Indian Economy

Indian Economy

by A.C. Fernando
Released August 2015
Publisher(s): Pearson Education India
ISBN: 9789352861217

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Book description

This book on the Indian economy is an exhaustive text for studying and understanding the world's third largest economy. Written in a simple and lucid language, the book presents the subject matter in a manner where a reader will be able to easily move from elementary to complex concepts. Special attention has also been paid to discuss the latest developments, policies, and problems related to the Indian economy. The content coverage has been designed to help students pursuing graduate and postgraduate courses in commerce, economics, and management as well as those pursuing professional programmes such as chartered accountancy, company secretary, and cost and works accountancy.

Table of contents

  1. Cover
  2. Title Page
  3. Dedication
  4. Contents
  5. Preface
  6. About the Authors
  7. Chapter 1 Indian Economy during the British Era
    1. Indian Economy during the Colonial Era
    2. Factors that Contributed to the Stagnation of Indian Economy during the British Period
    3. Discussion Questions
  8. Chapter 2 Indian Handicrafts and their Decline
    1. The Chief Mart of the World
    2. The Variety of Industries
    3. Organization of Industries
    4. The Causes of the Decline and Fall of the Indian Handicrafts
    5. The Persistence of the Indian Handicrafts
    6. The Present Organization of the Handicrafts
    7. Discussion Questions
  9. Chapter 3 The Indian Village in Transition
    1. The Indian Village
    2. The Village and its Organization
    3. The Defects of such a Closed Economy
    4. ‘The Old Order Changeth’
