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This is a collection of essays by 16 renowned Indian economists on contemporary issues linked to India?s economic development.
Among the topics covered in the essays are: structural breaks in the India growth process; relevance of the Solow growth model for a developing economy; sources of the growth acceleration in India from the 1980s and the contribution of sectoral changes to overall economic growth; constraints to achieving 4 per cent annual growth rate in agriculture; measurement of unorganized sector output, and savings and capital formation; ensuring environmental sustainability of the energy requirements for a fast, inclusive growth; the kind of inflation targeting RBI monetary policy should aim for; appropriate interest rate policy for India; evolution and structure of Indian fiscal federalism including tax and expenditure assignments, fiscal imbalances, and the design of general purpose and specific purpose transfers from the Centre to the states.
These essays were originally presented as papers at a conference organized to commemorate the birth centenary of Prof. V.K.R.V. Rao (1908-1991), one of the foremost Indian social scientists and institution builders of the twentieth century. He was the founder of the Delhi School of Economics and the Institute of Economic Growth in Delhi and the Institute of Social and Economic Change in Bangalore.
Table of Contents
Introduction PULIN B NAYAK, BISHWANATH GOLDAR and PRADEEP AGRAWAL
I: INDIAN GROWTH PROCESS: Some Questions Relating to the Indian Growth Process SURESH D TENDULKAR
The Veil of Growth: Some Thought Experiments ERROL D?SOUZA
Productivity Increase and Changing Sectoral Composition: Contribution to Economic Growth in India BISHWANATH GOLDAR and ARUP MITRA
Achieving 4 Per cent Growth Rate in Agriculture during the Eleventh Five Year Plan: Feasibility and Constraints RAMESH CHAND
II: ESTIMATION OF NATIONAL INCOME AND RELATED AGGREGATES: Unorganized Manufacturing and Services in GDP Estimation: Measurement Issues RAMESH KOLLI
Estimation of Saving and Capital Formation in India: Pending Issues for Improvement S L SHETTY
Divergence Between NAS and NSS Estimates of Private Final Consumption Expenditure SAVITA SHARMA and JANARDAN YADAV
III: SUSTAINING GROWTH AND THE DEVELOPMENT PROCESS: Inclusive Economic Growth and Sustainable Energy Development of India RAMPRASAD SENGUPTA
Investment Data and Sustainability Measures for India PURNAMITA DASGUPTA and SHIKHA GUPTA
IV: MONETARY POLICY: The Structure of Inflation, Information and Labour Markets: Implications for Monetary Policy ASHIMA GOYAL
The Optimum Level of Real Interest Rate for India: An Empirical Analysis PRADEEP AGRAWAL
V: FISCAL POLICY: Indian Fiscal Federalism in Globalizing Environment: Trends and Reform Challenges M GOVINDA RAO
Fiscal Policy Rules in India: Impact and Reassessment D K SRIVASTAVA
VI: LIFE AND CONTRIBUTIONS OF PROF V K R V RAO: V K R V Rao: Visionary Social Scientist and Institution Builder PULIN B NAYAK