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India

Subject: History

The world's largest democracy has a rich and diverse culture. Now, it is also achieving more rapid economic growth India's vast territory can be divided into three main regions ...

India’s Growth Turnaround

India’s Growth Turnaround   Reference library

The New Oxford Companion to Economics in India (3 ed.)

Reference type:
Subject Reference
Current Version:
2012
Subject:
Social sciences, Economics, Regional and Area Studies
Length:
3,852 words
Illustration(s):
2

...be attributed to some combination of a common shift in s t India and state-wise differences in the α i . A differential impact of the all-India shock might be attributed to different values of α i ; with non-V states, by implication, having α i values extremely close to zero, thus closing off any convergence response. Agenda for Future Research Research on India’s growth turnaround needs to move beyond its empiricist nature and towards a theoretical model of India’s growth pattern. Given India’s economic planning history and the empirical evidence it would...

Reserve Bank of India

Reserve Bank of India   Reference library

T.C.A. Srinivasa-Raghavan

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...of India The Reserve Bank of India (RBI) is India’s central bank. It manages India’s monetary and exchange rate policies and public debt, that is, the borrowings of the central and state governments. The regulation of commercial banking is another of its key responsibilities. Between 1935 and 1949, when it was nationalized, RBI was a private entity. Until 1950, since ‘finance’ was a ‘reserved’ subject for the Government of India, monetary policy was made by the government, while the Imperial Bank of India (nationalized and renamed the State Bank of India in...

State Bank of India

State Bank of India   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Subject Reference
Current Version:
2012

...Bank of India Genesis and Organization The State Bank of India is India’s oldest and largest commercial bank. It is lineally descended from the Bank of Calcutta, which was set up in 1806 (27 March) ( Bagchi 1987 : part I, p. 66) as a purely government-owned bank run by officials of the (English) East India Company. The latter had by then become the paramount power in the subcontinent. It was transformed into the Bank of Bengal, a joint-stock bank with limited liability, with effect from 2 January 1809 (ibid.: 97). The privilege of limited liability for...

International Migration from India: Economic Impact

International Migration from India: Economic Impact   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Subject Reference
Current Version:
2012

...much more sensitive to India’s credit risk as assessed by foreign ratings agencies, while the former are more blasè about sovereign risk when they put money into India. The one clear case when NRI withdrawals amplified India’s BOP crisis in 1991 appears to have been driven by the perception of an impending devaluation rather than credit risk per se. When storm clouds threatened, as in the aftermath of the Asian financial crisis in 1997 and India’s nuclear tests in 1998, India raised funds from its diaspora: US$ 4.2 billion from the India Resurgent Bonds (RIBs)...

Entrepreneurs in India and Abroad

Entrepreneurs in India and Abroad   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...more capital for growth through a stock market listing. India too has examples of professionals turned first generation entrepreneurs, including the huge success of Infosys Technologies and Biocon. But the proportion, and perhaps even the total number, of professionals starting enterprises in India is far lower than in the US. This is in a way reflected in the IT industry itself, the breeding ground for many Indian entrepreneurs in the US. Anecdotal evidence suggests that most such companies in India are controlled by business families and foreign entities,...

Defence Strategy

Defence Strategy   Reference library

Bajpai Kanti

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...1947 to 1962, India’s strategy was one of minimum conventional defence focused on holding territory. Within weeks of Independence, India and Pakistan fought over the state of Jammu and Kashmir, a war that dragged on well into 1948. By the late 1950s, there was a good chance that India would also be involved in a confrontation over the contested border with China. Thus, within a decade, India faced a two-front military problem. Broadly, India’s posture in this period was one of stopping attacks on its territory and repelling the invader. India did not expect...

Defence Expenditure

Defence Expenditure   Reference library

Tanya Sethi and Reddy C. Rammanohar

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...towards developing nuclear weapons. Table 1 presents two different sets of estimates of India’s defence expenditure between 1998–9 and 2010–11.The alternative and more inclusive estimate of India’s defence outlays is 30–40 per cent higher than the official figure. The alternative estimate is only indicative, but the true level of India’s defence spending is likely to be closer to the alternative than the official estimate. The trend emerging from Table 1 is that India’s military spending as a percentage of GDP jumped after the 1998 decision to go nuclear and...

