Indian economy

The financial system is the backbone of the economy, where the highly developed financial system facilitates economic development, leading to increased national income and standard of living.
This study aims at reading the Indian experience of reforming the financial system as one of the emerging economies that underwent a major transformation during the 1990s.  The paper concluded that India's
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المؤلف المرسل: بوزربخيرالدين، الإيميل: [email protected]
relative success in developing the structure of the financial system, with some deficiencies to be addressed.
Key Words: Financial System, Economic Development, Banks, Narasimham Commission, Indian Economy.
Jel Classification Codes: F36، G21،  E42

We are organising a 2-day symposium on yoga and the body to be held at the Australian National University, Canberra.

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The first comprehensive and authoritative work covering the entire public sector in India, including the public sector banks and the insurance companies as well as the public sector enterprises in the states, the book begins with the philosophy behind the public sector and traces their evolution in India and their subsequent privatisation and disinvestment after the economic liberalisation of 1991. Based on the most up-to-date data and the latest developments, it examines the plight and options before a public sector paralysed by excessive government interference and now trapped hopelessly between the State and the market. Drawing widely upon global experiences, the book argues that disinvestment and privatisation need not be the only answer to reform the public sector companies. They can be rejuvenated and transformed into global champions if freed from the stifling controls by an unimaginative government machinery and depoliticized, with separation of the Government’s roles as shareholder, policy-maker and regulator, along with changing their holding structure.

Amid the emergence of the 21st century, a new era of modern business has set in India. Liberalization and globalization of Indian economy have provided challenges and opportunities to our new business and which has necessitated re-engineering of the present management education system. Recently, Union Budget is also decreasing the fund for higher education in India for the last five years. This research is focused mainly on existing problems and challenges which are needed to be addressed and seeks to provide the solution thereabout. At present in India, there exists three-tier management education administration i.e., Indian Institutes of Management (IIMs), Entrepreneur's and prestigious industry run best management institutes and management departments of Universities. Besides this, private B-Schools and non-statutory business training institutions also impact business education leading to MBA degree or PGDM diploma. Unfortunately, most of the students don't get the job in the completion of the course. In most of the cases, even the best student doesn't cater to the needs of the market because in the formal education system the gap between what is taught and what is demanded by the market is evident. Hence, an urgent need to rethink and redesign the management courses has arisen. It discusses the rationale of re-engineering of the whole management education system i.e, Admission, Instruction, Infrastructure, Regulation, Examination, Certification, Training and Placement etc.

The present studies on the role of Haryana Gramin Bank in rural economy during the period 2004-05 to 2012-13. The objective of the study is to analyze the role of Haryana Gramin Bank in the rural economy. The study conducted is descriptive in nature and data is collected from published annual reports of Haryana Garmin Bank. The tool is used to analyze the data, Compound Annual Growth Rate (CAGR). The studies concludes that the role of Haryana Gramin Bank in rural economy is significant during the period.

The book describes a journey of India from British period to present stage from a macroeconomics perspective. The book deals with
one of the most discussed topics today - India's economic struggles and the way forward. The book aptly describes India's economy
in three stages - Pre-Independence, Post-Independence till liberalization, and Post-Liberalization India. This book is termed as most
comprehensive document detailing the growth and development of Indian economy till date. The book helps to identify focal points
of economic gaps, out of box realistic ideas to fix them and gripping narration covering the landscape of India's economy history of
150 years backed by data analytics at every stage. The author urges India not to miss out knowledge and Innovation revolution of
21st century after missing out industrial revolution of 19th and globalisation in 20th due to command economy framework.

Entrepreneurship is a prime activity for the economic growth of any country. It goes hand in hand with manufacturing and service industry. In fact, it works as a pillar to the economic and social welfare of the country. It also helps in wealth creation in the nation. It is an opportunity to identify the market need and exploit the available resource in such a way that drives to gain long-term economic benefits. Though, this adventurous activity is full of enthusiasm and there are a lot of challenges affecting the entrepreneurship. It is also wonderful to note that in today's swiftly changing global economy, Indian economy has a major role to play. Looking at the importance of the topic, the present paper will be developed with the objective of analyzing the entrepreneurial opportunities and challenges in globalizing Indian economy.

