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187 pages

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"As India marks the twenty-year milestone of economic liberalization, some concerns about the country’s future prospects as an emerging power are beginning to be voiced; often, these stem from the past history of sharp swings in India’s fortunes. Bimal Jalan, one of the country’s well-known economists and former Governor of the Reserve Bank of India, has closely followed the path of India’s economic policies across its changing trajectories, from before the time the economy was liberalized to the very present The pieces that appear here were all written during the last twenty years, with the exception of three prescient notes from the mid-1970s highlighting the need for economic reforms to foster growth. The principal thought behind these essays is that, in the past twenty years, India’s capacity to grow faster than ever before has increased substantially because of its comparative advantage in relation to other countries. However, Jalan points out that for India to seize the opportunities that lie ahead, it is essential to bring about further reforms in the running of India’s politics and administration in order to ensure inclusive and incremental economic growth. "

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Economics

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Publié par	Penguin Books India Pvt Ltd
Date de parution	15 mars 2013
Nombre de lectures	0
EAN13	9788184756005
Langue	English

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BIMAL JALAN

Emerging India
Economics, Politics and Reforms
Contents
About the Author
Dedication
Preface
Introduction
SECTION 1: THE POLITICAL CONTEXT
1. The Triumph and Travails of Democracy Edited version of chapter 1 in Future of India: Politics, Economics and Governance , Penguin, 2005
2. Separation of Powers: The Myth and the Reality Third Nani A. Palkhivala Memorial Lecture, Mumbai, 16 January 2006
3. Politics and Governance Address at the India International Centre, New Delhi, 31 August 2007
4. Economics, Civil Service and Governance in Emerging India Memorial Lecture in honour of Mr P.K. Kaul, New Delhi, 29 March 2008
5. Wanted: A Barefoot Minister Speech in Rajya Sabha, Parliament of India, during the debate on the Rural Employment Guarantee Bill, 24 August 2005
SECTION 2: INDIA S ECONOMY, POLICY AND PROSPECTS
6. After the Crisis: Need for a New Strategy Edited version of M.A. Master Memorial Lecture, Economic Research and Training Foundation, Indian Merchants Chamber, Bombay, 22 July 1992
7. India s Comparative Advantage in the Twenty-First Century Unpublished essay, 31 March 1997
8. India s Economy in the Twenty-First Century: A New Beginning or a False Dawn? Address at the India International Centre, New Delhi, 15 January 2001
9. India s Record in the Social Sectors Edited version of chapter 6 in India s Economic Policy: Preparing for the Twenty-First Century , Penguin, 1996
10. Science, Technology and Development Third Sir Vithal N. Chandavarkar Memorial Lecture, Indian Institute of Science, Bangalore, 8 May 1998
11. India and Globalization Thirty-Sixth Convocation Address, Indian Statistical Institute, Kolkata, 15 January 2002
SECTION 3: MONEY, FINANCE AND BANKING
12. Towards a More Vibrant Banking System Bank Economists Conference (BECON 98), Bangalore, 16 December 1998
13. Economic Growth, Banking and Information Technology Excerpts from the inaugural address at the BancIT 2000, Bangalore, 14 July 2000
14. Ethics in Banking Seventh Nurul Matin Memorial Lecture, Bangladesh Institute of Bank Management, Dhaka, 2007
15. International Financial Architecture: Developing Countries Perspective Forty-Ninth Anniversary Lecture, Central Bank of Sri Lanka, Colombo, 25 August 1999
16. International Financial Architecture-II Address at Bank of England, London, 5 July 2002
17. Finance and Development: Which Way Now? Administrative Staff College of India, Hyderabad, 6 December 1999
18. Exchange Rate Management: An Emerging Consensus? Address at 14th National Assembly of Forex Association of India, 14 August 2003
SECTION 4: INDIA S ECONOMIC REFORMS: A PERSPECTIVE
19. Priorities for Industrial Policy in the 1970s Unpublished note for a panel discussion, Ministry of Industry, 1974
20. Proposals for the Reform of Import Licensing 232 in the 1970s Unpublished paper, Ministry of Industry, 11 April 1975
21. Industrial Reforms in the 1970s Unpublished note, Ministry of Industry, 1975
22. Controls, Regulations and the State An extract from India s Economic Policy: Preparing for the Twenty-First Century , Penguin, 1996
23. Indian Banking and Finance: Managing New Challenges Banking Economists Conference, Kolkata, 14 January 2002
24. The Politics of India s Reforms Financial Times , London, 15 July 2005
25. Measures to Reduce the Supply and Demand of Corruption Second Annual Lecture, Transparency International, Delhi, 19 February 2011
Notes
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PENGUIN BOOKS
EMERGING INDIA
Bimal Jalan is one of India s well-known economists. He was Governor of the Reserve Bank of India from 1997 to 2003, demitting office on his nomination to the Upper House of Parliament by the President for distinguished service to the country. He has held several top positions in the ministries of finance and industry and in the Planning Commission. He was also Chairman of the Economic Advisory Council to the Prime Minister and represented India on the boards of the IMF and the World Bank. He was educated at Presidency College, Calcutta and Cambridge and Oxford universities. His books include India s Economic Crisis: The Way Ahead (1991), India s Economic Policy: Preparing for the Twenty-first Century (1996), India s Economy in the New Millennium (2002), The Future of India (2006) and, as editor, The Indian Economy: Problems and Prospects (Revised edition, 2004).
