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

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India's Decade of Development

To make the first decade of the 21st Century a true 'Decade of Development' for India will require a broad-based programme of economic and social actions. These actions will require new approaches and legislative reforms in many areas of public policy. Ten main areas of reform summarised

Raising Global Competitiveness of Tamil Nadu's IT Industry

In the emerging knowledge-based global economy, the sustainable competitive advantage of nations will reside not in their possession of natural resources or cheap labour force, but in their ability to harness their countries' intellectual assets. As such, the knowledge revolution offers a unique chance to leapfrog entire stages of development. This paper argues that in order to make such a leap Tamil Nadu needs to initiate a knowledge-led development policy that builds on the state's successful IT industry. This paper proposes a roadmap to raise the global competitiveness of Tamil Nadu's IT industry, through strengthening both the demand and the supply.

Strengthening India s Strategy for Economic Growth

Economic Growth Nirupam Bajpai Jeffrey D Sachs We suggest a three-pronged approach to an enhanced growth strategy for India. The first prong is expanded growth. Here the lessons of Chirm are particularly instructive, since China achieved in the past 15 years the. kind of export-led growth that India could have achieved, but failed to achieve, because of poor public policies. The second prong is rural improvement, especially in the vast population of the Gangetic valley. India needs a specific strategy to bring modern economic growth to rural India, through a concerted campaign of infrastructure upgrading and appropriate re-design of state policy. The third prong is the maintenance of macroeconomic stability, to avoid the kind of crisis that pushed East Asia into economic collapse. The macroeconomic stakes have obviously been raised in the past year. India's macroeconomic policies will he under scrutiny as perhaps never before following the onset of the East Asian financial crisis.

East Asian Models of Development

The East Asian Miracle: Economic Growth and Public Policy. A World Bank Policy Research Report; Oxford University Press, New York. I993;ppxvii + 389.

Economic Reforms in Developing Countries-Theory and Evidence

Theory and Evidence Nirupam Bajpai Economic reforms are being undertaken almost throughout the developing world today. preceded in most of the countries, including India, by a fiscal and balance of payments crisis. It is argued that the reforms are guided by rules-of-thumb and the underlying general equilibrium model of the economy for which these standard rules apply is an unrealistic portrayal of most of the developing economies. The model holds good only under very restrictive assumptions. perhaps only for small economies and not large ones. Besides, while it is important to attain and maintain fiscal discipline, the IMF's approach has prolonged the process and invariably failed to yield the desired results.

India s External Debt-Retrospect and Prospects

Retrospect and Prospects Nirupam Bajpai Statistics bear testimony to the fact that India's external debt has grown rapidly over the 80s. Also, it has been contracted on increasingly hard terms. With the serious external payment crisis that the country went through in the recent past, concern about the size and composition of India's external debt has come into sharp focus.

Stabilisation with Structural Reforms-Can the Two be Pursued Simultaneously

Can the Two be Pursued Simultaneously? Nirupam Bajpai Developing countries are undertaking structural reforms in the midst of macro-economic instability. While most of the discussions on economic reform see growth as more or less an assured product of appropriate stabilisation and reform policies, this paper argues that simultaneous attempts toward stabilisation and economic liberalisation may lead neither to macro stability nor to the restoration of sustainable growth. In fact, the objective of stabilisation is in conflict with the objective of re-igniting growth in the economy.

Severely Indebted Low-Income Countries-Mounting External Debt and Servicing Burden

Mounting External Debt and Servicing Burden Nirupam Bajpai Although the total external debt of severely indebted low-income countries is less than Mexico's alone, yet it represents, by many measures, amore severe burden to their economies than the severely indebted middle-income country debt represents to those economies. Collectively, the former's debt is 104 per cent of their GNP and 490 per cent of their annual exports. This paper attempts to identify and analyse the problems of mounting external debt and servicing burden of these sub-Saharan African countries. Also, inter alia, debt initiatives of the World Bank and the IMF have been critically examined.

World Bank s Structural Adjustment Lending-Conflicting Objectives

With the introduction of Structural Adjustment Loans the World Bank took over a new role, that of policy- based programme lending. In addition, to address sector-specific issues, the Bank introduced sector adjustment loans. An attempt has been made in this paper to identify and analyse the basic issues relating to the Bank's adjustment lending and to highlight some of the conflicting objectives of such lending.

Financial Reform Role of Liberalisation

Financial Reform: Role of Liberalisation S P Gupta Nirupam Bajpai The World Bank, World Development Report 1989; Oxford University Press, THE World Development Report 1989 (henceforth Report) is the twelfth annual report in a series to assess global development issues. The focus of the Report this year is on the role of financial systems in development. The central message of the Report is that the developing countries must be prepared to undertake wide-ranging reforms of their financial sectors to encourage the return of flight capital and mobilise the investment needed for economic recovery. Financial sector reforms are suggested in the backdrop of the assumption that external capital flows will remain limited for the foreseeable future Besides, it has been emphatically stated that the traditional banking structures in the developing countries have led to misallocation of credit, financial distress and inefficiency which has wasted savings and impaired growth prospects.
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