    5. Causes of the Transition
    6. Process of the Transition
    7. Features of the Transition
    8. Courses of Transition in Different Sectors
    9. Discussion Questions
  10. Chapter 4 The Economic Drain of India
    1. Introduction
    2. Discussion Question
  11. Chapter 5 Agriculture during the British Era
    1. Introduction
    2. Discussion Questions
  12. Chapter 6 Systems of Land Tenure in the British India
    1. Introduction
    2. The Gradual Growth of Land Tenures in India
    3. The Period of Transition
    4. The Permanent Zamindari Settlements, 1793
    5. Demerits of the System
    6. The Protection of the Tenants in the Zamindari Areas
    7. The Abolition of the Zamindari System
    8. The Temporary Settlements
    9. The Mahalwari Settlements
    10. The Malguzari Settlement in Central Provinces
    11. The Ryotwari Settlement in Madras and Bombay
    12. Reform in Ryotwari Areas
    13. Discussion Questions
  13. Chapter 7 The State and Agriculture during the British Era: The Evolution of the Agricultural Policy of the State
    1. The Need for Government Action
    2. Policy of Laissez Faire and Indifference to Agricultural Improvement 1860–1880
    3. The Formative Period in Government Policy 1880–1905
    4. The Reorganization of the Agricultural Departments 1905
    5. The Imperial Council of Agricultural Research (ICAR) 1929
    6. The Development of Agriculture
    7. Security
    8. Debt Relief and Rural Credit
    9. Seeds
    10. Manures
    11. Prevention and Control of Pests and Diseases
    12. Implements
    13. Methods of Cultivation
    14. Cattle Improvement
    15. Subsidiary Rural Industries
    16. Marketing
    17. Rural Reconstruction
    18. Education and Propaganda
    19. Discussion Questions
  14. Chapter 8 Fractionalization of Holdings and Food Production: Subdivision and Fragmentation of Holdings
    1. The Size of the Holdings
    2. The Causes of the Small Size of the Holdings
    3. The Effects of Subdivision and Fragmentation
    4. Measures Taken to Remedy the Evils
    5. The Consolidation of the Existing Fragments and Subdivisions
    6. The Prevention of Excessive Subdivision and Fragmentation
    7. Efforts at Consolidation of Holdings
    8. Impact on Government Efforts in Agriculture
    9. Problems of Plenty in 2012
    10. Discussion Question
  15. Chapter 9 Irrigation in India: The Need for Irrigation and Different Kinds of Irrigation Works
    1. The Need for Irrigation
    2. Kinds of Irrigation Works
    3. Government and Classification of Irrigation Works
    4. The Irrigation Policy of the Government
    5. Private Companies
    6. The State and ‘Productive’ Works
    7. The State and the Colonization Canals
    8. The State and ‘Protective’ Works
    9. The State and Productive and Protective Works
    10. Provincialization
    11. The Limitations on the Scope of Irrigation
    12. Irrigation Works after Independence
    13. The Effects of Irrigation
    14. Discussion Questions
  16. Chapter 10 Famines and the Famine Policy in India
    1. The Nature of Famines and their Effects
    2. The Famine Relief Policy
    3. The First Famine Commission 1880
    4. The Second Famine Commission 1898
    5. The Third Famine Commission 1901
    6. The Woodhead Famine Inquiry Commission 1944
    7. The Modern Indian Famine Campaign
    8. The Famine Protection Policy
    9. The Efficacy of the Measures Adopted
    10. The Policy of Famine Finance
    11. The Recent Food Crisis and Famines
    12. Ultimate Causes and Remedies
    13. Discussion Questions
    14. Suggested Reading
  17. Chapter 11 The National Food Security Bill 2013
    1. Bar Diagram
    2. Affordability
    3. Innovative and Special Employment Projects
    4. Inadequacies of Anti-Poverty Programmes
    5. Conclusion
    6. Key Terms
    7. Discussion Questions
  18. Chapter 12 The Indian Economy Since Independence
    1. The Indian Economy––An Overview
    2. A Retrospective on the Indian Economy
    3. Agricultural and Rural Development
    4. Myths Associated with Agriculture
    5. Industrial Production and Manufacturing
    6. Infrastructure
    7. The Services Sector
    8. India’s IT and It’es Sector
    9. The Financial Services Sector
    10. Savings and Investment
    11. The Price Situation
    12. India’s National and Per Capita Incomes
    13. Income Distribution and Poverty
    14. The External Sector
    15. Discussion Questions
    16. Suggested Readings
