Search

This paper reviews the economic policies adopted by the Indian government under different policy regimes, provides a political economy perspective of economic growth in the country during 1950–2020 and examines the inclusiveness of the rapid economic growth in recent decades. The growth performance of the economy improved as the economy moved from inward-looking policy regime to the regimes of pro-business and pro-market policies. India's political economy was supportive of the changes in policy regime. After growing at a sluggish rate during the first three decades after 1950–1951, the gross domestic product (GDP) growth accelerated significantly after the pro-business reforms in the 1980s, and there was further acceleration after the pro-market reforms since 1991–1992. It has, however, slowed down in recent years. Nevertheless, it has not been inclusive, as the benefits of growth have not reached all sections of the population and all regions of the country equally. On the contrary, disparities in income across regions and inequalities in income, wealth and consumption among individuals have exacerbated, and the problems of unemployment and poverty have been persisting in the economy. [ABSTRACT FROM AUTHOR]

Indian economy is the agricultural economy and real India is in the villages. Without rural economic development, the objectives of economic planning cannot be reached. So, banks and other financial institutions are considered a vital role in rural economic development in India. NABARD is playing a vital role in the economic development of rural India. A developing country, like India, ought to be an ideal environment for micro-finance programmes seeking to reach the poor and attain financial sustainability. Microfinance is regarded as a central poverty alleviation strategy and a means of deriving economic growth and employment of small, micro & medium enterprises (SMME). A complex set of best practice models and a network of active members and support of rural people in an organized form and the active support of banks and NABARD in India have emerged to support a thriving industry. Bank credit is available to farmers under the short-term credit for the shape of agricultural products and financial programs such as the medium-term/long-term debt financing for capital investments in agriculture and related activities such as land, including land purchases, minor irrigation, farm mechanization, program development, the domestic poultry animals, fishing, plantation, and horticulture. The loans are available for storing, processing and marketing agricultural products needed now days the long-term and short-term credit of these institutions are also achieved by the National Bank for Agriculture and Rural Development (NABARD). It is the evolution of agricultural finance. In this paper, an attempt has been made to understand the concept of rural finance in India and the role of NABARD in the priorities of the credit sector and also various programs initiated by the NABARD for the sustainable development of rural India. The study could also lead to the strengths and weaknesses of Rural Finance in India. [ABSTRACT FROM AUTHOR]

Since 1991, India has witnessed wide-ranging economic reforms in its policies governing international trade and foreign direct investment (FDI) flows which has consequently led to a dramatic rise in both trade and FDI flows since then. Using firm-level panel data, this paper investigates whether these trends have contributed to significant productivity improvements since 2000, as measured by total factor productivity (TFP). In addition, the paper also examines the determinants of TFP across a range of different industry categories. The results suggest the existence of significant productivity improvements since 2000 and also identify variables such as imports of raw materials and capital goods, size of operation, quality of employment captured by wage rates, and technology imports as crucial determinants of productivity. [ABSTRACT FROM AUTHOR]

Climate change issue has evolved as a central policy of the Government of India. The crux of the policy is centered on the economic development. Internationally, India has been consistently resisting the developed country's climate policy as the policy might threaten New Delhi's economic development prospect. However, the recent evidence of climate change threat to the economic development compelled political leaders to design the domestic climate policy—the National Action Plan on Climate Change—which is consistent with the country's economic development. Considering the global climate diplomacy, this paper examines the evolution of India's domestic climate change-development discourse and how climate change has been constructed as a major threat at the highest political level that securitises the country's economic development. The threat discourse is explained from the standpoint of the securitisation theory to explore three core constituents of India's domestic climate policy: the referent object, securitising actors and the audience. [ABSTRACT FROM AUTHOR]

Copyright of Research Papers of the Wroclaw University of Economics / Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper tries to trace the relationship between finance and growth. There are several indicators which represent the degree of financial intermediation such as M3, Real Rate of Interest (RR) and economic growth. In this paper, we have used Time-series methodology such as Unit Root (ADF and Phillips-Perron Tests), Cointegration (developed by Johansen and Juselius), and Granger Pairwise causality. We have checked the presence of unit roots in the data, and all the three variables-Financial Development, RR and Growth Rate-are found to be integrated at first difference. Secondly, Johansen cointegration test results confirm the presence of long-run equilibrium relationship among the variables. Finally, the Granger causality supports the hypothesis of 'Finance-led Growth' indicating that the finance is a leading sector in India and is poised for development. This result supports the supply-leading hypothesis for Indian economy for the sample period. These findings have important implications for the conduct of economic policies in India. [ABSTRACT FROM AUTHOR]

