All Volumes and Issues - RBI - Reserve Bank of India
Jun 09, 2003
Agricultural Marketing in India: Problems and Prospects
R.K. Jain*Since the existing agricultural marketing system in India was developed in the context of a planned economy, a fresh approach to marketing is necessary in the liberalised and globalised atmosphere. The National Agriculture Policy also envisages the need for a new demand driven set up catering to domestic as well as export markets. The promotion of an efficient marketing system is, therefore, necessary for expediting agricultural growth in India. In this cont
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Jun 09, 2003
Asian Economic Recovery: Policy Options for Growth and Stability Edited by Tan Kong Yam, The Institute of Policy Studies, Singapore University Press and World Scientific, Singapore, 2002, pages 300.
Very few economic events other than the Great Depression of 1929 have generated such worldwide interest as the East Asian financial crisis of 1997-99. Not only its sudden emergence in the lands of fiscal rectitude and export competitiveness but also their remarkable recovery in a short span of time have given rise to heated debates on a host of diagnostic issues, opening new horizon and dimension in open economy macroeconomics. The crisis has also left the ardent prop
Jun 09, 2003
India’s Fiscal Matters by Parthasarathi Shome, Oxford University Press, New Delhi, 2002, pages 260, Price Rs. 495
The fiscal situation across a wide spectrum of countries poses formidable challenges in public policy making. The way the author has handled these challenges marks his wide experience in this area. The author relies on his analysis of cross-country experience to identify the issues and address them in the Indian context. The book highlights that the prevailing issues and emerging challenges for the fiscal policy in India demand a medium-term fiscal strategy. An effici
Jun 09, 2003
Money and Monetary Regimes: Struggle for Monetary Supremacy by George Macesich, Pracger Publishers, CT, U.S.A 2002, pp XIV +167,US $ 62.
The title of the book evokes considerable academic curiosity and even excitement in the mind of an aspiring reader, especially if he takes the "Struggle for Monetary Supremacy" at face value. "Struggle for Monetary Supremacy" is generally perceived as a contest among various national currencies for a pre-eminent role in international transactions. However, the present book confines itself to the role of money and the performance of monetary regimes within a national e
Jun 09, 2003
Sustainability of Services-Led Growth: An Input Output Analysis of the Indian Economy
(Part 1 of 3)
(Part 1 of 3)
Sanjay K. Hansda*The sustainability of services as also of services-led growth of the Indian economy has been addressed in terms of the inter-sectoral linkages as emanating from the input-output transactions tables for 1993-94 both at the disaggregated level of 115 activities and the aggregated level of 10 constructed national accounts categories. At the disaggregated level, the Indian economy is found to be predominantly services-intensive with 55 per cent activities
Jun 09, 2003
Sustainability of Services-Led Growth: An Input Output Analysis of the Indian Economy
(Part 3 of 3)
(Part 3 of 3)
Appendix Table 2: Backward, Forward & Total Linkages - Activity-wise Indices ActivityBackwardRankForwardRankTotalOverall Index Index IndexRank 1234567 Agriculture 1Paddy2.4262.4174.8362Wheat1.47191.18142.65153Jowar0.63810.14530.76764Bajra0.54880.06700.60895Maize0.57860.11570.68826Gram0.40970.16470.56907Pulses1.01440.34341.36418Sugarcane0.52910.64241.15479Groundnut0.53890.13550.678410Jute0.251070.01870.2610711Cotton0.361000.05710.4110112Tea0.171110.01880.1911
Jun 09, 2003
Public Sector Spending and Economic Growth in India
Jeevan Kumar Khundrakpam*The paper analyses the dynamic interaction between the public sector expenditure and national income in India for the period 1960-61 to 1996-97. It finds a stable long-run relationship between public sector expenditure and national income in India, with the causality running strictly from the former to the latter. The study also indicates that long-run positive impact of public sector expenditure on national income would turn adverse if the gr
Jan 13, 2003
Insurance : The Indian Experience
Achamma Samuel*As a part of the financial sector reforms, the insurance sector has been liberalised recently. With this, the stage has been set for major changes in the insurance market in India with regard to innovations in product, pricing and distribution. This will also necessitate effective regulation to meet the new challenges this sector is likely to encounter in the liberalised environment. In this context, the paper attempts to make an overview of the insuran
Jan 13, 2003
The Price of Low Inflation (Part 1 of 2)
Muneesh Kapur and Michael Debabrata Patra*Any society that desires to lower the inflation rate may suffer output losses in the interim period. Even independent central banks have to contend with such output losses, given the inertia in inflation expectations and credibility constraints. Presenting estimates of the sacrifice ratio for India, this paper argues that the slope of the aggregate supply curve in India is flattening and this may raise the output costs of rein