  19. Chapter 13 Mixed Economy of India (1951–1991)
    1. Introduction
    2. Mixed Economy and its Types
    3. Features of the Indian Mixed Economy
    4. Advantages of India’s Mixed Economy
    5. Disadvantages of India’s Mixed Economy
    6. Conclusion
    7. Discussion Questions
    8. Suggested Readings
  20. Chapter 14 India’s National Income and Standard of Living
    1. Definitions
    2. Concepts in National-income Analysis
    3. Gross National Product
    4. The Sectoral Composition of NI
    5. Estimates of the NI of India
    6. Difficulties in the Measurement of NI
    7. NI Data and the Changing Profile of the Indian Economy
    8. Determinants of the Size of a Country’s NI
    9. Reasons for India’s Low NI
    10. NI and Economic Welfare
    11. Inequalities of NI Distribution
    12. Uses of NI Data
    13. Standard of Living
    14. Engel’s Law of Family Expenditure
    15. Scales of Preferences
    16. Savings and Investment
    17. References
    18. Suggested Readings
    19. Key Terms
    20. Discussion Questions
  21. Chapter 15 Unequal Distribution: Inequalities of Income and Wealth
    1. Widespread Inequality in the World
    2. India is Home to a Third of the World’s Poor
    3. The Other Side of the Spectrum: The Rich and the Mighty
    4. Politicians Too Swim in Wealth
    5. Conclusion
    6. References
  22. Chapter 16 Capital for Industries and the Managing Agency System During the British Days
    1. Introduction
  23. Chapter 17 The S-Band Scam
    1. Introduction
    2. Postscript
    3. Key Terms
    4. Discussion Question
  24. Chapter 18 Poverty and its Reduction in Independent India
    1. Introduction
    2. Incidence of Poverty
    3. Poverty Alleviation Programmes in the Five Year Plans
    4. Discussion Questions
    5. Suggested Readings
  25. Chapter 19 Growth and Development of Commercial Banks
    1. Introduction
    2. Origin and Growth of Joint Stock Banks
    3. The Structure of the Indian Banking System
    4. Discussion Questions
    5. Suggested Readings
  26. Chapter 20 Human Resource Development in India
    1. Introduction
    2. Evolution
    3. What is Hrd?
    4. Human Capital
    5. HRD in India
    6. Functions
    7. Human Development Index
    8. Genesis and Growth of Human Resource Management
    9. Scope of Human Resource Management
    10. Different Aspects of Human Resource Management
    11. Different Functional Areas of HRM
    12. Emerging Challenges of HRM
    13. Changing Profile of Hr Professionals
    14. HR-related Issues
    15. Discrimination Issues
    16. Supression of Democratization in the Workplace
    17. Privacy Issues
    18. Safety and Health
    19. Performance Appraisals
    20. Role of Hrm in Creating an Ethical Organization
    21. Institutional Culture
    22. Creating an Ethical Organization
    23. Key Terms
    24. Discussion Questions
    25. References
    26. Further Readings
    27. Suggested Readings
  27. Chapter 21 Indian Labour and the Trade Union Movement
    1. Introduction
    2. Labour: Definition and Characteristics
    3. Labour Exploitation
    4. Protection of Employees’ Interests
    5. Trade Unions
    6. Post-Independence Labour Legislation in India
    7. Discussion Questions
    8. References
    9. Suggested Readings
  28. Chapter 22 Labour Organization and Methods of Industrial Peace
    1. Labour Organizations in India
    2. Methods of Industrial Peace
    3. Labour Legislation and Labour Welfare
    4. Social Insurance
    5. Labour Legislation—Post Independence Developments
    6. Labour Reforms
    7. Problems Relating to Bonus in India
    8. Discussion Questions
    9. Suggested Readings
  29. Chapter 23 Savings, Capital Formation and Investment in India
    1. What Comprises Capital?
    2. Capital Formation
    3. Capital Accumulation
    4. Savings
    5. Investment
    6. Discussion Questions
    7. References
    8. Suggested Readings
  30. Chapter 24 Government Subsidies in India
    1. Introduction
    2. Subsidy—Meaning and Types
    3. Aim of Subsidies
    4. Forms of Subsidy
    5. Transfers and Subsidies
    6. Mode of Administering a Subsidy
    7. Subsidy Targeting
    8. Effects of Subsidies
    9. Subsidy Issues in India
    10. Sustainability Issues
    11. Categories of Government Services and Subsidies
    12. Estimation of Subsidies
    13. Impact of Subsidies
    14. Report of the Task Force on an IT Strategy for PDS and an Implementable Solution for the Direct Transfer of Subsidy for Food and Kerosene