In this paper, we modify the multivariate nonlinear causality test to be panel nonlinear causality test and we apply these and other existing related tests to examine the causal relationship between growth in economic policy uncertainty (EPU) and real housing returns in China and India using quarterly data from 2003:01 to 2012:04. Both panel linear and nonlinear Granger causality tests suggest the existence of only linear and nonlinear unidirectional causality relationships from growth in EPU to real housing returns in both China and India, and bivariate linear Granger causality tests suggest the existence of only linear unidirectional causality relationship from growth in EPU to real housing returns only in China. However, nonlinear bivariate Granger causality tests conclude the existence of nonlinear bidirectional causality relationships between growth in EPU and real housing returns in both China and India and cross bivariate linear and nonlinear Granger causality tests discover that there is only a linear causality relationship from Indian growth in EPU to Chinese housing returns. The results confirm the relevance of EPU data to better understand and predict the future behaviour of housing market returns in these countries. [ABSTRACT FROM AUTHOR]

Decomposing the GDP growth from 1981 to 2004, this paper finds that innovation capacity has contributed significantly to the economic growth of China and India, especially in the 1990 s. Outputs of the national innovation system, measured by patents and high-tech/service exports, demonstrate the considerable progress China and India have made in innovation capacity. The enhanced innovation capacity of China and India is primarily due to their heavy investment in the inputs of innovation system, i.e., R&D expenditure and R&D personnel, in recent decades. This paper emphasizes the role that the governments have played in promoting innovation capacity and their contribution to economic development. Both governments have transformed their national innovation systems through linking the science sector with the business sector, providing incentives for innovation activities, and balancing import of technology and indigenous R&D effort. Using case studies of domestic biotech firms in China and India, this paper also offers micro-level insights on innovation capacity and economic development: (1) innovation capacity has become essential for domestic firms’ market success and (2) global institutional factors and national government policies on innovation have considerable influence on the choice of innovation at the firm level, i.e., to conduct indigenous R&D or to import foreign technology. [ABSTRACT FROM AUTHOR]

Motivated by the concern that the recent surge in inflation could retard growth, the paper revisits the nexus between inflation and growth from the perspective of an emerging economy, India. Examining this relationship using a wavelet multi-resolution analysis with varying time scale decomposition suggests a strong and persistent negative relationship between growth and inflation for a short time scale, while it is not significant for a longer time scale. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to identify the pathways through which social protection policies in China and India can address the key challenges facing poor, vulnerable, and disadvantaged groups under rapid transformation in both countries. Design/methodology/approach – This paper reviews the main social protection policies in China and India and analyzes the challenges that they are facing. This analysis is based on an evaluation of poverty and food security trends in both countries among vulnerable and disadvantaged groups followed by an overview of major experiences and gaps in social protection policies in the two emerging Asian giants. Findings – Improving the coverage and targeting of social protection systems is vital, and will require a multi-faceted reform portfolio that promotes more integrated and horizontally equitable systems. Emphasis should be placed on developing productive, cross-sectoral social protection programs that combine short-term social safety support with long-term tools to enhance productivity, paying special attention to nutrition, health, and human capital development. More efficient coverage and targeting should bridge the rural and urban divide and be grounded in transparent criteria and procedures that govern program implementation at all levels of the government. As both countries become more urbanized, social protection programs need to give equal attention to emerging food insecurity and nutrition issues within urban areas without detracting from food security and nutrition efforts in rural areas. Originality/value – Faced with a sizable population of undernourished and poor people, India and China have applied rather different approaches to address food insecurity. The originality and value of this paper lie in an in-depth parallel analysis of how China and India can better use their social protection systems to address food insecurity and undernutrition among poor, vulnerable, and disadvantaged groups. [ABSTRACT FROM AUTHOR]

This paper makes an attempt to measure sacrifice ratios for the farm and non-farm sector as disinflation policy is believed to have differential impact on these sectors. Using the non-parametric approach of Ball (1994), five disinflation episodes are identified for India over the period from 1950–51 to 2009–10. These disinflations are largely due to contractionary monetary policy pursued by the Reserve Bank of India. The estimates of the sacrifice ratio and the presence of persistence and hysteresis effects indicate that disinflationary monetary policy is more harmful to output growth in the non-farm sector. In contrast, the negative sacrifice ratio in the farm sector implies that there is output gain during disinflationary periods. This output gain in the farm sector seems to have been driven by those factors which are independent of contractionary monetary shocks. These evidences also suggest that use of aggregate time series data might produce errors in the measurement of sacrifice ratios. [ABSTRACT FROM AUTHOR]

