India’s Contemporary Macroeconomic Themes : Looking Beyond 2020 / / edited by D. K. Srivastava, K. R. Shanmugam

• Autore: Srivastava D. K
• Pubblicazione: Singapore : , : Springer Nature Singapore : , : Imprint : Springer, , 2023
• Edizione: 1st ed. 2023.
• Descrizione fisica: 1 online resource (602 pages)
• Disciplina: 330.954
• Soggetto topico: Macroeconomics; Economic development; Economic policy; Social policy; Finance; Industrial organization; Environmental economics; Macroeconomics and Monetary Economics; Economic Growth; Socio-Economic Policy; Financial Economics; Industrial Organization; Environmental Economics
• Altri autori: ShanmugamK. R
• Nota di contenuto: Intro -- Foreword -- Celebrating 90 Years of a Visionary Economist, Dr. C. Rangarajan -- Speech of Dr. Manmohan Singh, Former Prime Minister at the Conference of Madras School of Economics to Honor Dr. Rangarajan on his 90th Birth Anniversary on 21-22 April, 2023 -- Contents -- Editors and Contributors -- 1 Introducing the Volume on India's Contemporary Macroeocnomic Themes-Looking Beyond 2020 -- 1.1 Introduction -- 1.2 Overviews of Themes and Chapters -- Part I Growth and Macro Policies -- 2 The Indian Economy in the Post-pandemic World: Opportunities and Challenges -- 2.1 Introduction -- 2.2 Pre-pandemic Economic Conditions -- 2.2.1 Aggregate Macro Conditions -- 2.2.2 Agriculture, Informal Sector and MSMEs -- 2.2.3 Formal Sector -- 2.3 Post-pandemic Economic Conditions -- 2.3.1 Impact of Covid-19 Pandemic -- 2.3.2 Aggregate Macroeconomic Conditions -- 2.3.3 Formal Sector Conditions -- 2.4 Opportunities and Challenges Going Forward -- 2.4.1 Short and Medium Term Challenges -- 2.4.2 Engines of Growth -- 2.5 State Finances -- 2.6 Freebies -- 2.6.1 Structural Transformation -- 2.6.2 Climate Change -- References -- 3 India's Economy in the Twenty-First Century: Role of State-Differentiated Demographic Dividend -- 3.1 Introduction -- 3.2 Size of the Indian Economy in the Twenty-First Century: Review of Recent Studies -- 3.3 India's US26 Trillion Economy by 2047-48: Assumptions and Findings (EY Study) -- 3.4 Interdependence of Saving, Investment, and the Demographic Dividend -- 3.5 State-Differentiated Demographic Dividend -- 3.6 Messages for Policy Formulation -- 3.7 Conclusions -- Appendix -- References -- 4 Post-covid Fiscal Recovery in India: Uncertainty, Growth, and Fiscal Prudence -- 4.1 Introduction -- 4.2 Growth Outlook: Various Estimates -- 4.2.1 Post Covid Global Growth Recovery: A Comparative Picture. ; 4.2.2 Why Growing at More Than 6% is Critical? -- 4.3 Fiscal Imbalance -- 4.3.1 The General Government Debt -- 4.4 Fiscal Stance for Higher Capital Expenditure -- 4.5 Framework of Fiscal Responsibility -- 4.6 Conclusions -- References -- Part II State Finances and Intergovernmental Fiscal Transfers -- 5 The Relationship Between Government Revenue, Government Expenditure and Economic Growth in India: An Empirical Investigation at the Sub-national Level -- 5.1 Introduction -- 5.2 Literature Review -- 5.2.1 Nexus Between Government Revenue and Government Expenditure -- 5.2.2 Relationship Between Government Revenue and Economic Growth -- 5.2.3 Association Between Government Expenditure and Economic Growth -- 5.2.4 Factors Driving Public Expenditure -- 5.3 Stylised Facts -- 5.4 Data and Methodology -- 5.4.1 Data -- 5.4.2 Methodology -- 5.5 Empirical Estimation and Results -- 5.6 Concluding Observations -- Statistical Annex -- References -- 6 Revenue Implications of GST on Indian State Finances -- 6.1 Introduction -- 6.2 State of the Economy -- 6.3 Fiscal Health of Indian States -- 6.4 Revenue Performance of GST -- 6.5 Revenue