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Growth with Social Justice

The important point to remember from V K R V Rao's exercise in futurology is that while rapid GDP growth rate is a necessary condition for the nation's well-being in the 21st century, it is by no means a sufficient condition. Economists have long accepted that the market may be a very efficient allocator of resources to maximise output but not an adequate dispenser of social justice. Altogether expectations of a GDP growth rate of 8-9 per cent as has been suggested recently depend very materially on the commodity producing sectors of agriculture and manufacturing industry performing much better than now and in a more consistent fashion. This is, of course, possible; but the chances of achieving such a growth rate require the stepping up of domestic investment rather steeply and an all round increase in factor productivities, together with more employment of labour. What really are the prospects in this regard?

Managing Education

Managing Education An Encounter with Higher Education: My Years at LSE by I G Patel; Oxford University Press, New Delhi, K S KRISHNASWAMY After laying down the office of governor, Reserve Bank of India in 1982, I G Patel spent two years as director of the Indian Institute of Management, Ahmedabad (IIM-A) before going on to become the director of London School of Economics (LSE), for six years. His

Central Banking:Development Obligations

Central Banking: Development Obligations Central Banking for Emerging Market Economies by A Vasudevan; Academic Foundation, New Delhi, K S KRISHNASWAMY In the preface, Vasudevan says modestly that his book is intended to be a reference volume for advanced students in universities and officer staff of central banks, especially in what he calls the emerging market economies (EMEs). He has, in fact, done much more, and with consummate skill. Virtually all aspects of central banking are covered in this book so systematically and fairly that it may well turn out to be an indispensable guide-book for both advisers and policy-makers in monetary authorities as well as finance ministries.

Nobler Kind of Wishes

The Partial Memoirs of V K R V Rao edited by S L Rao; Oxford University Press, New Delhi, 2002; pp xi+178, Rs 445.

Growth, Poverty and Reforms

This is regarding Jagdish Bhagwati’s address to the Punjab University (‘Growth, Poverty and Reforms’, EPW , March 10). University convocations are not just celebratory occasions; they are, as the Americans say, commencements – the start of a young person’s active participation in society’s multiple...

Continuity with No Change-Budget 1996-97

Continuity with No Change Budget 1996-97 K S Krishnaswamy CONCLUDING the budget speech, P Chidambaram hoped thai his maiden effort at budget-making had blended "in the right proportions-courage and compassion, reform and restraint and growth and social justice''. He certainly seems to have pleased the members of the United Front, at least at first blush. How they will react when they look at the nitty-gritty of the various revenue and expenditure measures detailed in the budget documents remains to be seen. Be that as it may, at least the Congress Party will be pleased as punch even after mulling over the details. Save for some difference in phraseology and political packaging, this could easily be called the latest budget of Munmohan Singh. Not surprising, since much of the gathering of bricks and cementing has been done by the same old experts in the finance ministry and the IAS, with some assistance from the RBI and Raja Chelliah.

Agricultural Development under the New Economic Regime

This paper discusses the impact of the government's New Economic Policy on agriculture and agricultural development under five main heads: (i) fiscal adjustments, (ii) the structural adjustment policy, (Hi) financial reform, (iv) policy of globalisation, and (v) other measures and approaches relevant to the agricultural sector THE main features of what has generally come to be known as the government' s New Economic Policy (NEP) are familiar and I do not wish to list them in detail. Instead, I shall try to focus on the specific impact of NEP on agriculture and agricultural development under five main heads: (i) fiscal adjustments, (ii) structural adjustment policy (SAP), (iii) financial reform, (iv) policy of globalisation and, (v) other measures or approaches relevant to the agricultural sector.

For Panchayats the Dawn Is Not Yet

For Panchayats the Dawn Is Not Yet K S Krishnaswamy MATTERS relating to Panchayat Raj have been evoking renewed interest among both political and non-political circles in recent months for several reasons. Extra-territori- ally, the break-up of USSR, Yugoslavia and Czechoslovakia together with the global hegemony of the US in political and economic spheres have heightened the pressure for de-centralisation of decision-making everywhere. This pressure has been particularly heavy on erstwhile ' planned economies', in which governments participated extensively in the economic sphere. India has been no exception; indeed it has been the recipient of special attention in this regard, and has been actively 'liberalising' and 'globalising' since mid-1991. A severe cut in public investment and welfare expenditures has been accompanied by decontrol and deregulation favouring the private industrial and commercial sectors. This has inevitably led to a sharpening of the demand for decentralisation of 'general government' also.

The Task Ahead More Empty Boxes

The Task Ahead': More Empty Boxes K S Krishnaswamy The finance ministry's discussion paper on economic reform is a document of the mandarins who are confident that no matter what happens to other people or elsewhere in the country, they are firmly established in the seats of power and therefore am call the shots, regardless of who or which party constitutes the elected government.

PANCHAYATI RAJ-Karnataka s New Step- Backwards

PANCHAYATI RAJ Karnataka's New Step Backwards K S Krishnaswamy The enactment of the new Karnataka Panchayati Raj bill in replacement of the earlier Act of 1983 reveals not so much a commitment to progressive decentralisation as a unanimity among legislative members of all parties to strengthen their hold on panchayati raj institutions.

Which Direction and What Atmosphere

Which Direction and What Atmosphere? K S Krishnaswamy The undertakings given by the finance minister to the IMF in his memorandum of June 2, 1992 make it clear that this year will be devoted primarily to halving the growth in money supply and bringing inhation down to 8 per cent or less. The long-standing neglect of education, medical services, rural development and facilities to small-icale industries, combined with the fiscal and monetary squeezes ensure that employment will be more talked about than provided. Import liberalisation and the urge towards globalisation will further enlarge the difference in life-styles between the urban and rural communities.

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