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Maahira and Ayushman Ananmay and Tanay
Yes, you can
Preface
This book is different from my earlier ones. This is a collection of selected papers, lectures and some unpublished notes from personal archives. Most of the papers selected for publication in this book relate to the period 1990-2010, with the exception of three unpublished notes from 1974-75, on the reform of the industrial and import licensing policy. The papers brought together in this book have been chosen to provide a broad overview of the evolution of India s politics, economics, governance and economic reforms over the past two decades and their implications for the future.
I should mention that papers in this book are a relatively small part of a larger collection of old papers in the archives. The larger collection-containing more than 450 papers-has been passed on to the library of the National Council of Applied Economic Research (NCAER), New Delhi, for use by staff members of NCAER for research and reference purposes, subject to applicable copyright rules.
In addition to my own papers, notes and memos, the collection of papers in the NCAER archive contains copies of published articles by several eminent economists and experts on India s past, present and future. These articles, spread over the past five decades, provide a most useful account of developments in the theory and practice of economic policymaking in developing societies, including India, after the end of the colonial era.
I owe a deep debt of gratitude to several persons who helped me at various stages of the project. Papers in my personal archives were written at different points of time over a long period, in different contexts, and covered a large variety of subjects. The task of preparing this volume, and selecting papers of contemporary interest, turned out to be much more difficult than I had originally anticipated. I am particularly grateful to Satish Choudhary for his meticulous work in preparing the manuscript for publication, to B.B. Chand and his team at the NCAER library for downloading numerous articles and scanning them for consideration and to K.D. Sharma for his organizational and other help.
I deeply appreciate the expert advice received from Shashanka Bhide on the selection of papers, whenever I asked for it, and to Ms Anuradha Bhasin for copy-editing and preparing the manuscript.
I am especially grateful to Udayan Mitra at Penguin for his invaluable help and guidance at different stages of the book s publication. Ameya Nagarajan did the final editing of the book within a very short period. I am thankful to her for her meticulous work.
BIMAL JALAN
August 2011
Introduction
Just a year or two ago, India s reputation as both a democracy and a global emerging power was at its peak. Today, with daily reports of widening corruption, misgovernment and public despair about the working of India s politics, the picture has changed dramatically. India s reputation seems to have swung from that of a land of great opportunity to that of a country with an uncertain future.
The change in perceptions of the working of India s democracy and its economic prospects is, of course, nothing new. In the mid-1980s also, from 1984-85 to 1990-91, India had registered a rate of growth of more than 8 per cent per annum. And, soon thereafter, in 1991 India went through one of its worst economic crises. With two short-lived governments in the two years prior to the crisis, there was also a big question mark about the country s political future.
In the light of current concerns about India s prospects and the past history of sharp swings in India s fortunes I have tried, in this volume, to bring together a set of papers on India s past, present and future. Most of these papers were written over the last twenty years, with the exception of three short notes from the mid-1970s regarding the need for reforms in the import and industrial licensing policy to boost growth.
The primary message of these essays, as I look back, is simply that in the past twenty years, unlike the period before, India s capacity to grow faster than ever before and eliminate poverty has increased substantially because of certain positive changes in its comparative advantage in relation to other countries. However, for India to seize the opportunities that lie ahead, it is essential to bring about reforms in the working of our politics and administration.
The main areas of concern in the light of recent events are basically two: (a) the growing disjuncture between economics and politics, and (b) the emergence of a public-private dichotomy in the growth trajectory. There is simply no doubt that, in recent years, as the economy has become vibrant, politics has become more fragmented and messier . Most of us, as observers of the Indian scene, are, of course, familiar with these developments, such as the diminishing accountability of the executive to Parliament, rising corruption, the preponderance of criminals in politics and the disproportionate power of small regional parties in multiparty coalitions. Unfortunately, while these unsavoury political developments are well known and dominate the media space, there is not much appreciation of the urgent need for political reforms to strengthen accountability, reduce the scope for corruption and reverse the incentives for small parties to destabilize coalitions.
Another core issue with multiple dimensions that needs to be resolved is what can be best described as the growing public- private dichotomy in economic life. It is a strikin