Implications of GST on Indian State Finances -- 6.5.1 Comparison of Revenue Under Protection with State GST -- 6.5.2 Analysis State Tax Revenue: Pre- Versus Post-GST -- 6.5.3 Fiscal Health of States: Pre- Versus Post-GST -- 6.6 Summary and Conclusions -- Appendix -- References -- 7 Equalization Transfers Policy Based on Expenditure Needs and Own Revenue Capacity of Indian State Governments -- 7.1 Introduction -- 7.2 Literature Review -- 7.3 Empirical Model, Data, and Estimation -- 7.4 Empirical Results -- 7.4.1 Estimation Results of State Governments' Revenue Expenditures -- 7.4.2 Estimation Results of State Governments' Own Revenues -- 7.4.3 State-Wise Efficiency Scores -- 7.4.4 Determining Fiscal Equalization Transfers. ; 7.5 Summary and Policy Conclusion -- References -- Part III Fiscal Reforms -- 8 Goods and Services Tax in India: A Stocktaking -- 8.1 Introduction -- 8.2 Salient Features of Indian GST -- 8.3 Impact of GST on Minimizing Distortions and Revenue Productivity -- 8.4 Multiplicity of Rates: Complications, Distortions, and Inverted Duty Structure -- 8.5 The Reform Issues and Strategy for Implementation -- 8.6 In Conclusion -- References -- 9 Recent Reforms in India's Corporate Income Tax Regime: Rationale, Impacts, and Improvements -- 9.1 Introduction -- 9.2 Literature Review -- 9.3 Tax Rate Evolution in India: Stylized Facts and Analysis of Effective Tax Rates -- 9.3.1 Basic Tax Rates -- 9.3.2 Minimum Alternate Tax -- 9.3.3 Effective Corporate Tax Rates -- 9.4 Recent Optional Lower Tax Rate Regime -- 9.5 User Cost of Capital Method and Analysis -- 9.5.1 Methodology -- 9.5.2 Industry-Level User Costs of Capital for Basic Tax Rates -- 9.5.3 Impact of Optional Tax Rates -- 9.5.4 Loss-Making Companies -- 9.6 Conclusions, Caveats, and Policy Recommendations -- 9.7 Annexure 1 -- 9.8 Annexure 2 -- References -- 10 The Anatomy of Public Debt Reductions: Case of India -- References -- 11 Measuring Tax Impact on Corporate Dividend Behavior in India -- 11.1 Introduction -- 11.1.1 Recent Developments Pertaining to the Dividend Taxation -- 11.2 Literature -- 11.2.1 The Lintner Study -- 11.2.2 Studies Testing Tax Impact on Dividend Behavior -- 11.2.3 Other Recent Studies -- 11.3 The Model and the Methodology -- 11.3.1 Inter-Temporal Adjustment -- 11.3.2 Interpretation of the Model in the Indian Context -- 11.3.3 Influence of Other Factors -- 11.4 Empirical Analysis -- 11.4.1 Regression Analysis (Cobb-Douglas Assumptions) -- 11.4.2 Regression Analysis (CES Assumptions) -- 11.5 Summary -- References -- Part IV Banking and Monetary Policy. ; 12 Non-performing Assets of Indian Banking: An Evolutionary Journey -- 12.1 Introduction -- 12.2 Broad Trends of NPAs of Indian Banks -- 12.2.1 Some Definitional Issues -- 12.2.2 The Timeline and Identification of Twists and Turns -- 12.3 Phase I (1996-2008): Falling NPAs -- 12.4 Phase II (2008-09 Through 2017-18): Rising NPAs -- 12.4.1 Broad Trends -- 12.4.2 Regulatory Forbearance -- 12.4.3 Bad Fundamentals and Steep Fall of Commodity Prices -- 12.4.4 Corporate Sector Debt Problems -- 12.4.5 Corporate Governance and Corruption Related Issues -- 12.4.6 To Sum Up … -- 12.5 Improvements in NPAs Since 2018 -- 12.6 Concluding Observations and the Way Ahead -- References -- 13 Conduct of Monetary Policy in India: The Journey so Far and Contemporary Challenges -- 13.1 Introduction -- 13.2 Evolution of Thinking on the Role of Monetary Policy -- 13.2.1 Theoretical Foundation: Quantity Theory of Money -- 13.2.2 Keynesian Revolution and Role of Monetary Policy -- 13.2.3 Monetarist View -- 13.2.4 AD-AS Model -- 13.3 Conduct of Monetary Policy in India: The Evolving Process -- 