Copyright of Comparative Economic Research is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Effective relations between states and business have been increasingly identified as an important institution for sustaining economic development. This paper constructs quantitative indices measuring the quality of state-business relations (SBRs) across Indian states in the 1985-2008 period. It represents the first effort to systematically characterise SBRs across sub-national units within a country without resorting to subjective surveys. We discuss the possible sensitivity of the indices to minor and major definitional changes and examine the evolution of SBRs across Indian states and at the national level through the study of cross-sectional and secular trends in these indices. The results suggest that SBRs have improved over time in all states barring Bihar. Rankings of states in terms of the SBR index show varying time trends-stable and high ranks for states like Andhra Pradesh, Karnataka, and Tamil Nadu, stable and low ranks for states like Uttar Pradesh and West Bengal, rapidly improving ranks for states like Haryana, Punjab and Rajasthan and swift deterioration in ranks for states like Bihar and Madhya Pradesh. Copyright © 2011 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

India adopted economic planning in 1951 and since then ten Five-Year plans are over. India's Five-Year plans have the basic objectives of growth, employment, self-reliance and social justice. Any country that wishes to progress must place due emphasis on industrial development as economic development and modernization processes are closely interlinked. In India, the importance of agriculture is self-evident as about two-third of the population depends on it, but industrialization has a major role to play in the economic development of the underdeveloped countries. This paper deals with the critical analysis of the policies of the government for allocation of funds to the industry and related activities in various plans. [ABSTRACT FROM AUTHOR]

Purpose - Economic policy reforms, characterised by a market-driven, privatised policy regime, are being adopted as a strategy by India to promote economic development. As markets become liberalised, public sector organisations face extreme vulnerability unless they can identify and develop the competencies necessary to thrive in these competitive markets. This paper, drawing on the resource-based view, aims to identify the pre-reform capabilities of public sector organisations in India and similar developing country contexts that would be relevant even in the post-reform context. Design/methodology/approach - An interpretative and theoretical approach is used to put forth the arguments and a framework is proposed to explain the possibility of deriving competitive advantages from pre-reform capabilities in the post-reform context. Findings - Several unique capabilities of Indian public sector organisations can be identified using the resource based perspective which can be leveraged in the post-reform context. They have superior resource-picking capacity compared to private firms, especially for government-regulated resources, international financial assets and modern technologies. Their internal integrative managerial systems and structures offer them an advantage in meeting the competitive demands of speed and promptness. Under effective leadership, the loyalty of a large workforce and their number of years of experience gives them an advantage of effective coordination and knowledge sharing and flow. Also, their capability in delivering economies of scale and scope due to their size and supply chain integration gives them a cost advantage over others. Practical implications - This paper takes a practical approach. It accepts the existing organisational culture, processes and systems of public sector organisations as given and matters of long-term change, and identifies existing capabilities in the current organisational context that could help them survive better. Originality/value - Unlike most papers that focus on how policy changes affect public sector organisations or those that conduct a comparative analysis with the private sector on various parameters, the main focus of this paper is to identify existing capabilities that can be leveraged by public sector organisations for effective adaptation in the new scenario. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to specify some historical and current issue regarding this subject. Like, what has been the relative importance attached to the different aspects of policy; what has been the pace and progress of reform process. Design/methodology/approach - The paper begins with a short discussion of the background of the study and overview of post-independence economic policy. Hence it is a descriptive study that it finds some data from government site. This paper is thought to provide more reliable information about above impacts for policy makers and State and Central Government. Findings - The paper specifically focuses upon economic reforms and social justice in India, issues relating to the progress of economic reforms, need of reforms for human face. More generally, the paper suggests that government should make relatively limited use of key performance Indicators for economic reforms and have high-level participation rates benchmarking for social justice exercises. Research limitations/implications - Some implications are the timing of the various policies and, more importantly, their sequencing and the relative importance attached to the different aspects of policy, in as much as domestic priorities relating to the provision of education, health and employment, globalization of the economy. Practical implications - The paper can help to promote administrative, managerial, and financial support for economic reforms and social justice in India and emphasis the responsibility to the state and central to enlarge reforms opportunities and encourage economic development. Originality/value - Indian Government decides to accelerate the rate of economic growth and to speed up industrialization, to develop heavy industries, to reduce disparities in income and wealth through economic reforms and social justice. [ABSTRACT FROM AUTHOR]

Over the past decade, literature on the development of the Indian it industry has proliferated. Yet, paradoxically, an understanding of the dynamics behind this process of 'industrial catch-up' has remained limited. This can in part be attributed to the ideological flavour of the majority of studies, supported by a conventional wisdom that has attempted to draw links between the 1991 liberalisation of the Indian economy and the emergence and growth of the sector. Such works have both misrepresented the state as an obstacle to growth and overlooked its interventionist, facilitating role which, contrary to neoliberal postures, has increased substantially from the 1990s. The purpose of this paper is to evaluate this literature, taking as point of departure a more rounded empirical account, bringing out the integral role of the state in promoting and determining the character of the Indian it industry's development. [ABSTRACT FROM AUTHOR]