Several studies have been carried out relating nighttime lights with economic activity. But most studies relating nighttime lights with economic activity have focused on associating higher totals in economic activity with higher sum of lights across regions. The question addressed in this paper is how best to model the relationship of nighttime lights with not just the wealthy but also the relatively worse-off within a region. The implications of such an exercise are immense with respect to ascertaining income distribution aspects of any area. The methods developed in this paper explore the relation between households in different income brackets at the district level for India, and the radiance-calibrated nighttime image of 2004. Besides the radiance-calibrated data of 2004, estimates of household incomes and number of households in different income brackets, made by Indicus Analytics (specialized economic research firm, based in New Delhi, India) were used. The results were mapped and insights were drawn for all districts based on their socioeconomic profile. These results illustrate the advantage of using this easily available data for determining income inequalities, especially in information-deficient countries such as India.

Without ethics, morality and justice, capitalism will be  soulless. It has to reinvent itself for the post-Covid world, where businesses and corporations have to substitute their bottom line - profit - with social welfare for their own survival.

Inflation means a persistent change in the price level of goods and services in an economy. It is generally measured in the consumer price index (CPI) or retail price index (RPI). Inflation reduces the purchasing power of a country's currency, as we need more units of currency over time to buy the same goods and services. The current empirical paper entitled “relationship between inflation and stock market evidence from selected global stock markets” have been undertaken with an intention to investigate the relationship between inflation and stock returns of the chosen economies. In order to realize the stated objectives, the researchers have collected the monthly data 2000 to 2017 for selected indices. In the first phase, log returns were computed and it has been tested for the existence of unit root in the distribution. In the second phase, we ran Pearson correlation coefficient for the collected data to find out the association between the inflation and stock returns. Majorit...

The Rashtriya Swayamsevak Sangh and its affiliated groups - usually known as the "Sangh Parivar" - are the most powerful organisations in India today. But ask what they stand for, and you will get two very different answers. Critics of the RSS describe them as anti-secular, medieval and anti-democratic; but supporters of the organisation claim that it is a selfless social service group concerned only with genuine nationalism. Starting with the RSS' own texts, and exploring its history and the relationship between its beliefs and Indian politics, this book examines both of these claims. On this basis, it tries to answer two key questions: what do these groups actually stand for, and what does their rise mean for India's future?

The paper examines the relationship between different levels of educational attainment and economic performance at the micro level of an individual and at the macro level, across the States of India, for the period 2001 to 2011. Using secondary sources of data, the paper observes significant increase in educational attainment in India in the period 2001-2011 across the three levels of education -primary, secondary, and higher and skill-providing education. It is interesting to observe a quantum increase in persons acquiring higher and skill based education. But the gap has widened between the relatively well-to-do and the poorer sections of the population in the acquisition of higher and skill based education. This has implications for the type of employment generated and the wages earned. At the macro level, regression analysis highlighted the importance of higher education and skills in improving the economic performance of the States of India. However, the availability of educated and trained manpower needs to be complemented with other developmental infrastructure inputs in the form of availability of electricity and health to improve the economic performance of the States of India. The study is one of the very few studies which have investigated the relationship between attainments in different levels of education with the level of economic development in India. The paper's main contribution is the finding that higher and skill education is the key to better economic performance.

This research paper tests the applicability of the monetary policy model – manifested in the three gap form equations of the optimal rate rule, the dynamic Investment-Saving (IS) curve, and the expectations-augmented Phillips curve – to the Indian macroeconomy during a 15-year period from 2003-04 through 2018-19. The time period has been chosen to cover two objectives: first, to observe two distinct eras in the evolution of India’s monetary policy before and after 2013-14 when the “inflation targeting” stance was formally adopted by the Reserve Bank of India (RBI), and second, to adequately assess the impact of the global financial crisis (GFC) in 2008-09.

The approach to test the monetary policy applicability involves modeling​ two sets of inflationary shock sequences, followed by tracking how the exponential relaxation of inflation happens through policy rate changes, along with comparing the modeled and observed values for the real output gap and the unemployment gap for each of the subsequent years.

This paper concludes that the monetary policy model does a much superior job at predicting the real output gap and unemployment gap movements in India post-2013-14. However, the applicability of the monetary policy model to India prior to 2013-14 appears weak.

