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"This collection provides a rare 'insider' account by one of the key members of the top economic policy team that was instrumental in India's reform journey during the 1990s. The book brings a unique ringside perspective to the macroeconomic management and structural reforms of that crucial decade in India's economic development."--BOOK JACKET.
Research papers, economic policy, economic development, India - examines development policy, trade policy, balance of payments, agricultural policy, inflation, income distribution, economic planning, productivity policy, etc.; studies the repercussions on employment, basic needs fulfilment, low income families, etc; evaluates the impact on developing countries of development aid, economic aid and economic cooperation.
This is a collection of essays by 16 renowned Indian economists on contemporary issues linked to India’s economic development. These essays were originally presented in a conference organized to commemorate the birth centenary of Prof V K R V Rao (1908-1991), one of the foremost Indian social scientists and institution builders of the twentieth century. He was the founder of the Delhi School of Economics and the Institute of Economic Growth in Delhi and the Institute of Social and Economic Change in Bangalore.
Economists talk of prices rising or falling in response to excess of demand or supply in the market, but are at a loss to explain who sets the price in a market of many players where no one has the power to dictate price. They then have to invent the 'invisible hand' of a mythical god called 'price mechanism'to create the image of the market operating as a self-regulating system. While unregulated free trade amounts to groping in the dark, the situation is far worse when the prices and other rules of the market are set by the state on behalf of large corporations-as has happened in globalizing India in the name of economic development. Large corporations, aided and abetted by the land acquisition policies of the central and state governments, are indulging in massive land-grabbing. We witness the perversity of development in the destruction of livelihoods and displacement of the poor in the name of industrialization, in the construction of big dams for power generation and irrigation, in the corporatization of agriculture despite farmers' suicides, and in the modernization and beautification of our cities by the demolition of slums. One of India's foremost theoretical economists, Amit Bhaduri, contends that we have abjectly surrendered to the conventional wisdom of our time-that there is no alternative to corporations and the type of globalization that they lead. The result, he warns, will not be a freer market and more freedom, but a disastrous and deepening chasm between the India of privilege and the India of crushing poverty. The Face You were Afraid to See is a collection of compellingly argued essays that draws attention to the other India that we turn away from. Fiercely critical of financial liberalization, corporate-led globalization and neoliberalism that celebrate unregulated free trade, the essays together make for a forceful critique of India’s economic policies.
This volume is an overview of, and commentary on, aspects of contemporary India and its socio-economic policies. It focuses on India’s economy and society in recent years, and in the process it addresses structural issues of development such as those of population, poverty, inequality, health, and social exclusion. It reviews the adequacy and appropriateness of governmental response to these problems, in terms of public policy, narrowly conceived, and philosophical orientation, more broadly conceived. The concern is not only with economic achievement and human development but also with the framework of civic rights, personal liberty, and institutional autonomy within which the exercise of governance is perceived to be carried out. The essays in this volume were originally written with the general-reader-as-involved-citizen very much in mind as the intended target. However, it should also be of interest to scholars of economics, political science, development studies, and South Asian studies.
With contributions by some of the leading Indian economists, bankers, and policy planners, this collection offers deep insights into the current critical macroeconomic and financial issues affecting that nation. Commemorating Dr. Vijay Laxman Kelkar’s unique contributions to the Indian economy and his key role in the financial sector reforms process in particular, this account covers a broad set of topics, such as fiscal, monetary, and external sector policies; infrastructure; financial inclusion; and education. This timely book will appeal to policy makers, political scientists, economists, and other social scientists conducting research and teaching courses in political economy, fiscal and monetary policy, development studies, public policy, and governance.
This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA
This book brings together three posthumous of Dr. Chelliah on reforms and poverty alleviation. Together they unravel the working of the Indian political economy and explain the causes behind persistent poverty in the country despite economic growth. The essays address the issues of effective means of poverty reduction by the states, reforms of federal fiscal relations, and taxes. Dr. Chelliah's central premise is that the major fault of India's economic policy has been that it was largely based on democratic socialist thought, thereby entrusting the government with the greatest responsibility, but without delineating in sufficient detail of how the government should respond to the challenge.
This book provides a macroeconomic analysis of the Indian economy. It is a long-run study that spans the period from 1950-51 to 1992-93, encompassing the various turning points in India's economic policy and development strategies. The macroeconometric model used in the book integrates the monetary and real sectors of the economy. In order to provide theoretical underpinnings for the model, the book traces the development of macroeconomic theory including Keynesian, structuralist, and supply-side economics. The model explains the public sector's current and capital expenditures, rather than treating them as exogenous variables. A subrecursive system of prices is formulated in terms of unit cost based on the flow of factor income generated in the process of production, monetary variable, and agriculture supply factors. The model analyzes and evaluates policy changes in India, particularly since 1984. It is used to derive the appropriate mix of fiscal, monetary, and trade policies needed to generate significant economic growth in 1997-2000 in a non-inflationary environment. While fiscal and monetary discipline is vital in this regard, public-sector investment plays an important role in capital formation and economic growth.