Jan 13, 2003
The Price of Low Inflation (Part 2 of 2)
Table 7 : Estimates with WPI Inflation 1971-1971-1971-1971-1985-1985-1985-1985- 20012001200120012001200120012001Specification4CE4aCE4CE4aCE Constant-2.94-7.26-5.32-7.11-2.17-4.79-2.05-5.18 (-1.3)(-10.2)(-2.0)(-8.5)(-1.3)(-7.0)(-1.2)(-7.0) dxt0.34 0.29 (2.1) (2.7) 0.67 0.44 (6.9) (4.9) dxt + 0.55 0.30 Ygapt-1 (2.9) (2.7) 0.68 0.48 (7.8) (5.1) pt-10.23 0.27 0.45 0.38 (1.9) (
Jan 13, 2003
Business Cycles and Leading Indicators of Industrial Activity in India
Jaya Mohanty, Bhupal Singh and Rajeev Jain*The identification of business cycles in India and construction of a composite leading indicator for forecasting the cyclical turning points have been the focus of this study. The cyclical analysis of monthly index of industrial production (IIP) in India applying the Bry-Boschan procedure indicates that there have been 13 growth cycles in the Indian economy with varying durations during 1970-71 to 2001-02. While the average d
Jan 13, 2003
Government Deficit and Inflation in India
A. Prasad and Jeevan Kumar Khundrakpam*This study covering the period 1951-52 to 1999-2000 finds that government deficit has been an important cause for long-run inflationary trend in India. The estimates in the study, however, suggest that there is an optimal level of monetisation for a given level of government deficit and refutes the concern that monetisation of deficit is always inflationary. This is not to suggest in any way that there is more scope to finance go
Jan 13, 2003
Anatomy of Liquidity Management
Indranil Sen Gupta, Indranil Bhattacharyya, Satyananda Sahoo and Siddhartha Sanyal*The management of liquidity poses a major challenge to the conduct of monetary policy in an environment of financial liberalisation. Recent research has attempted to assess liquidity conditions in the market for bank reserves in terms of central bank balance sheet flows. This paper constructs the concepts of autonomous liquidity (AL) and discretionary liquidity (DL) in the Indian contex
Jan 13, 2003
Infrastructure and Economic Growth: An Empirical Examination
Satyananda Sahoo*This paper explores the relationship between the gross domestic product and stock of infrastructural services in India by estimating a vector autoregressive (VAR) model for the period 1970-71 to 2000-01. Various stocks of infrastructure viz., transport, electricity, gas, water supply and communication facilities are included as inputs in the model whereas gross domestic product at factor cost is considered as output in a Cobb-Douglas production functi
Jan 13, 2003
Delay and Cost Escalation in Central Public Sector Projects
R.K. Jain*Delay and cost escalation in the implementation of public sector projects have been an area of concern. Such delays not only put additional burden on public finances, but also deprive the country of their beneficial effects in terms of their direct and indirect contribution to output and employment. In view of these far reaching consequences, an analysis of the typical implementation period, time and cost overruns and factors responsible for delay in large p
Jan 13, 2003
Industrialisation and Globalisation: Theory and Evidence from Developing Countries John Weiss, Routledge, London and New York, 2002, pages 222.
Industrialisation has often been identified as the cornerstone in the tradition of ‘modern economic growth’ a la Kuznets and Clark. However, the development experience of a large number of developing countries including India runs counter to this conventional wisdom. The preponderance of services ahead of industry remains a major contrast to the development experience of the developed world, giving rise to the phenomenon of industry-less growth. When the obituary on i
Jan 13, 2003
Global Regulation of Foreign Direct Investment, by Sherif H. Seid, Ashgate Publishing Limited, Hampshire, England, Year of Publication: 2002
Foreign Direct Investment (FDI) plays a significant role in the development process of most economies through the transfer of technology and technological spill-over, increased productive efficiency, production of exportable goods and services which generate foreign exchange, infrastructure development, increase in saving and investment, and faster growth of output and employment. Tremendous rise in national regulatory changes in favour of FDI in the last decade, glob
Jan 13, 2003
The Economics of Public Spending - Debt, Deficits and Economic Performance by Hassan Bourgrine, Edward Publishing Ltd., UK and USA, 2000, Pages 177, Price £49.95
The post second world war period is often seen as the golden era of capitalism when most of the economies experienced sustained high economic growth while pursuing demand management strategy in the Keynesian framework. The initial euphoria, however, was replaced by strong recessionary pressure that swept through the world economy in the 1970s leaving its lasting impact on macroeconomic policy prescriptions. Fiscal profligacy became the standard explanation for the ill
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