Concerns about relatively high degrees of exchange rate pass-through in a number of emerging economies have contributed to a fear of floating. Despite the obvious policy relevance of this issue there is hardly any existing literature that has examined aggregate CPI pass-through for India, which has been liberalizing its economy since 1991. This paper estimates exchange rate pass-through (ERPT) at the aggregate level into India's CPI for the period 1980Q1 - 2005Q3. We also analyze whether exchange rate pass-through in India has changed over time, particular since 1991, which was the beginning of the country's economic liberalization program. [ABSTRACT FROM AUTHOR]

The role of infrastructure in economic growth has been the subject of considerable research in the fields of public policy, economics, and planning. In this paper, I examine the contribution of publicly supplied infrastructure to sub national regional growth in India. I first develop and numerically examine a regionally disaggregated model of economic growth to understand the dynamics of private capital and public infrastructure. For the empirical analysis, I use a pooled data set for Indian states to examine if publicly supplied infrastructure is a significant determinant of regional growth and whether there are spatial variations in the productivity effects of infrastructure. The main findings are that transport and communications infrastructure expenditures are significant determinants of regional growth, and the positive benefits accruing from these expenditures come not only from investments made by individual states, but there are positive externalities from network expenditures made by neighboring states. Finally, the out of sample simulated regional growth predictions show divergence in private capital formation between lagging and leading states. [ABSTRACT FROM AUTHOR]

Robert Cassen, professor at the Department of Social Policy, London School of Economics, seeks in this paper to explain the role of population growth in economic development and environmental change. Professor Cassen argues that the role of population is best understood as a long-term underlying factor which influences the scale and composition of demand for goods, services and resources, as well as the supply of labor. How demands are met, and how useful more labor is, are functions of innumerable influences, including the economy, technology, markets (or lack of markets), social structure and social conditions, property rights, politics, law and institutions. One can point to aspects of development that are strongly population driven, and disentangle others which are not, but where population has a significant influence. Professor Cassen concentrates on such an approach, illustrating the general case from the Indian experience. [ABSTRACT FROM AUTHOR]

The total number of widows in India exceeds 33 million. Yet, despite the large number of women affected, little is known about their living conditions. Widows are particularly vulnerable and deserve special attention within the study of public policy and economic development. This paper is based on an analytical research study conducted by interviewing 300 randomly selected rural widows of all age groups from rural parts of the Vidarbha region. An attempt is made to achieve better understanding of social and economic condition of widows, by focusing attention on widowhood as a social problem. This study explores the dominant ideological construction of widowhood in the context of patriarchy, religion, and customs. Nearly 69% widows were illiterate, 96% had economic problems, and 47% faced discrimination due to caste and religious obligations. Elderly widows constituted 49% of the sample, age had placed them in a difficult position to discrimination, dependence, oppression, and health problems. Among elderly widows there was a wide spread feeling of psychological neglect and isolation. The paper also discusses some key issues of social, economic policy, and action in support of widows' property rights, social security, employment, social identity, and participation in society. The study identifies factors that account for high levels of deprivation which includes limited freedom to remarry, insecure property rights, living arrangement of elderly, social stigma, restricted employment opportunities, and lack of social support. The study extensively deals with social work intervention aspects in helping the widows and discusses social, economic, and policy implications of the problems of widows. [ABSTRACT FROM AUTHOR]

Despite India's advancements in development and industry, it is also the nation with the greatest prevalence of open defecation in the world. This paper examines India as a case study in order to understand some of the barriers to sanitation projects. Specifically, these barriers include: top-down governmental approaches such as inconsistent and ill targeted funding, subsidizing, poor quality toilets when built, and incentivizing. In addition, there is a need to transition to Community-Led Total Sanitation models. This can be done by improving health awareness and integrating vulnerable populations in sanitation campaigns. Additional recommendations for future projects, including further use of technology as seen in the current Clean India Mission, are also made throughout this paper. These findings can provide useful methods to improve sanitation in India, which not only has applications to current sanitation policies in the country, but could also serve as a model to benefit other countries facing similar concerns. [ABSTRACT FROM AUTHOR]

