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

Articles by Rakesh MohanSubscribe to Rakesh Mohan

The Phenomenal Rise of Asia

Resurgent Asia: Diversity in Development by Deepak Nayyar, New Delhi: Oxford University Press, 2019; pp xx + 295, ₹895.

Finance and Monetary Policy beyond Neo-liberalism

Against the backdrop of the North Atlantic financial crisis that erupted in 2007–08, this article looks into the changing role of central banks and the monetary and financial sector policies and the challenges of managing the tensions of this impossible trinity, especially from the standpoint of the emerging market economies. Lessons derived from the crises observed in the past three to four decades, whether in the emerging markets or the advanced economies, suggest that financial markets are inherently unstable. Hence, the article concludes that the emerging economies need to practice enhanced and active surveillance of their financial sector in their quest for maintaining of high growth along with financial stability.

Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment

This paper first reviews the overall macroeconomic performance in India since independence, and then assesses the likely prospects for growth in the medium term. It argues that India's growth has been largely enabled by the availability of domestic savings, which have increased steadily over the decades. Further, the efficiency of resource use has been high with a long-term incremental capital-output ratio of around 4, which is comparable to the best in the world. While private investment and corporate growth have beenmajor factors in the recent growth upsurge, it is important to note that this period has also been marked by a relative decline in public investment. A revival of public investment, accompanied by higher public savings, would be necessary to improve and expand public services.

Can India Grow Without Bharat?

Reflections on the Growth Process Rakesh Mohan We have seen the welcome emergence of a new genre of books in the last couple of years, with former key policymakers publishing collections of newspaper articles that they have written when out of power. Finance minister P Chidambaram

Agricultural Credit in India

Agricultural credit has played a vital role in supporting farm production in India. Though the outreach and amount of agricultural credit have increased over the years, several weaknesses have crept in which have affected the viability and sustainability of these institutions. Following the shifts in consumption and dietary patterns from cereals to non-cereal products, a silent transformation is taking place in rural areas calling for diversification in agricultural production and value addition processes in order to protect employment and incomes of the rural population. In the changed scenario, strong and viable agricultural financial institutions are needed to cater to the requirements of finance for building the necessary institutional and marketing infrastructure. What is needed in agriculture now is a new mission mode akin to what was done in the 1970s with the green revolution. The difference now is that initiatives are needed in a disaggregated manner in many different segments of agriculture and agro-industry: horticulture, aquaculture, pisciculture, dairying, sericulture, poultry, vegetables, meat, food processing, other agro-processing and the like.

Financial Sector Reforms in India

This paper tracks the story of Indian financial sector reforms in terms of a number of segments such as banking, debt markets, forex markets, and others like non-banking financial companies. This apart, as an offshoot of the financial sector reform, changes in the monetary policy are discussed. In this light, the paper looks at various performance indicators of different segments of the Indian financial sector. In general, it is found that there has been an improvement in efficiency, competitiveness and health of all the segments of the Indian financial sector. The paper raises some issues for the future of this sector.

The 21st Century: Asia Becomes Urban

It is expected that in the coming years, most Asian countries will undergo a similar fast-paced urbanisation that Latin America experienced in the last half century. Despite the ills that have accompanied this process of urbanisation, the world, as this article argues, appears to have coped relatively well with the large-scale increase in urban population of recent years; it is equally possible for urbanising economies in Asia to replicate the experience of developed economies. For this to happen, it is essential that all aspects of city management, including the fostering of a professionalised workforce, are strengthened. This, in turn, would increase the creditworthiness of city governments and help attract the investment necessary for vital urban infrastructure projects. In an increasingly interconnected world, decentralised governance would ideally assist the practice of prudent macroeconomic and trade policies essential for ensuring a continuous access to international capital markets.

Economic Reforms and Poverty Alleviation

The National Sample Survey has been among the most robust and well respected national household surveys in the world for almost half a century. It is therefore natural that most observers accept the estimates thrown up by the NSS. However, since mid-1980s there is another large-scale survey, the Market Information Survey of Households (MISH) of the NCAER, which can provide consistent information on income trends in the country. Which of these two surveys is to be believed about the trends in poverty redressal during the reform era: MISH which suggests a marked decline or the NSS which points to stagnation in poverty ratios? To answer this question is the primary purpose of this paper.

Fiscal Correction for Economic Growth

Rapid economic growth is the only solution to the problem of poverty and such growth is not possible without significant fiscal correction. The key objective of fiscal reform has to be a reduction in public debt service payments. This article analyses data on state and central government revenues and expenditures to suggest ways to climb out of the debt trap.

India s Garment Exports

High input and manufacturing costs have made it virtually impossible to supply fabrics to exporters at rates that would enable our manufacturers to compete effectively in the international market. The size and internal efficiency of the synthetic fibre producers will determine the substantial growth of India's garment export industry in the future. Therefore, while the long-term policy should be aimed at strengthening and diversifying our domestic textile base, the short-term solution will have to centre around facilitating the import of fabric.

Housing and Urban Development-Policy Issues for 1990s

Policy Issues for 1990s Rakesh Mohan During the last four decades, while the total population of India has almost doubled, urban population has nearly quadrupled

Housing and Urban Development-Policy Issues for 1990s

Housing and Urban Development Policy Issues for 1990s Rakesh Mohan During the last four decades, while the total population of India has almost doubled, urban population has nearly quadrupled


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