Articles by Mihir Rakshit

The Economic Survey 1993-94 and the Budget papers for 1994-95 display inadequate appreciation of the macro- economic mechanism giving rise to a series of paradoxes which have characterised the Indian economy since the initiation of the Structural Adjustment Programme in July 1991, and during 1993-94 especially.

The Macroeconomic Adjustment Programme A Critique Mihir Rakshit The government has chalked out a programme for macroeconomic adjustment over the short and the medium run in order to resolve the fiscal crisis and tackle the problems of inflation and the balance of payments. Our primary focus in this paper will be on the macroeconomic adjustment policies embodied in the union budget, though we have also to consider the medium run macro implications of the exim policy, delicensing of industries and financial liberalisation.

Or, How to Get Rid of Money Illusion Mihir Rakshit Some of the measures taken in the Budget for 1986-87

Saving-Investment Estimates in India Mihir Rakshit For analytical purposes it is useful to distinguish among three (often overlapping) sources of shortcomings in the Report of the Working Group on Savings: first, an inadequate appreciation of the implications of the CSO method of measurement; second, confusion in respect of the nature of the concepts used in national income accounting; and third, lack of a coherent macroeconomic framework for assessing and interpreting the data for capital formation and related aggregates. The issues thrown up by the Report are accordingly divided in to four groups in this paper.