Priorities

By Biswajit Dhar | Guest Blog | September 13, 2017

The Xiamen BRICS Summit held in September 2017 was the ninth since this formation of emerging economies met in Yekaterinburg in June 2009. When the four original members of the formation (South Africa joined in 2011) met in the shadow of the worst economic downturn since the 1930s, there was a huge opportunity before the emerging economies to reshape the post-war multilateral economic governance, which continues to be under the dominating influence of the major economies. This is one…

The Banking Regulation (Amendment) Ordinance, 2017: A Critique

By E.A.S. Sarma | Guest Blog | May 8, 2017

The recently issued Banking Regulation (Amendment) Ordinance is perceived by many as a magic bullet to resolve the NPA crisis that has overtaken the banking sector in India. The Ordinance authorises the Reserve Bank of India (RBI) to initiate insolvency resolution in respect of a defaulting company under the Insolvency and Bankruptcy Code, 2016, to issue directions to banks to resolve their stressed assets and institute committees to “advise” banks on resolution of stressed assets.

While the Ordinance certainly empowers…

Eli Lilly’s ISDS Patent Claim against Canada Defeated

By Brook K. Baker | Guest Blog | April 6, 2017

In an unprecedented case, Eli Lilly initiated an amended investor-state-dispute-settlement (ISDS) claim against the government of Canada in 2013 after Canada’s highest courts upheld invalidations on new therapeutic use patents for two chemical compounds – olanzapine and atomoxetine, the active pharmaceutical ingredients of Strattera and Zyprexa respectively. The courts had ruled that Canada’s well established “promise utility doctrine” was not satisfied because the evidence provided by Eli Lilly at the time of its patent applications did not support the…