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

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Demystifying Delusion and Unveiling the Crypt

The Indian Economy in Transition: Globalization, Capitalism and Development by Anjan Chakraborty, Anup Dhar and Byasdeb Dasgupta; New Delhi: Cambridge University Press, 2016; pp xx + 422, price not indicated.

Glimpses from the Past: Export Strategy for the Take-Off

This article written by Manmohan Singh, then a young economics scholar, was published in the Special issue of July 1963 of the Economic Weekly . Fifty years later, he occupies the position of the Prime Minister of India, yet the debate over India's export strategy remains as vexed as ever. EPW brings you this article from its rich achives to foster debate and discussion on issues that remain as relevant now as it was back then.

Sectoral Linkages and Growth Prospects

This paper examines the linkage of growth among the agriculture, industry and services sectors of the economy, using both an input-output (I-O) and a simultaneous equation framework. Despite the substantial increase in the share of the services sector in GDP over the years, the I-O tables suggest that the agricultural sector still plays an important role in determining the overall growth rate of the economy through demand linkages with other sectors of the economy.

Global Slowdown and the Indian Economy

While there may have been some effect of the current global slowdown on economic activity in India, poor performance of agriculture has perhaps been more responsible for the Indian economic slowdown in recent years. Thus domestic factors such as agricultural growth can be neglected only at our own peril. With the information technology industry set to be a major vehicle for productivity growth, India must be prepared to withstand the increased possibility of output volatility through upswings and recessions. And as it increasingly meshes with the globalised trading and financial system, India's own financial system must be strengthened to withstand asset price shocks with policies geared to take quick remedial measures.

A Life in Political Economy

Glimpses of Indian Economic Policy: An Insider’s View by I G Patel; Oxford University Press, New Delhi, 2002; pp 205, Rs 395.

Economy : Wrong Prescriptions

Wrong Prescriptions A correspondent writes: Even a 4 per cent rate of economic growth need not be scoffed at, though it does mean that the economy has underperformed in terms of the target of 6 per cent. It does speak however of the need not to set growth targets unrealistically high. Then the impression goes round that the economy is underperforming. Cynics may suggest that there is a deliberate attempt to show underperformance with a view to push forward the reform programme to which the government is committed.

Balanced Growth and Foreign Trade

This paper attempts to establish a link between the maximum attainable rate of growth and the foreign trade sector for the Indian economy in the framework of the balanced growth model. Using six input-output tables, the paper finds that the exports and the imports of the economy would have to rise manifold, for the economy to achieve the technologically given maximum rate of growth. The paper also identifies the 'exportable' and the 'importable' sectors for the Indian economy.

Economic Reforms:A Decadal Stocktaking

A recent conference held in Australia to mark 10 years of India's economic reforms saw papers presented on various topics, covering the gamut of trade, investment and economic growth. The meet also helped to highlight the important work being done on the Indian economy in Australia and other neighbouring countries.

Impact of Increase in Oil Prices on Inflation and Output in India

This paper attempts to study the transmission mechanism of an increase in petroleum prices on the prices of other commodities and output in India. The paper also examines the nature and the extent of 'feedback' in such a transmission mechanism and obtains evidence of bidirectional causality between oil and non-oil inflation in India.

An Analysis of India's Exports during the 1990s

This paper has two broad objectives: First, identify a set of factors that appear to be responsible for a significant decline in India's export growth during the post-reform era, and second, an examination of the possible impediments for high export growth in a sustained manner. The decline in Indian exports during 1996-97 was due mainly to a fall in the growth rate of export volumes. This analysis brings out the nature of demand-side factors, as against supply-side bottlenecks, that have constricted the growth of exports. However, easing of supplyside constraints too would have aided the revival of export growth.

Imparting Dynamism to Credit Delivery

When the economy is in dire straits the Reserve Bank cannot sit back and say it has done enough by reducing interest rates and supplying liquidity to the market. It needs to operate on many fronts - interest rate, general refinance, sector-specific refinance, directed credit norms and moral suasion - to introduce dynamism into the banks' credit delivery system.

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