The concept of financial inclusion has a special significance for a fast-emerging economy such as India, as it encompasses a large segment of the productive sectors of the economy under formal financial network to unleash their creative capacities; besides augmenting domestic demand on a sustainable basis. The 2008 financial crisis highlighted the profound importance of finance for the globalized economy. But 2.5 billion people worldwide still lack access to formal banking services, credit facilities, or savings instruments. Over a period of time, several financial and economic policy measures are being taken by the banks in India to improve access to affordable financial services through financial education, awareness generation, business communication networking and leveraging technology. Hence, for the Government of India, inclusive growth has always been a national priority. The agenda of inclusive growth is reflected in the kind of policies and regulations that the policy making and regulating institutions, like RBI, FEMA, IRDA, PFRDA (for micro- pensions), SEBI etc. have been developing over the past decade. The banking sector - particularly the Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) have taken a lead and proactive role in promoting financial inclusion through various carefully designed programme initiatives, blended with institutional support in a time-bound manner with fairly good response at various levels and segments of the economy. The systems developed so far are still evolving. The paper attempts to put together a comprehensive review on the state of development and progress made in implementing various financial inclusion policies and strategies by focusing on the following cardinal aspects that are critical for economic development and growth: : (i) Tracing the genesis and the broader context of financial inclusion as key policy Instruments to leverage baking innovations as viable options for achieving sustainable financial and economic growth in India; (ii) Analyzing the relationship between the various innovative financial inclusion measures taken by the Government and the Banks (particularly the RBI and NABARD) and their impact on Economic Growth; (iii) Ascertaining the Bank's Business Potential for leveraging Financial Inclusions, in an effort to broad-base the equitable access to and ramified distribution of Financial Services; (iv) Exploring expanded Role of Technology in Financial Inclusion and developing new Measuring and Monitoring mechanisms of financial inclusion Impact with greater involvement of financial institutions as well as the stakeholders; (v) Analyzing Constraints to Spread of Financial Inclusion measures and future strategies to overcome them. [ABSTRACT FROM AUTHOR]

Space and its reconstruction has emerged as one of the foremost devices of capitalist development. In this context, this paper attempts to develop a critique of the prevailing logic of ‘development’ in India. It argues that the contextual realities of the current exclusionist economic policy in India are defined not only by the nexus of the neo-liberal policy regime and disciplinary political authority, but also by the resistance and struggles of the dispossessed. [ABSTRACT FROM PUBLISHER]

In this paper we concentrate on FDI and argue that the contrasting FDI policies in Brazil and India can be traced back to differences in the respective colonial (or semi-colonial) experiences of the two nations during the 19th century. Our comparative analysis of FDI in Brazil and India shows the importance of historical and institutional awareness in gaining an understanding of the manner in which each society perceived the role of foreign investments in their societies. By doing this, we gain an understanding of the reasons these countries adopted different attitudes and policies towards foreign capital. [ABSTRACT FROM AUTHOR]

After an extended period of indifferent economic growth, the Indian economy has been one of the fastest growing economies of the world since the 1980s. Both the timing of India's growth acceleration and the causes of India's economic growth remain contested. The paper argues that India's growth turnaround occurred in the late 1970s, and not in the 1980s or 1990s as commonly understood. Furthermore, most interpretations of India's growth acceleration have tended to privilege one dimension of the growth experience over another, and that an analysis of the causes of India's growth suggest a more complex story and that no single perspective can provide a convincing explanation of India's growth phenomenon. [ABSTRACT FROM AUTHOR]

Purpose — The paper seeks to assess the influence and effectiveness of non-governmental organisations (NGOs) in targeting and aiding ‘communities’ to reduce their socio-economic vulnerability to infrequent large-scale and common everyday crises in coastal Andhra Pradesh. Design/methodology/approach — Data collection included 342 questionnaires with village inhabitants, local and regional government officials and personnel managing and working for local NGOs. To add qualitative detail to the quantitative data that were collected, 308 ‘everyday’ sociograms, 294 ‘crisis’ sociograms, and 34 semi-structured interviews were also conducted. Findings — The research identifies that NGOs in the study areas do not operate in multi-caste villages, apparently because they prefer to operate in relatively homogeneous single-caste villages. The implications are that some of the most vulnerable members of society, such as the marginalised ‘communities’ that partially constitute multi-caste villages, do not receive the support they need. Research limitations/implications — This study focuses on a specific region of Andhra Pradesh with the consequence that the findings are potentially very context-specific. Nonetheless, the findings highlight a fundamental flaw in the way many NGOs operate in this region, through the targeting of perceived ‘easy cases’, and this is a matter that development agencies should consider and further investigate. Originality/value — This paper will be of value to researchers and practitioners seeking to gain a better understanding of NGOs and the way some of them operate. The paper recommends a number of ways that the observed inefficiencies could be addressed. [ABSTRACT FROM AUTHOR]