    15. Society Pays a Heavy Price
    16. Wastage of Public Resources
    17. Poor not Benefited
    18. Power Subsidy Rip-Off
    19. The Unholy Nexus
    20. It’s Everyone’s Concern
    21. Central Government Subsidies on Exports
    22. Discussion Questions
    23. Key Terms
  31. Chapter 25 Industrial and Licensing Policy (1951–1991)
    1. Industrial Development in India
    2. What is an Industrial Policy?
    3. The Industrial Policy Resolution 1948
    4. The Industrial Policy Resolution 1956
    5. The Industrial Policy 1973
    6. The Industrial Policy 1977
    7. The Industrial Policy 1980
    8. The New Industrial Policy of 1991
    9. Reforms in the Industrial Sector
    10. Industrial Licensing
    11. Discussion Questions
    12. Suggested Readings
  32. Chapter 26 The Industries (Development and Regulation) Act (Irda)
    1. Objectives
    2. Idra’s Implementing Authority
    3. Licensing Under the New Policy
    4. Discussion Questions
    5. References
    6. Suggested Readings
  33. Chapter 27 The New Economic Policy 1991
    1. Introduction
    2. Genesis
    3. Background
    4. Early Crisis Management Measures: Trendsetters of the Reform Process
    5. The Three Pillars of Economic Reforms
    6. Assessment of the Nep
    7. A Balance Sheet of Economic Reforms
    8. The Emergence of Corporate Governance
    9. Discussion Questions
    10. Suggested Readings
  34. Chapter 28 The Cause and Consequences of Falling Rupee
    1. What is Depreciation of Currency?
    2. What Triggered the Rupee Downslide?
    3. What is the Impact of the Falling Rupee on the Real Economy?
    4. Discussion Questions
  35. Chapter 29 The Mrtp and the Competition Acts
    1. The MRTP Act 1969
    2. The Regulation of Competition
    3. The Benefits of Competition
    4. What is a Good Competition Policy?
    5. The Competition Act 2002
    6. Mrtp Act and the Competition Act
    7. Implementation
    8. Discussion Questions
    9. References
    10. Suggested Readings
  36. Chapter 30 FERA and FEMA
    1. Introduction
    2. The Foreign Exchange Regulation Act, (Fera) 1973
    3. The Foreign Exchange Management Act (Fema) 1999
    4. Discussion Questions
    5. References
    6. Suggested Readings
  37. Chapter 31 The Private Sector in India
    1. Introduction
    2. The Phenomenal Growth of the Private Sector
    3. Role of the Government
    4. Importance
    5. Increased Investment Following Liberalization
    6. Comparative Performance of the Public and the Private Sectors
    7. Sectoral Growth in the Private Sector
    8. Private Sector and Socio-Economic Development
    9. Growth of Private Sector Corporate Giants
    10. Private Sector Caused the Growth of Modern Industry
    11. Discussion Questions
    12. References
    13. Suggested Readings
  38. Chapter 32 The Public Sector in India
    1. Introduction
    2. Objectives
    3. Rationale for their Existence
    4. Growth
    5. Organization
    6. Control
    7. Policies Since 1991
    8. Central Public Sector Enterprises
    9. Causes of Poor Performance
    10. Discussion Questions
    11. References
    12. Suggested Readings
  39. Chapter 33 The Joint Sector in Indian Economy
    1. Introduction
    2. The Proponents and Opponents of the Joint Sector
    3. Objectives
    4. Forms and Options
    5. Types
    6. The Evolution of Indian Joint Sector Enterprises (Jses)
    7. Joint Sector with Foreign Collaboration
    8. The Joint Sector: An Evaluation
    9. Conclusion
    10. Discussion Questions
    11. References
    12. Suggested Readings
  40. Chapter 34 The Role of Money in Indian Economy
    1. Introduction
    2. Evolution
    3. Functions
    4. Systems of Note Issue
    5. Kinds of Money
    6. Gresham’s Law
    7. The Value of Money
    8. The Changing Value of Money: The Quantity Theory
    9. Measuring Changes in the Value of Money: Index Numbers
    10. The Changing Value of Money: Inflation and Deflation
    11. Discussion Questions
    12. References
    13. Suggested Readings
  41. Chapter 35 The Indian Money Market
