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

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Macroeconomic Policy and Economic Growth in the 1990s

The 1990s did not witness a significant step up in the rate of growth of the economy. This failure to show acceleration, especially in industry, is often treated as a failure of reforms to sufficiently energise the Indian economy. However, this does not warrant the conclusion that the reforms failed. There may have been less than imaginative macroeconomic policy support to growth. In particular, there was declining budgetary support to capital formation, especially in agriculture, and the bizarre case of a missing monetary policy. The growth experience of the 1990s shows that macroeconomic policy is indispensable even in peace-time so to speak, and not just during a crisis. Poor macro management might leave untravelled even the most sophisticated road maps for structural change usually termed 'economic reforms'.

Measuring Productivity in Manufacturing Sector

Conventional wisdom and current practice in India appear to privilege total factor productivity (TFP), as a measure of productivity, rather than labour productivity. However, labour productivity is a measure of potential consumption and, as such, a leading claimant for the indicator of standard of living, which makes it important in any programme of poverty reduction. Estimates of labour productivity also give us useful additional information in evaluating the reforms undertaken in India in the 1990s.

Growth and Distribution in Indian Industry in the Nineties

In a study of the evolution of the Indian manufacturing sector over close to three decades we find the annual average rate of growth in the nineties to have risen almost across the board at the two-digit level of industry. Nevertheless, the acceleration is not particularly impressive for what is often hailed as the most significant policy-regime shift since 1950. There is a hefty rise in investment, however, though without a corresponding increase in its efficiency. And distribution has shifted sharply with labour's share declining. This paper attempts to link these developments in a coherent way.

Globalisation, Growth and Justice

This essay critically evaluates the exhortation to developing economies that they embrace globalisation, considers the consequences of globalisation for equality and discusses the issue of justice in the current global economic order.

Keynes with or without Capital Flows

Keynes with or without Capital Flows PULAPRE BALAKRISHNAN SKrishnakumar

Hello Marxism, Goodbye Leninism

Marx’s Revenge by Meghnad Desai; Verso, London, 2002; pp 372, £ 19.

Globalisation and Keynesian Reach

As the world economy integrates Keynesian reach multiplies, for the stakes in compensating for aggregate demand swings are now commensurately higher and spread over a wider area of the globe.

The Budget and the Economy

The budget is a collection of measures, disconnected maybe but not necessarily badly conceived. However, it does not amount to a serious stab at launching the economy on to a higher growth path, which is what the so-called 'second generation reforms' that the finance minister has harped upon in the past half year or so are meant to do.

Trade Liberalisation and Productivity Growth in Manufacturing

Using panel data comprising firm-level information drawn from groups within manufacturing industry which have experienced the most significant tariff reduction, this study investigates the trend in productivity growth since 1988-89. The sample of 2,300 firms and 11,009 observations, spanning the period 1988-89 to 1997-98 is very likely the largest assembled for the purpose thus far. We find no evidence of acceleration in productivity growth since the onset of reforms in 1991-92. The result is evaluated in relation to the changes till date in the policy regime in the Indian economy.

Vision and Illusion in Fiscal Correction

In a bid to contain the fiscal deficit, the government has in this budget targeted outlay on subsidies. This note focuses on the likely consequences in the case of the food subsidy.

Agriculture and Economic Reforms

This paper provids an overview of the principal developments in the agricultural sector since 1991, i e, since the economic reforms, and of their likely consequence for the standard of living. The paper has been conceived more with a view to raising essential questions than providing complete solutions.

Prosperity versus Food Policy

Pulapre Balakrishnan Food Policy and the Indian State: The Public Distribution System in South India by Jos Mooij; Oxford University Press, Delhi, 1999.

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