The Indian economy is the fastest growing economy in the globe. The economic revolution is significantly depending on the performance of agriculture and other allied sectors. The agriculture practices are the most important custom tradition developed by human beings for survival on the earth at ancient. The most population proportion of India belongs to rural areas. Thus, majority of the population depend on indirectly or directly in agriculture practices for employment opportunities. According to the food and agriculture organization (FAO) report for India, as 70% of rural population depend on primary employment as agriculture, among to them only 82% of farmers have small and marginal level. The population will continually increasing in last decade. Therefore some emerging challenges has appears such as huger rate, malnutrition, contaminated food products, along with reduced agriculture land, loss of agriculture productivity, less fertile, climate changes, pest be resistance, due to heavy used in chemical or pesticides in era of green revolution. The objective of this chapter, to deal with inclusive economic development through sustainable practices in agriculture, development of bio economy, implementing of advance and biological practices in cropping fields, furthermore, to prepares the future policy to incorporating in developed country schemes for betterment for economic and social empowering

Odisha’s industry sector began a phase of high growth
in 2002–03. It contributed just 24% to the gross state
domestic product in 1980–81, but 38% in 2007–08,
before declining to 33% in 2012–13. This paper points
out that organised manufacturing, especially in basic
metal and alloys, has been the driver of growth in
the last decade. The average productivity of labour in
organised manufacturing increased during 1981–90,
peaked in 1989–90, declined in 1991–2002, and has
been rising again from 2002–03. Labour productivity
has grown the most in basic metal and alloys, and
capital accumulation in paper and paper products.
Capital productivity shows a negative trend overall. Total
factor productivity fell in manufacturing as a whole and
three major sub-sectors, barring basic metal and alloys,
and chemical and chemical products.

Based on the data from the All-India Debt and Investment Surveys, a re-emergence of non-institutional credit agencies in the incidence of household indebtedness is found since the 1990s, especially in the rural areas, reflecting the inadequate social commitments of the institutional agencies due to their contemporary organisational deficiencies. The data, however, do not seem to capture the extent of urban distress in totality. Yet, given the general dearth of evidence on the status of household indebtedness over time, institutions like the Reserve Bank of India and the National Bank for Agriculture and Rural Development should revisit this information to resurrect their roles in strengthening credit delivery to the general population.

This paper reviews India’s aggregate economic performance under the Modi/BJP/NDA administration through the prism of political economy. It argues that the inheritance of the UPA period was a combination of an unfolding “oligarchic capitalism” and a half-baked social democratic project. While the 2014 election victory was formally on a platform of “Minimum government, maximum governance” it always had deep ambiguities between a pro-business, pro-rules regime and an essentially nationalist project which subordinates commercial considerations. Some policy changes under this government, that we call Modi 1.0 – notably the GST reform and the Insolvency and Bankruptcy Code – constitute potentially substantive shifts to an efficiency-improving and rules-based approach. However, their effectiveness has been compromised by substantial delays, additional administrative burdens and increased uncertainty, not least over the actual implementation of the new rules. All this coincided with the legacy of a severe overhang in the financial system. This contributed to a chilling effect on private corporate investment. It has also gone alongside a continued major role of public sector banks and PSUs in the economy. The combination of an apparent increased concentration of mega-deals in some of the largest business houses, and continued, if anything rising, importance of state-managed subcontracting for infrastructure, has further contributed to the sense of an, at best, half-baked effort to reform India’s capitalism. A top-down economic nationalist stance, state-driven action, political resistance to reforms, and attacks on accountability institutions, will actually continue to threaten long-run development dynamics. The demonetization episode was only the most vivid example of a growth-dampening policy. At the beginning of the new government – Modi 2.0–these contradictions are intensifying. With the Covid-19 shock, the associated tensions will only become sharper.

For every percentage point of GDP growth, there will be a spike in demand for consumer goods and services which, in turn, will boost investment, and the benefits of these will be felt across all sections of the income pyramid.
The continued slowdown in the Indian economy has caused much concern among a broad swathe of players, including economists, policy-makers, the corporate sector and consumers. This has led many to question if it is even possible to accomplish the 8% GDP growth that is widely quoted. While the government has indeed initiated reforms across multiple sectors and has aggressively increased public spending on infrastructure in order to kick-start the sluggish economy, the impact of these measures will be felt only in the long term. In the short term, however, they do signal the government’s efforts to propel growth and create an enabling economic environment.