Purpose — An understanding on the linkages between financial development and economic growth in general and the stock market with economic activity in particular is imperative in emerging economies. The objective of this paper is to find out the causal linkages between stock market and economic activity in India. Design/methodology/approach — The paper applies recently developed Granger non-causality tests by Toda-Yamamota, Dolado and Lutkephol (popularly known as the TYDL model) for an empirical exercise. Findings — The notable finding of the paper is that both the stock price (BSE Sensex) and economic activity (IIP) are integrated of order one, i.e. I(1). The Johansen-Juselius co-integration tests suggest the existence of one co-integrating vector. This rules out spurious relations and suggests the presence of at least one direction of causality. The TYDL model suggests that there is bi-directional causality between stock price and economic activity during the post-liberalization period, implying that a well-developed stock market could enhance economic activity and vice-versa. Research limitations/implications — In the broader framework of financial markets, the presence and role of the stock market is minuscule in the context of India. Despite this, it could play a considerable role in the process of the economic development of the country. However, to analyze the cause and effect relationship between stock market and economic activity, it is essential to analyze the issue in greater detail and depth. The main limitation of the paper is the use of IIP as a proxy for economic activity, which neglects the agricultural sector, being the primary sector in India and also the service sector. This is of course due to the non-availability of GDP data on a monthly basis. Further, a detailed study on the issue could be highly appreciable from the perspective of policy implications. Originality/value — The findings of the paper have some valuable implications. It could give some insight for policy makers about the possible linkages between stock market and the economy. Coming to empirical parts, this is perhaps the first paper in the context of India to apply the TYDL model to examine the relationship between stock price and economic activity. [ABSTRACT FROM AUTHOR]

Purpose — This paper aims to attempt to compare the development strategies and achievements of India and China in the last 50 years and to analyse the challenges lying ahead if the trend continues. Design/methodology/approach — The paper critically evaluates the growth strategies of the two economies. Changes in approaches, achievements and failures are analysed using materials from past research and secondary data. Impacts of economic reform process and economic management capabilities have been evaluated. Critical analysis is the main approach of the paper. Findings — Based on the experiences of economic growth so far with reformed and open economies, India can learn several things from China. China has achieved better results based on investment-driven export-oriented policies that may not be sustainable in the long run. It has so far ignored the socio-political issues, which can have very serious consequences in the future. Relatively slower economic growth in India is based on stronger socio-economic foundations. Mutually beneficial economic cooperation between the two economies and rising interdependence with regional and global powers should provide a better future. Originality/value — The paper provides a comprehensive picture of strategies, outcomes and possibilities. It links past development strategies to future challenges. It may be of value to researchers and policy makers in both economies while considering future directions. [ABSTRACT FROM AUTHOR]

In response to the impressive performance of information and computer technologies (ICTs) in India in the corporate and the development sector, and relying upon a variety of optimistic estimates, the Indian government has set its sights on the ICT sector not only as a vehicle to 'leapfrog' the nation into the forefront of the global knowledge economy, but also as a facilitator of internal development initiatives. This paper takes a more sober view of the possibilities of ICTs as agents of national economic transformation. It argues for a more limited and grounded view of the potential of ICTs. The paper contends that ICTs work best when integrated within an existing matrix of institutionally led programmes of growth and welfare. The metaphor of 'catalysis' perhaps is more apt to describe the role of ICTs in India's economic transformation. A catalyst plays more of an accelerating role in a reaction than a transformative one, and its success is predicated upon the reaction being already underway. Likewise, ICTs can enhance already existing trajectories of economic development, rather than generate them, or 'leapfrog' developmental stages. [ABSTRACT FROM AUTHOR]

This paper discusses how nation-states transform or re-design their economic growth regimes (EGRs). By acknowledging the fact that the structures of finance play an important role in the shaping of EGRs, this paper argues that the introduction of liberal financial system in India is acting as a catalyst in re-designing nation's EGR. It analyzes Indian venture capital industry, an important component of liberal financial system, which is rather successful in mitigating interest conflict between principal/investor and agent/entrepreneur. The resolution of this interest conflict has expressed itself in greater convergence of interests between and among finance, technology and entrepreneurship, which lies at the core of still evolving new economic growth regime (NEGR) in India. This transformed EGR is instrumental in powering India's technology--intensive service sector. Rapid growth in India's knowledge economy particularly information technology service industry, serves as an empirical evidence. [ABSTRACT FROM AUTHOR]