    1. What is a Money Market?
    2. Money Markets Versus Capital Markets
    3. Financial Instruments
    4. Interbank Call Markets
    5. The Indian Money Market: Structure
    6. The Indian Money Market: Characteristics
    7. Functions of a Money Market
    8. Discussion Questions
    9. References
    10. Suggested Readings
  42. Chapter 36 Privatization of Public Sector Enterprises in India
    1. Introduction
    2. What is Privatization?
    3. The Rationale
    4. Primary Objectives
    5. Other Expected Benefits
    6. Methods of Privatization in India
    7. The Rangarajan Committee
    8. Disinvestment in the Public Sector
    9. Key Terms
    10. Discussion Questions
    11. References
    12. Suggested Readings
  43. Chapter 37 Indian Financial Institutions
    1. Introduction
    2. Development Banks
    3. Meaning
    4. Salient Features
    5. The Need for Financial Institutions
    6. The Industrial Finance Corporation of India (IFCI)
    7. The Industrial Credit and Investment Corporation of India (ICICI)
    8. The IDBI
    9. The Industrial Investment Bank of India (IIBI)
    10. The SIDBI
    11. State Financial Corporations
    12. State Industrial Development Corporations (SIDCs)
    13. The National Small Industries Corporation (NSIC)
    14. Evaluation of the Role of Financial Institutions
    15. Key Terms
    16. Discussion Questions
    17. Suggested Readings
  44. Chapter 38 Commercial Banking in India
    1. Introduction
    2. What is a Commercial Bank?
    3. Functions
    4. Importance
    5. Investment Policies
    6. Commercial Banking: A Process of Credit Creation/Credit Creation Mechanism
    7. Credit Creation
    8. Technique
    9. Indian Commercial Banks: Evolution
    10. Indian Banking Since Nationalization
    11. The Current Situation
    12. Indian Banking: Challenges
    13. Strategic Options to Cope with the Challenges
    14. Non-Banking Finance Companies (NBFCs)
    15. Salient Features of Rbi Amendment Act 1997
    16. Suggested Readings
  45. Chapter 39 Functions of the Reserve Bank of India
    1. Introduction
    2. Evolution and Growth of the Reserve Bank of India
    3. The Reserve Bank’s Achievements
    4. Organization and Management
    5. The Government’s Bank
    6. The Bankers’ Bank
    7. The Controller of Credit
    8. Key Terms
    9. Discussion Questions
    10. References
    11. Suggested Readings
  46. Chapter 40 Indian Currency System
    1. The History of Indian Rupee, Exchange Rate and Convertibility
    2. Indian Currency System Post-independence
    3. Convertibility of the Rupee
    4. Advantages of Partial Convertibility of the Rupee
    5. Exchange Rate and Convertibility
    6. Latest Position
    7. Discussion Questions
  47. Chapter 41 The Indian Capital Market
    1. Introduction
    2. The Capital Market
    3. Constituents
    4. Nature
    5. Development of Capital Market
    6. Deficiencies
    7. Impact of Globalization
    8. Role of Securities Market in Economic Growth
    9. Regulatory Framework of the Indian Capital Market
    10. Conclusion
    11. Key Terms
    12. Discussion Questions
    13. References
    14. Suggested Readings
  48. Chapter 42 The Indian Stock Market
    1. Definition
    2. Origin in India
    3. Organization and Members
    4. Functions
    5. Evolution
    6. Growth
    7. What are Sensex and Nifty?
    8. Services Rendered by Stock Exchanges
    9. Listing of Securities
    10. Regulations and Control
    11. The Securities and Exchange Board of India (SEBI)
    12. Key Terms
    13. Discussion Questions
    14. References
    15. Suggested Readings
  49. Chapter 43 The Securities and Exchange Board of India—The Indian Capital Market Regulator
    1. Introduction
    2. The Indian Securities Market Before the Sebi
    3. The SEBI Act, 1992
    4. Objectives and Functions of the SEBI
    5. Shortcomings
    6. Key Terms
    7. Discussion Questions
    8. References
    9. Suggested Readings
  50. Chapter 44 Consumer Problems and their Protection in India