Every year since 1991, the Central Government of India has been successfully disinvesting its PSEs from various sectors. The recent announcement to strategically disinvest some of the better performing PSEs like Life Insurance Corporation of India Ltd., Air India and so on is indeed shocking. This seriously questions the intension of the government towards the declared objectives of the disinvestment strategy in 1991. There are severe apprehensions on selling-off the PSEs at a lower price and the utilization of disinvestment proceeds for filling the revenue deficits of the Central Government. This paper discusses the idea of disinvestment in India and the debates associated with it. The paper also critically analyses the disinvestment proceeds in India as a tool to tackle mounting fiscal deficits after the initiation of the New Economic Policies in 1991.

This is the second year’s Economic Freedom Index for the States of India. This year’s ratings follow the same methodology, broadly the same data sources, but updated to the latest available. The difference in ratings for each of the states, therefore, allows us to follow how economic freedom has been changing in different parts of India. We find that many states have improved their ratings, but some have fallen significantly, reflecting greater intervention in the economy by the government as well as a general fall in the freedom with which people can carry on their economic activities.
The term economic freedom has many connotations. Different studies and measures of economic freedom use different definitions of economic freedom. According to Milton Friedman economic freedom is one part of the concept of ‘human freedom’- which is a mix of economic, social and political freedom. The state economic freedom ratings for India are limited to measuring economic freedom. Economic freedom itself here is considered to be one where the involvement of the government is minimal, are largely aimed at protecting property and life and facilitating smooth transactions.
The Index of Economic Freedom (Heritage Foundation, 2002) defines economic freedom as “the absence of government coercion or constraint on the production, distribution, or consumption of goods and services beyond the extent necessary for citizens to protect and maintain liberty itself”. This Economic Freedom Index for India accepts this definition of freedom but carries it a little further. While identifying that the government should not interfere in the working of the market, it further requires that the government should fulfil its duty of protecting life and property, and enforcing legal contracts and law. This study is
more on the lines of the Economic Freedom of the World conducted by the Liberales Institut and the Fraser Institute for various years. (Liberales Institut, Economic Freedom of the World: Annual Report, various years, The Fraser Institute, Vancouver, Canada.).
Few studies are available on the calculation of economic freedom at the sub-national level. Canada (Economic Freedom of North America, Fraser Institute, December 2002), and United States (Byars, J., R. McCormick and B. Yandle, Economic Freedom in America’s 50 States, Clemson University, Clemson, USA, 1999) have attempted this. A recent effort has also been made in China (See National Economic Research Institute. 2001. NERI Index of Marketization of China’s Provinces, Beijing). In India, this is the second year of the first such study. At the sub-national level, some of the issues are different from those that apply at the national level. For one, the scope of powers of sub-national governments tends to be limited and therefore many areas are irrelevant for sub-state economic freedom. Which factors are more relevant for nations and which for sub-nations is, of course, a matter of country-specific policy.

The implementation of Goods & Service Tax is a historic move in India. It has replaced the earlier Indirect tax regime and subsumed all the central and state level taxes. GST is a unified destination based tax that intends to overcome all the limitations of earlier tax regime with the involvement of both Centre and state using Dual GST model. It is implemented with the object of creating a common national market. This paper seeks to study the contribution made by the GST and evaluate its impact on various sectors of Indian economy.

To bring in transparency, predictability and credibility into our public financial management system, we urgently need appropriate fiscal rules and fiscal councils. These are the mechanisms that promote fiscal and macroeconomic stability. They create an architecture that will effectively inoculate the economy against unforeseen risks.

India is a nation with a rich past history of knowledge in Medicine, city and urban planning and co-operative agriculture and economy. Gandhi had a vision of re-establishing this valuable heritage and healthy practices and his thoughtful discourses depict a vision of a new India. In the present day scenario , looking at his visions and what we achieved and what  we have to achive in future is very important. These articles are a result of this thought process. The first chapter was published in the Hindu (National daily) on August 15  in 2008.

Research Question:
What are the factors affecting shrimp production in India and what is the global impact of this?

