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…

Gambling with People’s Future?

By Myriam Vander Stichele | Guest Blog | March 27, 2017

The health spa and casino complex in Baden-Baden in Germany was the venue for two-day meeting of G20 finance ministers and central bank governors held on 17 and 18 March. Baden-Baden is better known as a luxurious spa town with expensive shops and Konditoreien (pastry shops), where rich Russians and others like to spend their (laundered or tax evaded) money. However, the G20 ministers and governors did not come to clean up the place, although that could have easily been…

Assessing the GDP Estimates in the Light of Demonetisation

By Biswajit Dhar and K.S. Chalapati Rao | Guest Blog | March 14, 2017

The Second Advance Estimates of National Income, 2016-17 produced by the Central Statistical Office (CSO) show that demonetisation has had no impact on the country’s economic growth. According to the CSO, Indian economy grew by a healthy 7% in the third quarter of the current financial year, quite contrary to even the expectations of even the Finance Ministry. The Economic Survey had observed, “demonetisation has had short-term costs”, which “real and significant”, and added that the costs would be…