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

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Impact of Public Debt on the Economic Growth of Subnational Economies in India

This study examines both the short- and long-run impact of public debt on the economic growth of Uttar Pradesh during the post-reform period of 30 years by employing the vector error correction model. The empirical analysis revealed that the increase in public debt-to-gross state domestic product ratio and interest payments burden would have an adverse impact on the long-run economic growth of UP, while having no significant impact on the short-run growth. It is also notable that the effective interest rate has negatively correlated with the gross capital formation in UP, and the latter has shown significant positive long-run association with the economic growth. In order to attract investments and economic growth, the state Government of UP should continue a countercyclical fiscal stance that would help in adhering to fiscal sustainability rules by smoothing out the repercussions of the COVID-19 pandemic.

Surge in Exports

Despite the recent gains, the relative size of the exports sector remains significantly below the peak levels.

A Perspective on ‘Modern Development Economics’

Development, Distribution, and Markets edited by Kaushik Basu, Maitreesh Ghatak, Kenneth Kletzer, Sudipto Mundle and Eric Veerhoogen, New Delhi: Oxford University Press, 2021; pp vii + 328, ` 1,495.

Durable Growth Revival

The recent growth recovery has been uneven as is visible across different sectors of the economy and different segments of the population. This unevenness is hurting the consumption of lower-income households and private investments, which are vital for sustained or durable growth.

Inflation, Debt Sustainability, and Government Borrowing in the Time of the Pandemic

Public borrowing is essential to garner resources to combat the current pandemic. The ability to do so and adhere to the standard norms of debt sustainability will be harder for developing economies as compared to the developed, due to constraints, both structural and policy-induced. High food infl ation and the adoption of infl ation targeting will impose severe constraints on the ability to expand borrowing and maintain low levels of debt-to-GDP. In such a situation, governments must either rethink monetary policy and/or allow for debt ratios to rise.

Is Covid-19 an Exogenous Shock?

This note argues that COVID-19 is not an exogenous shock, but an endogenous shock, resulting from the interaction or exchange of human society with the animal world. Recognising the endogeneity of the COVID-19 shock is important to devise and adopt methods of mitigating future virus shocks, such as ensuring biosafety in livestock production or reducing the interaction of humans and domestic animals with wildlife. Dealing with the endogeneity of virus transmission is also important for developing an economic theory that recognises the co-creation and co-evolution of human systems within and with the natural universe.

Closure of Schools and Migration of Adolescent Tribal Girls

This paper is an empirical study of the consequences of the prolonged closure of schools and other educational institutions for adolescent tribal girls, migrating to the construction sector of Surat in search of work. It attempts to argue that, unlike financial hardship, disruption in education...

COVID-19 and the Women at Work

Delhi has witnessed a massive disruption of livelihood and economic activities due to COVID-19. With a historical context of an abandoned mine housing refugee families at the contours of the Asola Bhatti Wildlife Sanctuary in Chhatarpur, Sanjay Colony is a slum that is far removed from the everyday hustle of the city. This paper explores the ways in which initiatives by women during the COVID-19 pandemic changed the neighbourhood character and opened up the possibilities of reimagining place-making with the objective of establishing sustainable economic engagement. It focuses on the shift that has taken place from daily wage employment at nearby construction sites to self-employment by women. With initiatives like mobilising for relief work by the Bhatti Mahila Evam Bal Vikas Mandal to spearheading the renovation of the crematorium grounds, engaging in road construction, and even working towards organising a market led by women producers and sellers, the slum created opportunities to rethink street livelihood amidst the pandemic. This paper brings forth an ethnographic account of how women propelled the reimagination of the neighbourhood through their nano-enterpreneurship.

How Places Matter

The paper looks at the phenomenon of forced resignations in the garment industry in Karnataka during the pandemic. It demonstrates how workers’ responses to forced resignations were determined by whether they were located in the city (Bengaluru) or a small town (Srirangapatna) and calls for an engagement with the local geographies to understand the experiences of women garment workers.

COVID-19 and the State of Exception

The COVID-19 pandemic has exposed that the shared taxis in Shillong are governed in an exception to the Motor Vehicles Act, thus rendering the lives of transport operators and users precarious. This precarity stands upon an underlining political consensus that gives power and authority to the executive to order the city even if in violation of the law that is supposed to govern it.

Intensifying Urbanities in Karachi

Millennial Karachi is an “intense city” with compounding precarities of varying scales. The COVID-19 pandemic has added yet another layer of uncertainty. Through an engagement with the concept of the intense city, the pandemic’s regulation and hopeful prospects in the state’s new welfare policies are considered.

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