I have been writing about H1B visa in the past four years. This is the second year in a row since April 2008 that H1-B visas applications exceeded the 85,000 cap in the first few days. This FY 20015, the cap was reached on April 7. According to the U.S. Citizenship and Immigration Services (USCIS), the agency has received more than the required number of applications needed to fill the cap for the fiscal year as well as for the 20,000 H1-B petitions under the U.S. advanced degree exemption. This year USCIS will use a lottery system to choose petitions to consider for the visa.
India has covered a long distance in what seems like a short time. Once proudly reckoned as one of the BRICS countries, it is now making frequent headlines in the international financial press as one of the financially fragile countries (fragile 5, fragile 8, edgy eight etc.). Like many other emerging markets in the world, India is feeling the pinch of the global liquidity retrenchment and rebalancing on its exchange rate and capital flows. Several observers have rationalized the investors’ behavior on account of the hard data on the Indian economy: growth has decelerated (from 8.9 % two years ago to 4.5 percent in fiscal year 2013), current account deficit is reigning high, inflation remains stubbornly high, and savings and investment rates have been falling. And all of this is happening amidst an upcoming national election, when elections anywhere invariably are associated with political and economic uncertainty.
What would it take for India to regain its place in a more revered acronym soon, rather than a less flattering fragile ‘n’ ensemble?
In 1935, Subrahmanyan Chandrasekhar, a 26-year-old Indian physicist, challenged conventional wisdom by proposing a radical theory that would prove the existence of black holes. He presented his idea to the Royal Astronomical Society in the United Kingdom, whose members had a hard time believing his evidence.
Public knowledge about India's ambitious Employment Guarantee Scheme is low in one of India's poorest states, Bihar, where participation is also unusually low. Is the solution simply to tell people their rights? Or does their lack of knowledge reflect deeper problems of poor people's agency and an unresponsive supply side?
The growth of China and India and their financial sectors are hard to ignore. In a recent working paper, Tatiana Didier and I study the extent to which firms in these countries use capital markets to obtain financing and grow.
Is there a model to track citizen experience of water services and present it in a ready-to-use manner for decision makers and the public? Would better articulation of citizen preferences encourage more meaningful engagement with service providers?
In response to the problems of high coordination costs among the poor, efforts are underway in many countries to organize the poor through "self-help groups" (SHGs) -- membership-based organizations that aim to promote social cohesion through a mixture of education, access to finance, and linkages to wider development programs.
In case you missed it, check out this video (mostly in Hindi) about the inspiring story of "Under the Mango Tree" on Awaaz entrepreneur, a feature on CNBC Awaaz's YouTube Channel. UTMT is an India DM 2013 grantee (if link fails, hit refresh), and it is a project that trained 1,500 farmers on apiculture, or bee rearing.
'Why is China Ahead of India? Implications for Europe and the US,' was the topic of a talk yesterday at the World Bank by Nobel winner Amartya Sen which was chaired by Kaushik Basu. In the span of just under two hours, Sen managed to pinpoint India's main Achilles Heel (primarily related to the low overall quality of education, poor health care and skewed energy and other subsidies), while weaving in references to Kido Takayoshi, Mao Zedong, David Hume, Mahatma Gandhi, Adam Smith, Jon Stuart Mill, Milton Friedman, Keynes, Marx and other thinkers and influencers.
Amartya's talk coincided with the publication of a New York Times op ed titled 'Why India Trails China' in which he stressed that one cannot wait to fix health and education only after reaching some modicum of overall prosperity. Indeed, proper health and education, which foster human capabilities, are an essential precondition to sustainable growth and the ability to compete successfully in an integrated world. India still needs to take these East Asian lessons fully on board.
In an earlier post, we highlighted a feature of the global pattern of investment in recent times: that since 2000, developing countries have gradually increased their share of global investment, moving from around 20 percent through much of the second half of the last century, to around 46 percent by 2010. The rapidity of this rise notwithstanding, the natural question is whether this trend will continue into the future.
Answering this question---on changing patterns of global investment---is one of the main concerns of the most recent edition of the Global Development Horizons report, entitled Capital for the Future. In order to frame the question, the report considers how different countries will distinguish themselves in the global economy and, consequently, how by doing so they will provide investment opportunities that would attract financing from the pool of global saving.