ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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New Industrial Policy A Capitalist Manifesto

New Industrial Policy: A Capitalist Manifesto H K Paranjape The new industrial policy statement recently tabled in parliament by the Congress(I) government is a significant departure from the policy framework that was laid down in 1956. The new policy package, whose principal elements are market friendliness, privatisation and the opening up of the economy to foreign capital and trade, has been introduced ostensibly as a solution to the financial and balance of payments crisis that has resulted from following precisely these kind of policies in the last decade. This paper, through a detailed examination of different aspects of the proposed package, concludes that this package is likely to worsen the crisis, not remedy it.

Planning Commission as a Constitutional Body

Planning Commission as a Constitutional Body H K Paranjape THE question whether the Planning Commission should be merely a body created by an executive order of the government of India, or it should be established under a statute making use of the relevant constitutional provision in the concurrent list, was debated even before the initial appointment of the commission. The decision in favour of the former alternative was apparently taken mainly on the ground that it was a new experiment which was being undertaken, and therefore such a course would provide the necessary flexibility to facilitate changes and adjustments suggested by experience. As it happens, though 40 years have passed, much experience gained and considerable discussion on the matter conducted, there has been no change in the legal position of the commission. It continues to be a body created under an executive order as originally passed

Case of an Aborted Take-Over-L&T-Ambani Story

It is worthwhile to examine the Ambanis' attempted take-over of Larsen & Toubro as a case study of the working of Indian state capitalism, both to understand how the system is operating and perhaps to suggest some guidelines for a more public interest-oriented policy.

Emphasis on Continuity, Not Change

H K Paranjape Given the nature of the motley groups that constitute the Janata Dal and the National Front and their precarious existence in power with the outside support of the BJP and the Left Front, the lack of a clear direction and thrust in economic policy is perhaps unavoidable. Though their mandate is for a real change, the political philosophy of the group as a whole is too vague to permit bold policy initiatives. That is why one finds so much emphasis on continuity and consensus, instead of imaginative advances in new directions. Further, the bureaucracy, which has been as much responsible for the country's ills as the political leaders, continues to rule the roost. Leave alone any basic administrative reform, what is alarming is the naive faith of the new government leaders in the bureaucracy as & neutral and efficient instrument of change.

Indian Liberalisation-Perestroika or Salaami Tactics

Perestroika or Salaami Tactics? H K Paranjape It is undoubtedly true that the Indian economy needs liberalisation from the vice-like grip of parasitic, 'rent' seeking politicians and bureaucrats. This paper takes a retrospective look at the development of economic policy, in particular, industrial licensing and monopolies legislation, and practise over the last two decades. This approach lays bare the superficial character of the liberalisation process so far, which is being implemented in small doses. At most this may lead to a minor redistribution of power and incomes between the politicians/bureaucrats on the one side and the traders/industrialists/big farmers on the other.

Task of the Ninth Finance Commission-The Planning Commission Tangle

Task of the Ninth Finance Commission The Planning Commission Tangle H K Paranjape The proper approach to the task of the Finance Commission at the present crucial juncture in union-state relations is to expect it to use the best norms and judgments it can devise to work out what the union and the states can raise and what they genuinely need to spend in relation to their appropriate functions as laid down in the Constitution, The commission should suggest expenditure norms which the union government should adhere to and recommend the distribution of a large part of the amount that is to devolve on the states under Section 280, reserving Section 282 grants for disasters and other such unexpected events.

State of the Union Retrospect and Prospect

State of the Union: Retrospect and Prospect H K Paranjape THE country is now clearly in bad shape. Leaving aside shortsighted politicians with their fatuous talk of the 21st century, and their coteries and camp followers, discerning observers and students are genuinely worried about the persistent deterioration in the country's situation. Forty years after Independence, destitution and poverty continue to stalk over one-third of our people. With all the glitter of superficial modernity, superstition, ignorance and even illiteracy continue to prevail among large masses in the country. In spite of the large scale expansion of security forces and expenditure on them, the break-down of law and order is becoming common in many parts of the country and a situation of semi-anarchy prevails in some. Insurgency, which was earlier confined to certain north-eastern regions has now taken hold of a major state like the Punjab, and there appears to be no leadership in the country capable of checking the forces of disintegration enveloping such areas. The break-out of violent outbursts on one ground or the other, in one part of the country or another, has become a common occurrence. Low productivity, inefficiency, and corruption have become the norms in large parts of our organised industry and services. Public morality is at a low ebb, and this is increasingly and cynically accepted by most of us. In spite Of India having one of the largest standing armies, and with a very large and growing defence expenditure, India is not able to ensure that even its small neighbours like Sri Lanka, Nepal, or Bangladesh in reality defer to her in essential interests. While formally much respect is shown to India and her leadership

Tariff-Making on the Indian Railways-A Case Study

Tariff-Making on the Indian Railways A Case Study H K Paranjape The Rail Tariff Enquiry Committee, appointed in 1977, represented the first systematic attempt to examine the entire rail tariff structure. In the context of the railway's role in the economy, the Committee was required to examine a number of questions which have relevance to the general problem of public sector utility pricing in a developing economy. The case study presented here discusses the major issues faced by the Committee and the government's reaction to its recommendations in terms of actual tariff proposals. The study concludes with an analysis of the reasons underlying the government's operational approach, and suggests some ways by which the cross pressures hindering the implementation of an integrated approach to rail tariffs might be better withstood.

New Lamps for Old-A Critique of the New Economic Policy

New Lamps for Old! A Critique of the 'New Economic Policy' H K Paranjape How new is the New Economic Policy of the Rajiv government? How beneficial is it likely to prove in terms of India's national objectives? This paper attempts to answer these questions focusing attention mainly on one major plank of this policy, viz, the approach to industrial regulations and controls.

The MRTP Amendment Bill-A Trojan Horse

The MRTP Amendment Bill A Trojan Horse H K Paranjape While control of monopolies as well as monopolistic and unfair practices is obviously necessary, the powers for this purpose need to be conferred on a quasi-judicial body which is as independent and autonomous as possible.

The Games Leaders Play

The Games Leaders Play H K Paranjape Partition and Independence of India by Manmath Nath Das; Vision Books, New Delhi, 1982. pp 344. WITH the publication of the final volume in the 'Transfer of Power'' series by HMSO, most of the authoritative material relating to this crucial period of Indian history will have become available. Of course, the flow of such material has been gradually trickling through. Starting with Campbell- Johnson's "Mission with Mount- batten" published in 1951, we have had material made available by V P Menon, L Mosley, M Edwardes and H V Hodson. Then we had the popular work "Freedom at Midnight" by L Collins and D Lapierre. This was based on interviews with Mount- batten and the use of his papers. Some of these interviews and papers has since been published,1 On the Indian side, much the most important source which has become available is the volumes containing Sardar Patel's Correspondence. We have however not had upto now an attempt by a professional historian to recount the partition story in any kind of perspective. Manmath Nath Das's "Partition and Independence of India1' is a commendable attempt to fill in this gap. Like some of the last mentioned books, Das also depends considerably on the Mountbatten papers. The main difference is that he brings to bear on the material available to him a certain objective approach and a perspective about India's recent history. While one cannot say that he indicates in his analysis any insight mto the deeper forces underlying these developments, at least he is a person with a good knowledge of India's history. His not being involved on one side or the other like many of the earlier authors, and apparently not interested in building up any one as a hero or villain in recounting all these momentous events, has also considerable value for a student interested in understanding the history of that period.

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