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

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Calcutta Diary

The economic recession, which threatens to be long-lasting, is the product of the recession of political and cultural ethos; countrymen, we have rediscovered the bliss of colonialism, at least a new version of it, and cannot quite stop admiring it.

Inflation : RBI May Well Be Right

RBI May Well Be Right The outlook for inflation in 2003-04 is expected to remain benign, according to the Reserve Bank. This at a time when inflation, measured by point-to-point changes in the wholesale price index, is well over 6 per cent and the monsoon, or at least the Met office, promises another difficult year. International commodity prices, too, show signs of hardening, despite the welcome signs of crude prices remaining soft. Is it time then to take the central bank

Small Savings Policy Circumventing Tax Sops

Inflation benchmarking of small savings and provident fund interest rates, which is a sound policy in and of itself, has the added advantage of lowering the interest paid when there is inflation and tax exemptions cannot be touched.

The Economy: A Post-Budget Perspective

The focus of this article is not so much the quantitative or specific aspects of the budget as some qualitative issues regarding the economy. It touches on some developing trends and, since the budget is the peg on which it hangs, refers to one or two specific proposals.

Macroeconomic Management in the Nineties

This paper discusses India's macroeconomic policies in the 1990s. Section II of the paper provides an overview of macroeconomic performance during the decade. Section III recounts the macro-policy responses to the principal problems and challenges that surfaced as the decade unfolded. Section IV surveys the main institutional reforms carried out in the nineties in the key dimensions of macroeconomic policy - fiscal, monetary and the exchange rate regime. Section V concludes by outlining briefly some of the major ongoing challenges for macroeconomic policy.

Revitalising Growth: Idiom and Message

The main reason why the RBI's latest Report on Currency and Finance has caught public attention is the policy implication of the research presented in it. But while it is understandable that the initial responses are focused on the policy aspects, the analytical aspects of the report too deserve a careful look.

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.

Setting Small Savings and Provident Fund Rates

This paper recommends an inflation adjustment formula for setting the interest rate on all Small Savings and Provident Funds and discusses the rationale for the suggested formula.

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