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

Articles by Sumit K MajumdarSubscribe to Sumit K Majumdar

The Rediscovery of Netaji

Netaji: Living Dangerously by Kingshuk Nag,published by Paranjoy, Authors UpFront, 2016, pp 184,₹295.

The Bose Brothers and Indian Independence: An Insider's Account by Madhuri Bose,Sage Publishers, 2016, pp xxx + 264,₹750.

India's Recent Growth

Comparing across 42 countries, it is argued that India's gross domestic product growth rate, which is the highest in the world, does not appear to reflect in other key indicators of the economy, where the country fares relatively poorly.

Loser's Poker

The Brexit decision has been an act of self-marginalisation by Britain, with an anti-immigrant stance having driven Brexit. Economically and politically, this catastrophe may involve rethinking of the need for union among the different components making up the United Kingdom. The purveyors of Brexit were playing a game of loser's poker, which they have won. They have achieved Brexit and potentially destroyed a nation, now in a state of extremely high institutional disruption.

Concentration, Collusion and Corruption in India’s Banks

Why would companies, for whom costs rise with higher interest rates, choose to amass credit as interest rates rise? Were more and more loans taken with the understanding that default would be inevitable? Only a commission of inquiry with a specifi c mandate to understand the years of loose lending by banks in India can answer these and other uncomfortable questions. These answers are needed in the interest of securing our economy, and indeed our democracy.

IIMS-II: Fee Structure and Quality of Faculty

Lowering fees at the IIMs not only hits their financial bottom line by reducing funds available to reward faculty, but also immediately affects the quality of intellectual output by sending the wrong signals to the faculty. It will thus directly affect their motivation, the key resource in such institutions.

New Public Economics

Modern Public Economics by Raghbendra Jha; Routledge, London and New York, 1998; pp xv + 549, name and subject index provided,

Missing the Reality

Sumit K Majumdar The Reality of Foreign Investments: German Investments in India (1991-1996) by Kavaljit Singh; Madhyam Books, Delhi, 1997; pp 83, Rs 80, INDIA is in the news as a location of consequence for overseas firms wishing to invest abroad, India, however, has had a long history of foreign investment, and at independence in 1947, the predominant share of capital in industry was foreign-owned as established by Kidron (1965), Since the 1950s, India has followed a command-and- control based economy regime, one which became autarkic in the 1960s, with negative consequences on her ability to attract or retain foreign investment; however, since 1991, a fundamental economic policy-switch is in progress as a result of which there has been a move towards a market-based regime in which foreign capital is expected to play a significant part.

Are Liberal Foreign Investment Policies Good for India

Policies Good for India?
This article examines an empirical regularity with respect to Indian industrial behavior and sets out the implications that fallow from the result derived from the empirical analysis. The analysis explores the exporting behaviour patterns of over 1,000 firms with varying degrees of foreign ownership in India far the years 1088 to 1994, and is principally a cross-section based analysis, Since the 1950s, India fallowed a command-and-contral based economy regime. This regime became exceedingly autarkic, particularly In the 1960s, with negative consequences on her ability to make headway in export markets or to attract foreign investment, Since 1991 an economic policy switch is in progress and there have been moves towards a market-based regime in which foreign capital both on the current account via the generation of export sales as well as on the capital account via foreign investments, is expected to play a big part An empirical examination of the consequences of fallowing, or not realty following as happened in the Indian case, liberal trade policies is absolutely necessary since economic policy-making in India seems to be entirely based on ad hocism and intuition and not on the necessary and vital hard facts.

Privatisation An Exegesis of Key Ideas

Privatisation: An Exegesis of Key Ideas Sumit K Majumdar Gautam Ahuja Big-bang, or mass privatisation, does not appear to be feasible for most transition economies. Therefore, the issue of sequencing in privatisation acquires policy importance. An efficiency-based logic which prioritises privatisation of enterprises likely to post largest improvements in performance, can help reduce investor uncertainty, and enhance state credibility by indicating the presence of a government in control of the process.

Debt, Where Is Thy Sting-Leverage and Corporate Performance

This paper examines the relationship between the debt-equity ratio and performance for a large sample of Indian firms. Extant theory posits a positive relationship between leverage and economic performance and this relationship is found to be valid in western economies. Analysis of data for a very large and representative sample of Indian firms, however, reveals the relationship for these firms to be significantly negative. The structure of capital markets in India, where both short-term and long-term lending institutions are predominantly government- owned, is postulated to account for the finding of this relationship, and it is shown that corporate governance mechanisms which work in the west will not work in the Indian context unless the supply of loan capital is privatised.

Fall and Rise of Productivity in Indian Industry-Has Economic Liberalisation Had an Impact

In this study the author examines productivity trends in Indian industry for the period 1950-1951 to 1992-1993. the latest available Annual Survey of Industries (ASI) data that have been released by the Central Statistical


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