{"title":"Criticising a Despotic Colonial Government: How Much Is Too Much?","authors":"Michael D. Metelits","doi":"10.55763/ippr.2021.02.04.003","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.04.003","url":null,"abstract":"In the last half of the 19th century in the Bombay Deccan, Indian professionals and merchants began to openly challenge some practices of the colonial government. A major vehicle for this forthright criticism was the Poona Sarvajanik Sabha. Through its quarterly journal, the Sabha’s interactions with government gave rise to a competition of ideas and identities, between government and its Indian critics. This competition embraced many topics, but the denouement concerned government policies during two outbursts, some twenty years apart, of famine in the Deccan. Each side was convinced that its approach was right, with the government comfortable doing what it had always done, and the critics increasingly finding fault because of the failures of the government’s famine policy. The question was, which was more important, clinging to Utilitarian doctrine, or implementing a “newer” doctrine that emphasized saving human life? The Sabha not only accepted a “newer” doctrine, but also chose to hold the government accountable for not implementing it. More important, when the government failed to implement needed action, the Sabha took action to right the wrong. Eventually, government reacted to this criticism by acting to crush the Sabha. The eventual outcome is visible even today.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127476282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Emerging Market Sell-Offs: India and the World","authors":"Poonam Gupta, D. Jain","doi":"10.55763/ippr.2021.02.04.001","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.04.001","url":null,"abstract":"Capital flows to emerging markets are generally volatile, resulting in periodic \"sudden stop” episodes – when capital inflows dry up abruptly, with significant negative effects on the economy and on financial variables. This paper reviews India’s experience with capital flows. The relative volatility of different kinds of capital flows in India is similar to that in other emerging markets. Our analyses suggest putting in place a medium-term policy framework that includes sound fiscal balance, a sustainable current account deficit, an environment conducive to investment, an appropriate level of reserves, avoidance of excessive appreciation or volatility of the exchange rate (through the use of reserves and macroprudential policy) and prepares the banks and firms to handle greater exchange rate volatility. In addition, it would be good for India to change the capital flow mix toward FDI flows and find ways to diversify the investor base toward investors with a longer-term view. It would also be useful to eventually graduate from the emerging market asset class. Finally, adopting a clear communication strategy to interact smoothly and transparently with market participants – involving regularly reasserting the commitment to sound policies, and reminders of the resilient underlying fundamentals – are likely to be helpful in risk-off times.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125441684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Radically Networked Societies: The case of the farmers’ protests in India","authors":"Prateek Waghre","doi":"10.55763/ippr.2021.02.03.004","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.03.004","url":null,"abstract":"This paper analyses India’s ongoing farmer protests movement through the lens of the Radically Networked Societies (RNS) framework. Building on prior RNS-based case studies, the paper contends that this movement is marked by a combination of allied and opposing RNS groups. These RNS groups are characterised by the existence of overlapping identities operating across a mix of existing and instantaneous networks coalescing around their respective common causes of opposing the three farm laws enacted by the Union government and opposing this opposition itself. The ensuing interactions result in amplifying and sustaining adjacent and opposite RNS groups. The paper concludes that the hitherto weak bonds underlying spontaneous networked movements will be supported by hardening ties based on political identities that also transcend international boundaries. This can result in sharper responses by states which may be tempered by international pressure or scrutiny in the short term. Alternatively, an increasing number of protest movements for extended periods could lead to a flattening of responses and waning levels of attention.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121131688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Practice of Flexible Inflation Targeting in India – A Preliminary Assessment","authors":"N. Rajadhyaksha, Prakhar Misra","doi":"10.55763/ippr.2021.02.03.002","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.03.002","url":null,"abstract":"This paper examines how the new flexible inflation targeting framework has worked in practice in India, five years after it was introduced. The policy decisions taken by the Reserve Bank of India are analysed on four fronts — the trajectory of inflation, the inflation forecasting record, the voting behaviour of the monetary policy committee, and the ability to keep the weighted average call money rate within the policy corridor. These four themes represent the formal nominal anchor, the intermediate target, the central bank response function and the operating target of monetary policy. Each is a building block of the flexible inflation targeting framework. The paper then offers some suggestions on the road ahead for monetary policy practice in India, both given the experience of the past five years as well as the Covid-19 shock to the Indian economy. \u0000 ","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127136529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"RCTs for policy in India - Ethical Considerations, Methodological Concerns and Alternative Approaches","authors":"S. P","doi":"10.55763/ippr.2021.02.03.005","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.03.005","url":null,"abstract":"Randomised controlled trials (RCTs) have become a popular methodological choice for policy analysis in the developing world. This paper describes the various ethical and methodological considerations when choosing to adopt RCTs for policy decisions through a review of literature in multiple disciplines. Unlike previous critical analysis of RCTs, this paper contextualises its critique to India, a country that has been the site of well over a hundred RCTs. Through illustrations of recent Indian policy RCTs on corruption, livelihoods, Public Distribution System, conflict and others, the paper raises concern about violations of ethical requirements like equipoise, informed consent, data harms, human costs to research participants and research staff. The paper discusses methodological limitations of RCTs for Indian policy making including heterogeneity, researcher effects, generalisability, policy-relevant unobserved mechanisms and other socio-political considerations. The paper ends with a description of alternative approaches and a simple checklist for practitioners, specifically policy makers, to assess the feasibility of RCTs for informing decision making in their context.