    1. Introduction
    2. The Parties Involved in Consumer Protection
    3. The Rise of Consumer Protection
    4. The Government’s Role
    5. Consumer Duties and Responsibilities
    6. Consumer Protection in India
    7. The Current Scenario
    8. Legal Protection to Consumers
    9. The Three-tier Redressal System in India
    10. Quality Standards
    11. Voluntary Organizations
    12. Other Initiatives
    13. Key Terms
    14. Discussion Questions
    15. References
    16. Suggested Readings
  51. Chapter 45 Investor Protection in India
    1. Introduction
    2. Shareholders’ Rights and Responsibilities
    3. A Guide for Investors and Shareholders
    4. Depository and Dematerialization
    5. Grievance Redressal
    6. Investor Protection
    7. Rights to Information and Other Rights
    8. The Impact of Investor Protection
    9. Investor Protection in India
    10. Shareholder Protection in India
    11. The SEBI’s Performance: A Report Card
    12. Key Terms
    13. Discussion Questions
    14. References
    15. Suggested Readings
  52. Chapter 46 Environment in India (Including a Case Study on Bhopal Gas Tragedy)
    1. Introduction
    2. The History of Environmentalism
    3. Preserving the Environment: The Role of Stakeholders
    4. Costs and Benefits of Environmental Regulation
    5. Trade and the Environment
    6. Industrial Pollution
    7. Role of Corporations
    8. Improving Corporate Environmental Performance
    9. Waste Management and Pollution Control
    10. Managing Environmental Issues
    11. Improving Corporate Environmental Performance
    12. Environmental Risk Management
    13. Environmental Management in India
    14. Charter for Voluntary Pollution Control
    15. India’s Environment Policy
    16. Corporate India Gets Eco-Friendly
    17. Future Outlook on Environment
    18. The Indian Connection with Exxon Valdez
    19. Conclusion
    20. Key Terms
    21. Discussion Questions
    22. References
    23. Suggested Readings
  53. Chapter 47 The Transport Sector
    1. Introduction
    2. Transport Planning in India
    3. Urban Transport
    4. Roadways
    5. Railways
    6. Air Transportation
    7. Shipping
    8. Discussion Questions
  54. Chapter 48 India’s Trade
    1. India’s Internal Trade
    2. Discussion Questions
  55. Chapter 49 The Indian Trade Policy
    1. The Evolution of the Indian Tariff Policy
    2. Discriminating Protection at Work
    3. Evolution of the Policy of Discriminating Protection
    4. Trade Agreements
    5. Trade Policy and War
    6. Discussion Questions
  56. Chapter 50 India’s Foreign Trade Since Independence
    1. Introduction
    2. Foreign Trade Since Independence
    3. India’s Foreign Trade—1989 Onwards
    4. Discussion Questions
  57. Chapter 51 Foreign Trade Policy
    1. Statement of Trade Policy
    2. Objectives of India’s Foreign Trade Policy
    3. Strategies Adopted in India’s Foreign Trade Policy
    4. Partnership with Private Players
    5. Road Map of the Trade Policy
    6. Interim Foreign Trade Policy 2009–10
    7. Foreign Trade Policy 2009–14
    8. Future Perspectives on Foreign Trade by Modi Government
    9. Highlights of the Foreign Trade Policy 2009–14
    10. Industries’ Reaction
    11. Key Terms
    12. Discussion Questions
    13. References
    14. Suggested Readings
  58. Chapter 52 The Economics of Development
    1. The Subject and Its Spectrum
    2. Why Economic Development?
    3. What is Economic Development?
    4. Basic Determinants
    5. Criteria
    6. Costs and Gains
    7. Discussion Questions
    8. References
    9. Suggested Readings
  59. Chapter 53 Role of the State in Economic Development
    1. Defects of the Free-Enterprise System
    2. The Evolution of the Concept of State Participation in Economic Development
    3. The Justification and Examples of Government Intervention
    4. The Rationale for State Intervention in Economic Affairs
    5. The Scope of Governmental Action
    6. Roles of the Government
    7. The Extent of Government’s Participation
