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

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To 'Ustad', with Love

B S Minhas, who died on August 30, was a distinguished economist and a down-to-earth policy analyst. Many of his research papers remain classics and many of his observations on policy two and three decades ago remain relevant even today. Minhas was also one of unimpeachable character and integrity who was not afraid to speak his mind, not infrequently in blunt language. The quality of his mind and his ability to convey the unvarnished truth without fear of consequences earned him the respect of politicians in and out of power.

Growth and Welfare Consequences of Rise in MSP

This note summarises the results of a recently completed study that examined the consequences of increasing the minimum support price (MSP) of wheat and rice by 10 per cent, with an applied general equilibrium model of India with 65 sectors, and five rural and five urban expenditure classes. The results show that an increase in the MSP of wheat and rice leads to decline in overall GDP, increase in aggregate price index and reduction in investments. Even the increase in agricultural GDP resulting from higher MSP dwindles rapidly and only a minuscule positive impact on agricultural GDP remains by the third year. More importantly, in terms of welfare the bottom 80 per cent of the rural and all of urban population are worse off.

India s Economy Poised for Take-Off

Have the current economic reforms put the Indian economy on a sustainable higher growth path? What has been the impact of the reforms on the poor? What is the role of the private sector in expanding energy and power sector? These are some of the issues which are addressed here in the context of the recent political and economic changes.

Economic Reforms and Agricultural Policy

(5) The proposed TRIPS prevents the grant of compulsory licences in the public interest.
(6) Under TRIPS no ceiling can be placed on royalty demanded on patents like in the Indian Patent Act.

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