Book reveals macro economic perspective on Indias growth since Independence

December 15th, 2007 - 6:18 pm ICT by admin  

By Sanjay Kumar
New Delhi, Dec.15 (ANI): India launched the process of modernization and development in 1950s with the launch of new economic planning. Fifty years hence, a new era of modernization and development has started in the country.
How as our journey in the first fifty years? What are the challenges we faced as a nation, what are the issues we addressed in our journey, what sociological and demographic problems came in dealing with economic issues- these are the issues that are the subjects of discussions in a new book, Growth, Equity, Environment and Population: Economic and Sociological Perspective edited by Kanchan Chopra and C.H. Hanumantha Rao.
Published by Sage, the book brings to its fold a number of issues.
The book discusses and analyses from an economic perspective some of these vital concerns-growth, equity, environment and human resources.
It is a collection of the work of researchers at the Indian Institute of Economic Growth (IEG). The collection has been inspired by the Golden Jubilee Year of the IEG which was established in 1958 almost at the same time when India initiated its modernization process.
The book, in a way, looks at the growth of IEG and the progress made by the country and the challenges ahead.
The essays in the volume employ sophisticated quantitative techniques in the analyses, herby enhancing the quality of the subject matter.
Growth, equity, environment and human resources are some of the common concerns of the essays.
BB Bhattacharya and Sabyasachi Kar examine the effect of two dominant shocks — rainfall shortage and fiscal profligacy) and three external shocks (oil price hike, world trade shock and capital flow shock) on the growth of the Indian economy in the chapter, Domestic and External Shocks and their Impact on Economic Growth.
Using a macro model of the Indian economy, the authors conclude that rainfall shortage and fiscal profligacy shocks have a stronger growth retarding effect than realistic scenarios of the three external shocks, both in the short and long term.
In the section on equity, C.H. Hanumantha Rao notes that inter-state disparities in income have grown in the postreform period and analyze the causal factors leading to this phenomenon. He observes that priorities for action in backward regions need to be given to improvement in social and economic infrastructure and speeding up social transformation through empowerment of the people as well as measures for good governance.
In the section on population, migration and health, S C Gulati after analyzing the data from 593 districts of the country finds a direct linkage between female literacy and fertility.
The essays in the book Growth, Equity, Environment and Population: Economic and Sociological Perspective gives a thorough insight into socio economic and demographic problems facing the country.
On the one hand, the book is a means to showcase the achievement of IEG in the last fifty years; it also shows the country the problems it needs to handle before it speeds up its new modernization process and the double digit growth.
Kanchan Chopra, one of the editors of the book, happens to be the Director and Professor at the IEG. C.H Hanumanatha Rao is a chairman, Board of Governors, and Honorary Professor at IEG. (ANI)

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