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

Articles By Parthapratim Pal

Pandemic and the Monetary Policy in the Global North

During the COVID-19 pandemic, expansionary economic policies played an important role in reviving the floundering global economy. In this context, the present paper looks at the effectiveness of monetary policy in the global North in stimulating real economic activity. In an ultra-low interest rate regime, the traditional monetary policy ceases to be effective. Therefore, many developed country central banks adopted a slew of unconventional monetary policy tools to tackle the recession. This paper analyses the unconventional monetary policy tools pursued by the global North with special reference to the United States and argues that the transmission channels of unconventional monetary policy tools to increase effective demand are not always automatic and straightforward. There is strong evidence that while these expansionary measures may have helped during the initial crisis, their effectiveness in reviving sustained economic activity in the medium run is doubtful. On the other hand, there are routes through which increased liquidity created by unconventional monetary policy tools has ended up in the financial sector, thereby leading to an asset price inflation that may not have a net beneficial impact on the real economy.

Recent Downfall of the Indian Rupee

Assessing the trends in India’s balance of payments, it is argued that a combination of substantial trade deficit and a significant current account deficit financed predominantly by fickle portfolio investments could have made the rupee vulnerable to the moods of the global capital market. India’s huge dependence on oil imports along with high gold and electronic imports could also have played their roles in making the exchange rate volatile.

Impediments to the Spread of Crop Insurance in India

The Government of India aims to double the crop insurance coverage to 50% through the Pradhan Mantri Fasal Bima Yojana by 2018. By analysing the agricultural household data, this article comments on the feasibility of attaining this target by looking at the past performance of similar schemes. Few critical areas where efforts need to be concentrated in order to increase coverage are discussed.

Death in Police Custody

Politics Overpowering Welfare

An analysis of the Unorganised Workers' Social Security Act 2008 shows its distance from the original National Commission for Enterprises in the Unorganised Sector proposal. Passed as a measure of political expediency ahead of the 2009 general elections, the legislation creates few timelines or compulsions for central and state governments to provide for unorganised workers. Current schemes included in the Act's ambit focus only on below poverty line workers, threatening to leave out a large swathe of this vulnerable workforce.

India and RTAs: Getting Tangled in the Noodle Bowl

India has been embracing regionalism in a big way in recent years. Regional trade agreements are growing not only in number but also in their depth and coverage, thus diverting a significant portion of India's trade through the preferential route. Such a trade promotion strategy emphasises market access rather than deal with supply-side efficiencies.