Objective:
The main objective of this paper is to examine the Indian Shrimp Industry and see how recent changes have affected its output levels. In simple terms, shrimp farming is a sector under aquaculture that deals with the cultivation of shrimps and prawns for human consumption. Intense production and cultivation of shrimps over the past few years has brought up many diseases, and the continuous use of anti-microbial agents has caused adverse effects to human health. In this paper, I will probe further into the details of the shrimp production industry in India. I will also find out a little about the global shrimp industry in relation to India. Possible ways to deal with the issues will also be looked at. This topic came across my mind while I was discussing the dynamic of the shrimp industry with my uncle who also happens to deal with shrimp farming in his estate. This is why he had a lot of knowledge in the field and so it interested me to delve further into the details.

Pre-packaging allows a distressed company to negotiate a plan with its creditors and a purchaser before entering formal insolvency proceedings. By allowing the terms of a plan to be negotiated before formal proceedings, pre-packs provide a quick and discreet way of completing the insolvency resolution process. The speed and confidentiality offered by pre-packs have made them prevalent in the United Kingdom and the United States, however, these advantages come with trade-offs. Creditors’ voting rights under the regular insolvency resolution process are circumvented by the pre-pack process. The US has two pre-pack processes, one that requires creditor approval and another which does not. In the UK and the US, there has been opposition to regulating pre-packs that do not need creditor approval because reforms that increase creditor participation will reduce the speed associated with such pre-packs. In India, pre-packs have not evolved through the present regime as it does not allow for...

The pace of urbanisation in India and China has, of late, been rapid. This raises concerns over urban governance in both countries. While urban governance in India is supposed to take place according to the 74th Amendment to the Constitution, in China, it is largely led, guided, and experimented upon by the Chinese Communist Party. With these aspects in view, this article looks at the extent to which urban governments in these countries have been moving from traditional government to network governance. What are the roles of state, civil society, and markets in the emerging scenario of urban governance so defined? The task of moving towards 'governance' is incomplete in both countries. While urban governance and urban civil societies are weak in India, markets are strong; whereas, in China, the urban government is strong while markets and civil society are weak. There is still a long way for both countries to go towards networked governance in urban areas.

Oil has today become a very important part of any economy. And it is generally said that even a slight increase or decrease in the oil prices affect the country's inflation to a large extent. To investigate this we examined two periods in the context of Indian economy, one from April 2005 to December 2007 and the other from January 2008 to November 2013. By applying the Johansen co-integration test and the Granger Causality test the relationship was examined. From April 2005 to December 2007 there was no significant impact of oil prices on inflation found but the econometric examination showed the effect of oil prices on inflation between January 2008 to November 2013. Contrary to the general perception, it was concluded that there would always be a correlation between oil prices and inflation is not necessary.

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The book describes a journey of India from British period to present stage from a macroeconomics perspective. The book deals with
one of the most discussed topics today - India's economic struggles and the way forward. The book aptly describes India's economy
in three stages - Pre-Independence, Post-Independence till liberalization, and Post-Liberalization India. This book is termed as most
comprehensive document detailing the growth and development of Indian economy till date. The book helps to identify focal points
of economic gaps, out of box realistic ideas to fix them and gripping narration covering the landscape of India's economy history of
150 years backed by data analytics at every stage. The author urges India not to miss out knowledge and Innovation revolution of
21st century after missing out industrial revolution of 19th and globalisation in 20th due to command economy framework.

Although, India and China have different in terms of political systems, the infrastructure and attitude towards growth but they are aggressively pursuing economic liberalization, privatization and globalization (LPG) for development. Both the countries put emphasis on science, information & communication technology (ICT), and exports as a basis for their growth. Their strategic paths for economic development are remarkably different from each other. China"s strategy is methodical and organized, while that of India"s is opportunistic, unsystematic, ambiguous and unorganized. Guided by the firm hands of the government, China"s approach to development has been very positive as compare to India. China has a greater control over its economic policies than India. India and China both are continuously showing increasing share in world market. The results might be far from perfect; yet their development is creating strong blocks in the world economy in general and developing one in particular. Further, the urban-rural economic divide and the impact on the environment, unemployment rate especially in India and widening of poverty line etc. may be worsening further in coming years. Precisely, India is attempting to plough back from a predominantly agricultural economy to a knowledge-based service economy and to attain to; it has fixed a target with no shift of significant labor force from agricultural sector to service or industry sector. Infact, India"s infrastructure investment is very low; it is around 2% in comparison to China where it is 9%. The structure of primary sector has fallen from 60% to 25% in the last almost six decades in India, its growth has shown very uneven pattern of development. The work force has not changed, as more than 51% of labor force is still linked with Agriculture in comparison to china where it is only 34.8%.