    8. Key Terms
    9. Discussion Questions
    10. References
    11. Suggested Readings
  60. Chapter 54 Economic Planning in India: Meaning, Evolution and Features
    1. Meaning and Definition
    2. Evolution
    3. Factors that Facilitate Successful Planning in Developing Countries
    4. Objectives
    5. Key Features of a Planned Economy
    6. Key Terms
    7. Discussion Questions
    8. References
    9. Suggested Readings
  61. Chapter 55 Stages and Strategies of Economic Growth
    1. Stages of Economic Growth
    2. Rostow’s Stages of Economic Growth
    3. Balanced Versus Unbalanced Growth
    4. The Balanced Growth Theory
    5. Critical Minimum Effort and the Big Push
    6. The Unbalanced Growth Theory
    7. Key Terms
    8. Discussion Questions
    9. References
    10. Suggested Readings
  62. Chapter 56 India and the Wto
    1. Introduction
    2. Emergence
    3. Objectives
    4. Core Principles
    5. Functions
    6. Organizational Structure
    7. Ministerial Conferences
    8. The Dispute Settlement Mechanism (DSM)
    9. WTO Agreements
    10. The Trade Policy Review Mechanism
    11. WTO and the Most Favoured Nation (Mfn) Clause
    12. The Wto, The Imf and the World Bank
    13. The Wto and Developing Countries
    14. The Wto and India
    15. Evaluation of the Wto
    16. Key Terms
    17. Discussion Questions
    18. References
    19. Suggested Readings
  63. Chapter 57 The World Bank Group and India
    1. Genesis
    2. A Brief History
    3. Focus
    4. Functions
    5. The World Bank Group
    6. Functions Performed by the World Bank and Its Affiliates
    7. Membership in the World Bank
    8. Funding Operations
    9. Loans, Grants and Services
    10. Lending Policies
    11. Five Essential Factors for Development Identified by World Bank
    12. Comprehensive Development Framework
    13. Poverty Reduction Strategies
    14. The MDGs
    15. Imf-World Bank’s Work: Developed Versus Poor Countries
    16. Criticism
    17. World Bank Support to India
    18. Key Terms
    19. Discussion Questions
    20. References
    21. Suggested Readings
  64. Chapter 58 The International Monetary Fund (Imf) and India
    1. Introduction
    2. Origin
    3. Objectives
    4. Membership
    5. The Bretton Woods System
    6. Gold Stocks with the Imf
    7. Borrowing Agreements
    8. Governance
    9. Organizational Structure
    10. Evolution
    11. Structural Adjustment Programmes
    12. Accountability
    13. Criticisms
    14. The India–Imf Relationship
    15. Key Terms
    16. Discussion Questions
    17. References
    18. Suggested Readings
  65. Chapter 59 Globalization, Mncs and Foreign Capital in India
    1. Introduction
    2. Factors Facilitating Globalization
    3. Mncs and Globalization
    4. Doing Business in a Diverse World
    5. Multinational Corporations
    6. Issues Relating to MNCs
    7. Advantages of MNCs
    8. Disadvantages of MNCs
    9. Regulation of MNCs
    10. MNCs in India
    11. Foreign Capital
    12. Kinds of Foreign Capital
    13. Distinction between FDI and FII
    14. Foreign Aid
    15. Response of Foreign Capital
    16. Other Kinds of Foreign Investments
    17. India’s Policy Towards Foreign Capital
    18. Establishment of the Investment Commission
    19. Disadvantages of Foreign Capital
    20. Key Terms
    21. Discussion Questions
    22. References
    23. Suggested Readings
  66. Chapter 60 Business Ethics in the Indian Context
    1. Introduction
    2. Principles of Ethics
    3. What is not Business Ethics?
    4. Evolution
    5. Need
    6. Significance
    7. Values and Ethics in Business
    8. Ethical Challenges in the Changing Business Environment
    9. Key Terms
    10. Discussion Questions
    11. References
    12. Suggested Readings
  67. Chapter 61 Corporate Governance in India
    1. Introduction
    2. Definitions
    3. Desiderata
    4. Good Corporate Governance
    5. Issues in Corporate Governance
    6. The Need and Importance of Corporate Governance
    7. Good Governance and Corporate Performance
