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

Articles By Meenakshi Rajeev

Financial Inclusion and Remittance Services

Using the Global Findex survey data, the various factors that may impact the use of banks and digital channels for remitting money have been explored. The cross-country analysis shows that while many people send/receive remittances in low-income countries, they are still transmitted through informal channels. In India, it is observed that the use of financial institutions/mobiles as remittance channels have improved from 2017 to 2021, especially for the lower-income people. The econometric analysis conducted for both conventional and digital modes of remittance transmission shows that while the banking infrastructure matters for formal remittance transmission, the poorer countries are able to address the problem of lack of adequate infrastructure by using the mobile platform.

Analysing Core Indicators of Decent Work for the Indian Fisheries Sector

The International Labour Organization included the concept of decent work in the Sustainable Development Goals to address concerns about workplace conditions, especially in developing countries. Among the different sectors of any developing economy, agriculture and allied activities have lagged the most in terms of decent work. This paper examines decent work in the fisheries sector in India. Using the National Sample Survey Office data from the Employment and Unemployment Survey of India, the paper arrives at a multidimensional decent work index. The paper finds that labourers belonging to the richer states rank lower in terms of decent work compared to the relatively poorer states, indicating higher inequality in the former regions. It also finds that per capita incomes are well below the poverty line for more than 40% of workers in fisheries.

 

Paradox of a Supply Constrained Keynesian Equilibrium

The Indian economy, which was facing demand defi ciency and slowdown prior to the Covid-19 outbreak, plunged further with the lockdown. The present exercise represents the current problem as a typical demand constrained Keynesian equilibrium, affl icted further by demand and supply failures generated by transaction costs. The resulting scenario resembles a “supply constrained” Keynesian equilibrium. The article looks at the possible impact on prices and discusses the implications of select policy interventions for such an economy.

Crop Insurance in India

Crop insurance is a vital component of agriculture, especially in a country such as India, where the majority of farmers are small and marginal with low savings that reduces their ability to weather agricultural risks and fluctuations. Programmes extending insurance cover for crops in India have long been in operation, but have not been able to include the majority of the agricultural sector within their ambit. Analysing the 70th Round Situation Assessment Survey data, collected by the National Sample Survey Office, the performance of crop insurance at the household level is examined and factors that determine its adoption are identified using an econometric analysis. The Pradhan Mantri Fasal Bima Yojana is then analysed by looking more closely at the structure of the scheme.

Are Gold Loans Glittering for Agriculture?

Credit is essential for small and marginal farmers in India, whose low incomes limit savings, making them more vulnerable to several risks. Priority sector lending norms have channelled more formal credit to this sector. The interest subvention scheme for short-term crop loans makes formal credit more economical for farmers. However, there are issues of accessibility, most notably arising out of difficulties in presenting documentation, giving rise to a prevalence in the use of gold/jewellery as collateral. Loan data from three districts in Karnataka has highlighted some important lessons. The use of gold tends to exclude poorer farmers from availing all the benefits of the scheme, and poses issues of accessibility to formal credit. Digitisation of land records and farmer information, coupled with reduced recognition of gold loans in priority sector lending can be valuable to the Indian agriculture sector.

Credibility of Equal Access to Credit: Does Gender Matter?

This article examines the National Sample Survey Organisation unit record data pertaining to debt and investment (59th round) and highlights inequality in access to credit by certain segments of society. In particular, it shows that weaker sections such as female-headed households have a much lower access than their male counterpart even when they are involved in similar economic activities and consequently face significantly higher rates of interest.

Banking on 'Baniyas' for Credit

Marginal farmers in rural West Bengal, as seen from a field survey carried out in the Hooghly district, are increasingly relying on the trader class as a major source of credit for working capital, as opposed to traditional moneylenders or the formal sector. The repayment rates by these farmers are also better than that of the comparatively better off farmers.

Contract Labour in Karnataka

In order to effectively compete in a global market the industrial sector demands flexibility. To circumvent rigidities imposed by labour laws, the new form of employment that is being created in the economy is largely contractual. Based on a field survey, this paper looks at the status of contract labour in the state of Karnataka. The study finds that while a number of large firms pay wages above the minimum wage fixed by the state and support an increase in the minimum wage levels, a considerable number of small firms exploit the contract workers in various ways, including through non-payment of minimum wages. The study finds an urgent need to improve the social security network and supervisory mechanism for contract labour in the state.