Conventionally, the economic growth of a country is appraised in form of gross domestic product (GDP). In Bihar, the per capita net state domestic product (NSDP) is the lowest among the major states in Inida, and it is only one-third of the national level of per capita GDP. The services, industry, and agricultural sectors contributed 52 per cent, 28 per cent, and 20 per cent to India’s overall GDP respectively, in 2006. However, the contribution of these major sectors to GDP at state level is not uniform. For Bihar at state level, the share of primary sector is continuously decreasing over the stated time period. For the
secondary sector, the share had decreased after bifurcation of Bihar, however, that share increased a little bit in 2009-2010. And similar to the India average, the share for Tertiary sector is continuously increasing at 60% of NDDP. The dictrics like Patna, Begusarai, Munger and Bhagalpur which are higher per capita NDDP, are very less share in primary sector. The most important part here is the very low share of industrial sector. However, the share of industrial sector has started increased during the period 2005-2010. Structure of Bihar’s economy is changing not only at state level, but at district level also. And these changes need to be more casious planning and good initiatives from Govt. And the change is already in its way.

Bringing attention back to the manufacturing sector and to the statistics available to understand it, this analysis presents the differences in size and rates of growth of the sector when measured using the new National Accounts Statistics series (2011–12) and the Annual Survey of Industries. Clearly, changes in methods of measuring (for instance, the shift from the establishment approach to the enterprise approach) have introduced unexplained changes into measures of the manufacturing sector.

India is in the midst of a transformative urban awakening. The country's 380 million urban population as of 2011 is projected to swell to over 600 million by 2030 and almost 900 million by 2050. These processes of urbanization and urban growth are embedded in and shape complex political, social, demographic, environmental and ethno-religious contexts; and while the developmental advantages to urban modes of living are clear, urbanization in India comes with its own set of challenges. This introduction outlines the current special issue, which collects six articles that reflect on three key themes in contemporary urban India: urban governance and planning; social, economic and political exclusion and the conflicts this may engender; and climate change in Indian cities. Here we briefly contextualise some of these issues, and reflect on some of the cross-cutting themes that individual articles in this issue address. Our hope is that this volume contributes to debates on the dynamics of governance, inclusiveness, security and prosperity in today's urban India.

Media economics in India has been triggered from three quarters: debates in the political economy of media culture; reflections on sectors of media businesses; and, over the last decade, by the flashpoints in media policy. This undulating scholarly corpus has nevertheless drawn sustenance from a wide variety of theoretical and methodological quarters. These varied influences reflect, to a large extent, conscious desires to grasp the ‘economic’ phenomenon constituting the media in their deeper, often peculiarly Indian, social and historical contexts. This is also perhaps why we find scholarship on India largely remaining aloof of intellectual orthodoxies marking the field media economics elsewhere in the world.

Since the mid-2000s, India has been beset by widespread farmer protests against land dispossession. Dispossession Without Development demonstrates that beneath these conflicts lay a profound shift in regimes of dispossession. While the postcolonial Indian state dispossessed land mostly for public-sector industry and infrastructure, since the 1990s state governments have become land brokers for private real estate capital. Using the case of a village in Rajasthan that was dispossessed for a private Special Economic Zone, the book ethnographically illustrates the exclusionary trajectory of capitalism driving dispossession in contemporary India. Taking us into the lives of diverse villagers in "Rajpura," the book meticulously documents the destruction of agricultural livelihoods, the marginalization of rural labor, the spatial uneveness of infrastructure provision, and the dramatic consequences of real estate speculation for social inequality and village politics. Illuminating the structural underpinnings of land struggles in contemporary India, this book will resonate in any place where "land grabs" have fueled conflict in recent years.