Select Essays on Indian Economy (In 2 Volumes)

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Dr. Rangarajan’s contributions are well known and well documented in a number of publications, both Indian and international. But it has been strongly felt, particularly by his colleagues who worked closely with him, that his research contributions to various sectors of Indian economy are not available at one place. The present publication is an attempt to fill this gap and to provide easy access to some of his path-breaking articles which are frequently referred to. Dr. Rangarajan’s contributions are not confined to monetary economics, as one may usually think, but they cover a wide range-agriculture, industry, planning, banking, finance, balance of payments, exchange rate policy, and international monetary system. These subjects have been covered in the 24 selected essays which have been arranged under four sections in two volumes. The first section covers agriculture, industry and the economy. The chapter 1 in this section, entitled "Agricultural Growth and Industrial Performance" is perhaps one of the earliest studies to express fully the linkage between agriculture and industry. This section also includes a comprehensive review of the recent economic reforms. The second section deals with issues relating to monetary and financial sectors-providing the analytical foundations of the Chakravarty Committee Report; an econometric model to study the relative impact of money supply on output and prices; and also includes detailed essays on the role of monetary policy and financial sector reforms. The third section deals with fiscal policy issues from the broader perspective of macroeconomic management, including an article on the dynamics of debt accumulation which is perhaps one of the earliest articles to be published in India in this area. A reasonably large sized econometric model is also presented to study the impact of government expenditures financed through alternative channels. The last section includes articles on exchange rate management and on the evolution of the balance of payment scenario in the country. The Report of the High Level Committee on Balance of Payments, of which Dr. Rangarajan was the Chairman, is also included. This report is the only source which outlines the reasons for the shift of the exchange rate arrangement, initially to LERMS, and later to a market determined exchange rate system. The publication carries an exhaustive introduction written by Dr. R. Kannan.

ABOUT THE AUTHOR C. Rangarajan

Dr. C. Rangarajan D is presently the Chairman of the Twelfth Finance Commission. Earlier, he was Governor of Andhra Pradesh for five years (1997-2003) and just before that he was Governor, Reserve Bank of India for five years (1992-1997). As Governor RBI, Dr. Rangarajan gave a major thrust to financial sector reforms. The institutional environment was altered to make monetary policy a more effective instrument of economic policy. The exchange rate regime underwent a fundamental change. He was member of the Planning Commission during 1991-92. Prior to that he held the position of Deputy Governor, Reserve Bank of India, for almost a decade. During this period, he was instrumental in bringing about a number of changes in the credit and financial system, both in terms of induction of new instruments and new institutions. Dr. Rangarajan has been a member of the Economic Advisory Council to the Prime Minister between 1985 and 1991. He was the Chairman of the National Statistical Commission which was set up to reform the Indian Statistical System. He has taught at the Wharton School of Finance & Commerce, University of Pennsylvania and the Graduate School of Business Administration, New York University. In India, he has taught at Loyola College, Madras; University of Rajasthan, Jaipur; Indian Statistical Institute, New Delhi and for well over a decade and a half at the Indian Institute of Management, Ahmedabad. He is the author or co-author of the following books : Short-term Investment Forecasting (1974); Principles of Macroeconomics (1979); Strategy for Industrial Development in the '80s (1981); Innovations in Banking (1982); Indian Economy: Essays on Money and Finance (1998); Perspectives on Indian Economy (2000); and Structural Reforms in Industry, Banking and Finance (2000). Many of his analytical writings have been published in various national and international journals. Among the several awards received by him are : Business Man of the Year 1997 (Madras Management Association); Honorary Fellow, Indian Institute of Management, Ahmedabad 1997; Award of Excellence in Finance (Bank of India) 1998; Finance Man of the Decade (Bombay Management Association)1998; Financial Express Award for Economics 1998; Wharton-Indian Alumni Award for Outstanding Leadership (2002). Dr. Rangarajan was awarded Padma Vibhushan by the President of India in January, 2002.