13.3.1 Credit Planning and Social Control of Banking Business -- 13.3.2 Monetary Targeting Framework -- 13.3.3 Multiple Indicators Approach -- 13.3.4 Inflation Targeting -- 13.4 Contemporary Issues and Challenges -- 13.4.1 Conflict in Objectives -- 13.4.2 Monetary Policy Response to Negative Supply Shocks -- 13.4.3 External Sector Dominance on the RBI's Monetary Policy -- 13.4.4 Monetary Policy Without Money -- 13.5 Concluding Remarks -- References -- 14 Macroeconomics of Digitalization-Evolving Issues and Perspectives -- 14.1 Introduction -- 14.2 Measurement of Digitalization: -- 14.3 Digitalization and Economic Growth -- 14.3.1 Supply Channel: Productivity Enhancements -- 14.3.2 Demand Channel-Boost in Consumption -- 14.4 Digitalization and Inflation. ; 14.5 Digitalization and Financial Markets -- 14.6 Digitalization and Cash Adoption -- 14.7 Issues in Digitalization -- 14.7.1 Cyber Security, Data Protection, and Privacy -- 14.7.2 Socio-economic Challenges-Digital and Financial Exclusion -- 14.7.3 Labor Market Implications of Digitalization -- 14.8 Conclusion -- References -- 15 Does Financial Frictions Matter for Monetary Policy Transmission in India? -- 15.1 Introduction -- 15.2 Related Literature -- 15.3 Analytical Framework -- 15.4 Data and Methodology -- 15.4.1 Data Description -- 15.4.2 Methodology -- 15.5 Empirical Analysis -- 15.5.1 Unit Root Tests & -- the BDS Test -- 15.5.2 Preliminary Analysis Using the SVAR Model -- 15.5.3 The MS-VAR Results -- 15.6 Conclusion and Policy Implications -- References -- 16 Cash and Debt Management in India -- 16.1 The Indian Economy in the Eighties and Early Nineties -- 16.2 Monetary Policy and the Monetary-Fiscal Co-ordination -- 16.3 Stoppage of Automatic Monetization -- 16.4 Transparency in the Budgetary Operations -- 16.5 Administered Interest Rates and the Financial Sector Reforms -- References -- Part V Environment and Social Sector Policies -- 17 Role of Fiscal Policy in Climate Change Mitigation in India -- 17.1 Introduction -- 17.2 Economic Modeling of Climate Change -- 17.3 India's Policies Toward Mitigation of Climate Change -- 17.4 Issues in Framing Mitigation Policies in a Macro Framework -- 17.5 Concluding Remarks -- References -- 18 Ecological Fiscal Transfers and State-Level Budgetary Spending in India: Analyzing the Flypaper Effects -- 18.1 Introduction -- 18.2 Review of Literature -- 18.3 Interpreting Data -- 18.4 The Econometric Models and Results -- 18.4.1 Medium Dense Forest Cover Models -- 18.4.2 Very Dense Cover Models -- 18.5 Conclusion -- Appendix 1: Dense Cover and Tax Devolution-Outlier Elimination -- References. ; 19 Measurement of Multidimensional Inequality of Opportunity in India.
• Sommario/riassunto: This book extensively examines various contemporary macroeconomic themes of India, namely growth and macro policies, tax reforms, government finances and intergovernmental fiscal transfers, banking and monetary policy, and environment and social sector policies. It has three to six chapters devoted to each of these broad themes, with the contributors being eminent economists from the region. The book serves as an excellent reference for students in economics, finance, and management, and a valuable tool for professionals such as policymakers and investment analysts and other stakeholders in the areas of global economics and finance, in general, and India in particular.
• Titolo autorizzato: India's Contemporary Macroeconomic Themes
• ISBN: 9789819957286; 9819957281
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910766884003321
• Lo trovi qui: Univ. Federico II
• Serie: India Studies in Business and Economics, . 2198-0020