    8. Investors’ Preference
    9. Significance to Developing Countries
    10. The Indian Model
    11. Key Terms
    12. Discussion Questions
    13. References
    14. Suggested Readings
  68. Chapter 62 Corporate Social Responsibility in India
    1. Introduction
    2. Conflicting Perspectives
    3. Emergence of Csr
    4. Why Social Responsibility of Business?
    5. Definitions
    6. A Growing Global Role
    7. Theoretical Justification for Csr
    8. What are Corporates Expected to do?
    9. Private Sector Needs the Goodwill of Society
    10. Models for Implementing CSR
    11. CSR as a Business Strategy for Sustainable Development
    12. Assessment of CSR Activity
    13. Inadequate Response to CSR in India
    14. Advantages
    15. Scope
    16. Different Contexts in Which Csr is Related
    17. ICC’S Practical Steps to CSR
    18. The Indian Perspective
    19. Changing Attitudes to CSR
    20. India on the Ethical CSR Matrix
    21. Social Responsibility and Indian Corporations: A Score Card
    22. The Future of Indian CSR
    23. Key Terms
    24. Discussion Questions
    25. Suggested Readings
  69. Chapter 63 Public Finance: Central Government’s Economic Survey and Budget
    1. Summary of Economic Survey 2013
    2. Introduction to Budget
    3. Current or Revenue Budget
    4. Capital Budget
    5. Revenues of the Central Government
    6. Revenue Receipts
    7. Tax Revenues of the Central Government
    8. Taxes on Revenue
    9. Deductions
    10. Corporate Tax
    11. Interest Tax
    12. Expenditure Tax
    13. Central Taxes on Property
    14. Wealth Tax
    15. Estate Duty
    16. Gift Tax
    17. Taxes on Commodities and Services
    18. Non-Tax Revenues of the Central Government
    19. Trends of Revenue of the Central Government
    20. Expenditure of the Central Government
    21. Capital Expenditure and Capital Receipts
    22. Trends in Expenditure of Central Government
    23. Budgets of State Governments
    24. Current Revenues of State Governments
    25. States’ Taxes on Income
    26. States’ Tax on Property and Property Transactions
    27. Taxes on Commodities and Services Imposed By State Governments
    28. Excise Duties of States
    29. A Critique of Sales Tax
    30. Value-Added Tax
    31. Efforts at Fiscal Consolidation and the Appointment of Kelkar Committee
    32. Discussion Questions
  70. Chapter 64 Foreign Direct Investment
    1. Introduction
    2. The Need for Foreign Direct Investment
    3. Post–Liberalization Initiatives on FDI
    4. Automatic Route for FDIs
    5. Government Approval
    6. Foreign Investment in Small-Scale Units
    7. India’s World Share of FDI
    8. Discussion Questions
  71. Chapter 65 Financial Sector Reforms in India
    1. Introduction
    2. Role of the Financial Sector in the Economy
    3. Developments Leading to Financial Sector Reforms
    4. Problem Areas that Needed Solutions
    5. Recommendations of the Narasimham Committee on the Financial System
    6. The Narasimham Committee II’S Recommendations
    7. Implementation of Recommendations
    8. Criticism
    9. Positive Impact of the Committee’s Recommendations
    10. Insurance Sector Reforms
    11. Recommendations of the Malhotra Committee
    12. Debate on Insurance Industry in India
    13. Discussion Questions
  72. Chapter 66 Corruption, Whistle-Blowing and the Right to Information Act
    1. What is Corruption?
    2. Indian Scenario
    3. How can the Government Prevent Corruption?
    4. The 2G Spectrum Scam
    5. Widespread Corruption in Corporate India: an Mora Study
    6. Computerization can Help Combat Corruption
    7. Ill Effects of Corruption on Indian Economy
    8. Indirect Effects of Corruption on the Economy
    9. Corruption Perceptions Index
    10. Anti-Corruption Movement in India
    11. Discussion Questions
    12. References

Product information

  • Title: Indian Economy
  • Author(s): A.C. Fernando
  • Release date: August 2015
  • Publisher(s): Pearson Education India
  • ISBN: 9789352861217