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126105153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Inflation, Monetary Policy and Monetary Aggregates","authors":"C. Rangarajan, D. Nachane","doi":"10.55763/ippr.2021.02.03.001","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.03.001","url":null,"abstract":"Taxonomically speaking, the received theories of the macroeconomy may be said to comprise monetarism, structuralism, Marxism, the post-Keynesian view and the New Consensus Macroeconomics (NCM). However, in the last few decades, the mainstream view has been converging on the NCM, representing a grafting of essentially Keynesian ideas on a framework of rational expectations. Associated with this consensus has been a steady de-emphasis on the role of monetary aggregates in the framing of monetary policy. This paper is devoted to an examination of the role of monetary aggregates in each of the macroeconomic theories listed above. In particular, it contests the prevailing mainstream policy viewpoint (heavily influenced by the NCM) that monetary aggregates have no explanatory power for inflation beyond that contained in the output gap. On the contrary, the empirical fact that several monetary shocks originate on the supply side, coupled with the strong possibility of monetary shocks affecting output through relative price changes, make out a strong case for the inclusion of monetary aggregates at least as a Second Pillar of monetary policy (in the manner currently done at the European Central Bank). A monetary policy calibrated without reference to monetary aggregates is like Hamlet without the Prince of Denmark.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114515675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Continuity or Change: Leadership Discourse and Policy Analysis at the Helm of Reserve Bank of India","authors":"M. Sriram","doi":"10.55763/ippr.2021.02.03.003","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.03.003","url":null,"abstract":"Understanding the evolution of policy over long horizons is an interesting exercise. While it is possible to look at a policy approach ex-ante, many of the decisions of the policy makers are undertaken in response to an emerging situation and several times, there could be initiatives that seemingly have internal contradictions. Additionally, institutions like the Reserve Bank of India would have approaches institutionalised that shape the policy making and thoughts of the leaders at the helm of affairs. Understanding this process through chronological insights and seeing patterns is an exercise that this paper attempts. The paper looks at the speeches delivered by the Governors (and one Deputy Governor) of the RBI to find a pattern and meaning into the series of policy initiatives that the institution is undertaking. In looking at the patterns, the paper tries to build a narrative of an overarching concern that the leaders might have during their tenure. The paper picks up the speeches delivered by leaders at the helm of RBI from 2004 till 2018 and examines the policy discourse to understand the elements of continuity and change.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129962774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Gentle Book by a Gentleman","authors":"Narayan Ramachandran","doi":"10.55763/ippr.2021.02.02.005","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.02.005","url":null,"abstract":"\u0000 \u0000 \u0000Issue: Mar-Apr 2021 \u0000This book is a useful read, despite its moderation, because, so few books have been written about India’s contemporary political economy. Montek’s book Backstage offers a clearer picture of an important time and fills in the gaps on some of the characters involved. Montek’s penchant for comprehensive rather than piece-meal reform is a good takeaway for a younger generation of economic policy makers. \u0000 \u0000 \u0000","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122947983","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"India’s Free Trade Agreements","authors":"P. Krishna","doi":"10.55763/ippr.2021.02.02.001","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.02.001","url":null,"abstract":"Issue: Mar-Apr 2021 This paper reviews India’s experience with the free trade agreements (FTAs) that it signed over the last two decades. The trade outcomes under the agreements are found to be quite modest: The trade shares of India’s FTA partners stayed nearly constant over the past decade, and trade deficits with FTA partners, as a share of the overall deficit, did not increase over time. These findings challenge the assertion that India’s trade agreements have led to a widening of trade deficits and that they were responsible for the stagnation of the Indian manufacturing sector.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121607609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Environmental Issues, Economic Policies and Agricultural Development","authors":"Rongchen Liu, Anirban Sanyal, Nirivkar Singh","doi":"10.55763/ippr.2021.02.02.003","DOIUrl":"https://doi.org/10.55763/ippr.2021.02.02.003","url":null,"abstract":"Issue: Mar-Apr 2021 \u0000This paper discusses economic policies that have supported a particular kind of agricultural development in Punjab, as well as environment-specific policies, that have sought to deal with various environmental problems arising from that pattern of development. In doing so, we highlight some major environmental issues associated with economic policies in the state, including with respect to water, air, soil and climate change. We analyse why and how economic policy failures, including at the national level, adversely affect environmental quality in Punjab. The aim of this paper is to highlight these issues, as a first step towards identifying policies that may do a better job of protecting the environment.","PeriodicalId":173340,"journal":{"name":"Indian Public Policy Review","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126546775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}