Abstract: The paper investigates the causality relationships among energy consumption, carbon dioxide (CO2) emissions and income in India using a dynamic modeling approach. The paper also utilises an innovation accounting method to investigate profiles of the macroeconomic variables persisting from an unanticipated shock in innovation. Our results provide evidence of the existence of bi-directional Granger causality between energy consumption and CO2 emissions in the long-run but neither CO2 emissions nor energy consumption causes movements in real income. There is no causality relationship between energy consumption and income in any direction in the long-run implying that India could follow energy conservation and efficiency improvement policies without impeding economic growth. This will allow India to reduce CO2 emissions without affecting its economic growth and contribute significantly towards combating global warming as well. [Copyright &y& Elsevier]

The paper investigates the finance-growth nexus in India in a trivariate framework by incorporating inflation. It finds that financial development has substantial impact on both economic growth and inflation. While financial development and economic growth are bidirectional, financial development and inflation are unidirectional. The paper finally suggests that financial development is considered as a policy variable to forecast economic growth and inflation in India, especially in the globalization era of 1990s. That means the proper linkage between the three will ensure macroeconomic stability in the Indian economy. [ABSTRACT FROM AUTHOR]

Abstract: India''s services sector has been growing rapidly and so also the trade in services. This paper attempts to assess if trade is able to generate employment in the services sector. Based on the time series macro data the direct and indirect effects of exports and imports on employment after deciphering their effects included in the overall growth, are seen to be mostly negligible. This holds both in the case of formal and informal services. Also, as per the company-level data international trade is not found to be an important determinant of employment in the services sector. On the whole, trade in services sector may enhance growth but this pattern of growth is less likely to be inclusive. Finally, the paper brings out the policy implications. [Copyright &y& Elsevier]

Summary: Public participation is generally assumed to be a necessary if not fundamental condition for development. Most studies do not, however, question the kind and level of collective action that would be desirable. This paper provides a novel empirical analysis of the impact of collective action on economic development using data for South India. The paper models collective action as endogenous to economic development and distinguishes between its static and dynamic properties. The results show that while excessive activism may harm state income, collective action in the context of responsible bargaining systems may contribute toward increased economic development. [Copyright &y& Elsevier]

This paper presents three methods for mapping levels of economic development and applies each to the case of India. First, to provide a substantive addition to knowledge about the economic geography of India; second, to demonstrate that even within nations generally recognized simply as "underdeveloped" one can meaningfully map differential sub-levels of development; and third, to stimulate critical discussion of the various methods by which maps of economic development can be made. The chief statistical problem is how best to combine the several series of individual indices into a single set of areal ratings.

SUMMARY This paper touches on three models of growth, viz: the F el'dman (Soviet) model, the H arrod-D omar model and the M ahalanobis (Indian) model. Of these three, the ancestry of the first is maintained in respect of both its contents and historical sequence. It is argued that the Soviet model is superior to the other two models because it recognizes the significance of a number of factors, viz: (a) the pattern of income distribution, (b) increase in the effective utilization of the existing capital stock, (c) distinction between degrees of effective utilization of the old and the new capital stocks, and lastly, (d) consideration of the rate of growth in terms of capital capacity as well as in terms of the absorption of a growing labour supply. In other respects, the model runs more or less parallel to the H arrod-D omar and M ahalanobis models. Some striking similarities between the Soviet and Indian models exist in spite of the differences in economic and political conditions of the two countries. These are: (a) the Marxian setting of two departments of a closed economy, (b) the aim of achieving a high rate of investment by expanding the capital goods sector and (c) a relative neglect of propensity to save as a crucial variable in the process of growth. The affinity between the Indian and the Soviet models is so strong that the former seems to answer the Soviet rather than the Indian conditions. [ABSTRACT FROM AUTHOR]

A stylized prediction of the development economics discourse is that informality will disappear with development, and yet in the last 20 years conventional measures of informality, far from declining, have either remained stagnant or have actually increased. This includes countries such as India where economic growth has been at historically high levels. What exactly is informality and what are its magnitudes and trends? What are the causes of informality and why is it not decreasing as predicted by standard theories of development? What are the consequences for inclusive economic growth of a large and increasing informal sector? What are feasible and desirable policy responses to informality? These are the questions that motivate this broad based overview of informality. The questions will be addressed based on recent and ongoing research on India and globally. [ABSTRACT FROM AUTHOR]

Foreign Direct investment plays a very important role in the economic development of the nation. Sometimes domestically available capital is inadequate for the purpose of overall development of the country. Foreign capital is seen as a way of filling in gaps between domestic savings and investment. India can attract much larger foreign investments than it has done in the past. To fully utilize the country's immense economic potential, the government launched Economic reforms in 1991. The new government policies are simple, transparent and promote domestic and foreign investment. India's abundant and diversified natural resources, its sound economic policy, good market condition and high skilled human resources make it a proper destination for FDI. The present study has focused on the trends of FDI Flow in India during 2000-01 to 2014-15. The study also highlights country wise approvals of FDI inflows to India and the FDI inflows in different sector for the period 2000 to 2015. The study based on secondary data which have been collected through reports of the Ministry of Commerce and Industry, Department of Industrial Promotion and Policy, Government of India, Reserve Bank of India, and World Investment Report. [ABSTRACT FROM AUTHOR]

