Articles by J Dennis Rajakumar

In recent years, fiscal consolidation has been led by contraction in government spending. In the Union Budget for 2014-15 revenue mobilisation has received a major thrust, as buoyancies of all major taxes are expected to go up. This article examines the challenges of attempting to improve revenue collection and meet the targets for revenue.

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Size and Growth of Private Corporate Sector in Indian Manufacturing

Vol. 46, Issue No. 18, 30 Apr, 2011

J Dennis Rajakumar

Using information from the National Accounts Statistics and Annual Survey of Industries, this paper examines the performance of the corporate sector vis-à-vis the public and the household sectors in manufacturing during the period 1973-74 to 2007-08. The share of the corporate sector in industry characteristics such as number of employees, total emoluments, gross output and value added has increased since the early 1990s, with a corresponding decline of the public sector. Moreover, in absolute terms, the manufacturing GDP of the corporate sector grew at a faster rate compared to the public and household sectors since 1999-2000. Indian manufacturing is thus increasingly being led by the private corporate sector. However, the share of compensation to workers and employees in corporate income has steadily declined, pointing to the limited benefits accruing to employees from corporate growth.

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Corporate Financing and Investment Behaviour in India

Vol. 40, Issue No. 38, 17 Sep, 2005

J Dennis Rajakumar

Of the various financial sector reform measures initiated since the early 1990s, a greater emphasis was placed on broadening the equity market by removing control over the terms and pricing of capital issues. In response to this, the corporate financing pattern shifted towards greater equity financing. However, contrary to expectations, this has not had the desired impact on investment (capital formation), thereby undermining the efficiency of the financial system. The relationship between corporate financing patterns and investment has been explored using panel data analysis, incorporating investment theories and financial practices.

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How Real Are Estimates of Corporate Investment?

Vol. 38, Issue No. 22, 31 May, 2003

J Dennis Rajakumar

The NAS estimates for private corporate investment based on RBI's studies of joint stock companies suffer from shrinking coverage, especially in the 1990s, leading to overestimates. Re-examining the official methodology, this study reports an alternative estimate. The results show that the level of re-estimated GFCF of the corporate sector had remained lower than that of NAS estimates. The trend between these two series has been diverging, more significantly since the mid-1990s. While the NAS series shows that the momentum of corporate investment has been sustained throughout the 1990s, the alternative estimates suggest that it had tapered off since the mid-1990s.

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