Services-led Growth

Services-led Growth   Reference library

The New Oxford Companion to Economics in India (3 ed.)

Reference type:
Subject Reference
Current Version:
2012
Subject:
Social sciences, Economics, Regional and Area Studies
Length:
5,122 words
Illustration(s):
8

...coverage. There is also no information available on price indices for India’s service sector, as India’s Wholesale Price Index does not cover services. There are efforts underway to improve statistical measurement and coverage of services under the aegis of a National Statistical Commission. Trade in India’s Service Sector 3 The contribution of services to India’s trade and FDI flows has also been growing over the past decade, facilitating India’s integration with the world economy. India’s services exports have grown from a mere $2.9 billion in 1980 to $16.7...

Brain Drain

Brain Drain   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...of residence. At the same time, with economic growth in India, one is also seeing the emergence of reverse brain drain, with the entrance of Indians and foreign nationals into India. Over the past decade, the costs of brain drain from India have been significant. In the United Nations Human Development Report 2001 , the cost of brain drain to India was estimated to reach $2 billion in lost resources annually (United Nations 2001). The cost of emigration of professionals is particularly high in India due to the relatively low percentage of qualified...

Jawaharlal Nehru

Jawaharlal Nehru   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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2012

...consumer industries, which they argued would accelerate growth rates by making India an export-based economy. For Nehru rapid economic growth was never an end in itself; equally important were the values of autonomy and democracy. And, in the context of an international system polarized by the Cold War, Nehru was wary of India losing its political autonomy through economic choices. Resting India’s economic development on exports of consumer goods would, Nehru judged, weaken India’s new-won independence (and on the evidence of those countries that did choose the...

Urbanization and Its Management

Urbanization and Its Management   Reference library

Jennifer O’Brien, and Marija Ozolins

The New Oxford Companion to Economics in India (3 ed.)

Reference type:
Subject Reference
Current Version:
2012
Subject:
Social sciences, Economics, Regional and Area Studies
Length:
1,691 words
Illustration(s):
3

...natural population growth beginning in the 1990s, it soared to become the largest city in India by 2005. In addition to these three megacities, seven other cities will grow considerably through 2025, rounding out the 10 largest cities in India since 2005. These include Chennai, Bangalore, Hyderabad, Ahmedabad, Pune, Surat, and Kanpur. Figure 3 Urban Growth in India’s Cities, 1950–2025 Source : UN (2010). Urbanization has had a variety of positive implications for India’s economy, as cities are generally considered engines of economic activity and growth. Urban...

Exchange Rates

Exchange Rates   Reference library

The New Oxford Companion to Economics in India (3 ed.)

Reference type:
Subject Reference
Current Version:
2012
Subject:
Social sciences, Economics, Regional and Area Studies
Length:
2,532 words
Illustration(s):
2

...Flows to India ’, BIS Paper No. 44, Basel, Bank for International Settlements. Panagariya, Arvind . 2008. India: The Emerging Giant , Oxford, UK, Oxford University Press. Prasad, Eswar . 2009. ‘ India’s Approach to Capital Account Liberalization ’, IZA Discussion Paper No. 3927, Bonn, Institute for the Study of Labour. Praxsad, Eswar and Raghuram Rajan . 2008. ‘ A Pragmatic Approach to Capital Account Liberalization ’, Journal of Economic Perspectives , 69: 5–50. Reddy, Y.V. 2008. ‘ Management of the Capital Account in India: Some...

Roads

Roads   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...Venu Madhav . 2001. ‘A Report on Road Sector in India,’ Ahmedabad, Indian Institute of Management, 24 August. National Highways Authority of India, Government of India, available at http://www.nhai.org/ . World Bank Group. ‘Highway Sector Financing in India’, available at http://www.highwayfinindia.org/ . ——. 2004. ‘Project Appraisal Document on a Proposed Credit in the Amount of SDR 206 Million (US$ 300 Million Equivalent) and Proposed Loan in the Amount of US$ 100 Million to the Government of India for a Rural Roads Project’, 16...