India is one of the fastest growing economies across the globe. The thrust of the New Economic Policy has been towards creating a more competitive environment in order to expand the economic wings of the country. Since 1991, the Indian economy has been progressively enjoying the path of stable economic growth, still, social and financial inequalities have increased alongside. The Government of India and the Reserve Bank of India have been making strategic efforts to promote financial inclusion as one of the important national objectives to attain inclusive growth for the economic development of the country. The present study is conceptual in nature and based on secondary data to analyse the factors that stimulate financial inclusion in the Indian economy. The present study also examines if financial inclusion is a strategic weapon to achieve economic growth and development and recommends strategies to encourage market penetration by financially excluded sections of the society. [ABSTRACT FROM AUTHOR]

The cities and towns of India constitute the world's second largest urban system and contribute over 50% of the country's gross domestic product (GDP). This phenomenon has been neglected by the existing studies and writings on urban India. By considering 59 large cities in India and employing new economic geography models, this paper investigates the relevant state- and city-specific determinants of urban agglomeration and urban economic growth. In addition, the effect of urban agglomeration on India's urban economic growth is estimated. The empirical results show that agglomeration economies are policy-induced as well as market-determined and offer evidence of the strong positive effect of agglomeration on urban economic growth in India's urban system. [ABSTRACT FROM AUTHOR]

Abstract: Because of globalization and liberalization of the world-economy policy reforms, emerging economies have been gained popularity in academic research, especially the economics and finance areas. Indeed, India is next to China in Asian emerging markets. As of economic-policy reforms implemented in 1991, a number of sectors are being developed and restructured via mergers and acquisitions (M&As) particularly the banking sector. In this paper, we discuss India's economic-policy and financial reforms, M&As market during 2006–2010, and other policy-related aspects. In this setting, we investigate the Axis Bank–Enam Securities investment banking merger occurred in 2010. To do so, we perform ex-ante analysis by using the event study method, and offer lawful proposals to the ex-post for financial development, economic growth, and banking sector as well. We then draw fruitful conclusions through triangular linkage between the select case, post-deregulation guidelines and the current investment banking trends. [Copyright &y& Elsevier]

India's pharmaceutical industry is expected to rise to approximately US$50 billion by 2020 (Pricewaterhouse Coopers). The growth in the size of this industry is supported by growth of Indian economy, rising per capita income, epidemiological changes in Indian society and increasing awareness. To provide a boost to this industry, the Indian government in 2001, liberalised foreign direct investment (FDI) norms for the pharmaceutical sector. 100% FDI was allowed through the 'automatic route' (without prior permission) in pharmaceutical manufacturing (except in sectors using recombinant DNA technology). This decision was based on belief in popular economic theory, views of policy makers and the government regarding the benefits offered by private FDI. India once again is set to loosen controls, and allow FDI in retail and other sectors, on the pretext of the same premise that these economic reforms are needed for development. However, it is becoming necessary to examine the overly hyped hypothesis related to the need and benefits of FDI for host country. It is even more important to gather empirical support for claims regarding the beneficial impact of FDI. This paper endeavours to evaluate the benefits of foreign direct investment for developing countries, specifically India. The focus was pharmaceutical industry in India, because since 2001 India has been allowing 100 per cent FDI in this sector. It would be justified to assess the benefits accrued by Indian economy because to foreign investments in this sector because the time span is significant and evaluation will be fair. [ABSTRACT FROM AUTHOR]

Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities, these countries are large holders of official reserves. Second, their international balance sheets are highly asymmetric: both are “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although neoclassical models would predict them to be net borrowers. We argue that domestic financial policies are key to understanding these patterns and the future role of China in the international financial system. [ABSTRACT FROM AUTHOR]

This study applies the balance-of-payments-constrained growth (BPCG) model to India, a large developing country with a relatively low trade to gross domestic product ratio. Rather than assuming similar elasticities of substitution between goods produced in different regions, the study extends the model to relax these assumptions. Johansen's cointegration technique is employed to estimate trade parameters. Short-run adjustments are explored within a vector error correction framework The average growth rates predicted by various forms of the BPCG hypothesis are found to be close to the actual average growth rate over the 1950-99 period, although individual decades display substantial deviations. [ABSTRACT FROM AUTHOR]