Mahatma Gandhi

Mahatma Gandhi   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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2012

...western India. He studied law at the University of London. After a brief and unsuccessful stint as a lawyer in India, in 1893 he left for Natal, South Africa, as a lawyer for a business firm. There he acquired political prominence by organizing the Indians against racially discriminatory South African laws. He returned to India from South Africa in 1915. Soon he plunged himself in the Indian struggle for freedom from British rule and became the leading figure in the non-violent Indian resistance to British rule in India, which finally resulted in India’s freedom...

Call Centres

Call Centres   Reference library

Nirvikar Singh

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

... India: Information Technology & Information Technology Enabled Services, Profile 2010 , available at http://www.ice.gov.it/paesi/asia/india/ , accessed on 15 December 2010. Jensen, Robert . 2010. ‘Economic Opportunities and Gender Differences in Human Capital: An Experimental Test for India’, Working Paper, UCLA. Oster, Emily and Bryce Millett . 2010. ‘Do Call Centers Promote School Enrollment? Evidence from India’, Working Paper, University of Chicago Booth School of Business. Singh, Nirvikar . 2004. ‘Information Technology and India’s...

Millennium Development Goals

Millennium Development Goals   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...organizations. First, it is not true that India’s performance along many dimensions of human development is far superior to that of Sub-Saharan Africa. For instance, India’s adult literacy rate (63 per cent) is the same as the average for Sub-Saharan Africa. On some counts, India fares even worse than Sub-Saharan Africa. For example, 43 per cent of India’s children under five are malnourished (underweight) as against an average of 22 per cent for Sub-Saharan Africa ( UNICEF 2011 ). Second, while goal setting by India might be ambitious, it has often been a...

Cities

Cities   Reference library

Kala Seetharam Sridhar

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...of urban population reaches 25 per cent. In India, in 2011, urbanization reached 31 per cent, which means that it is now going to pick up pace. 2 Further, economic reforms in India and globalization have made cities the primary engines of economic growth. As a result of the liberalization policies adopted by the Government of India, the share of the urban population is expected to increase to about 40 per cent of the total population by 2021 . While as of 2005 , it was expected that roughly half of India’s GDP originated in its urban areas, it was...

Health Indicators

Health Indicators   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

... Table 5 presents these statistics for India and India’s share in the world in DALYs lost. India contributes around one-fifth to the total DALYs lost globally, with almost an equivalent proportion of DALYs lost due to communicable, maternal, perinatal, and nutritional conditions as well as injuries (22 per cent); India’s contribution in non-communicable diseases is slightly lower at 18 per cent. The burden of disease due to both communicable and non-communicable categories is around 43 per cent in India. Among communicable diseases, while the share of...

Global Warming

Global Warming   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...of the Kyoto Protocol, insisting that developing countries, mainly India and China, undertake some emission reductions. There is pressure from the European Union too on this score. Therefore, in the not too distant future India may be forced to take on some commitments. That requires serious appraisal of India’s options and strategies. Since the bulk of CO 2 emissions originate in the energy sector, major policy initiatives will have to focus on this sector. The following facts constrain India’s ability to reduce CO 2 emissions. A growing population and the...

Intellectual Property Rights

Intellectual Property Rights   Reference library

The New Oxford Companion to Economics in India (3 ed.)

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Current Version:
2012

...food, and agriculture. Only process patents were allowed. This allowed India to make use of its undoubted prowess in process chemistry and engineering. India would not have succeeded in having the drugs and pharmaceuticals industry that it has today without the Patent Act of 1970. In the 1950s, India was importing even formulations. Today, thanks to this Act, the Indian pharmaceutical industry is one of the most developed amongst the developing countries. During the 1995–2005 period, India met its entire TRIPS obligations in various stages starting from...

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