... accumulation of reserves and its utilisation. The specific issue of utilisation of FER forfin... more ... accumulation of reserves and its utilisation. The specific issue of utilisation of FER forfinancing infrastructure in India is taken up in Section III. Finally, Section IV presents some conclusions. Foreign Exchange Reserves in India Trends ...
The Reserve Bank of India, in its Annual Policy Statement on April 28, 2005, for the year 2005-06... more The Reserve Bank of India, in its Annual Policy Statement on April 28, 2005, for the year 2005-06, announced its intention to reorient government debt management operations entailing functional separation between debt management and monetary operations within RBI. This first step initiating the separation of the two operations is expected eventually to culminate in the RBI focusing on monetary policy with a separate office under the Ministry of Finance managing government debt.
In India, traditionally, a large component of domestic government debt was incurred at low rates ... more In India, traditionally, a large component of domestic government debt was incurred at low rates of interest, which was statutorily prescribed for subscription by the institutional investors. A substantial amount of domestic debt was also monetised. The fiscal domination of monetary policy left very little flexibility for the Reserve Bank of India, the central bank of the country, to pursue a monetary policy conducive to the overall objective of development of financial markets, price stability and economic growth. In the last decade, due to financial sector reforms undertaken since 1991, the money and government securities markets have developed with the offering of market-related rates of interest on government securities, introduction of new instruments, setting up of trading institutions, and improved regulatory and technological developments. The interest rates in the financial markets are converging and the markets are becoming integrated. The debt management functions and pra...
Iodine deficiency disorders (IDD) is a public health problem in India. A ban on the sale of uniod... more Iodine deficiency disorders (IDD) is a public health problem in India. A ban on the sale of uniodised salt for household consumption has been introduced in Rajasthan State since 1992. The present study was conducted in the district of Bharatpur, Rajasthan with the objective to assess the prevalence of iodine disorders in school children as no data is available on this aspect. A total of 3072 children in the age group of 6-12 years were included in the study and were clinically examined. On the spot urine samples were collected randomly from 450 children. A total of 1064 salt samples were collected randomly from the families of the children. The total goiter prevalence was found to be 7.2% in the subjects studied. It was found that the percentage of children with urinary iodine excretion <20.0; 20.0-49.9, 50.0-99.9 and 100 mcg/L and above was 1.1, 1.1, 7.8 and 90.0% respectively. The assessment of iodine content of salt revealed that 56% of the families were consuming iodised salt...
To study the Status of Iodine Content of Salt in four regions of India. At each of the four cente... more To study the Status of Iodine Content of Salt in four regions of India. At each of the four centers (Vadodara, Dibrugarh, Jodhpur, New Delhi), High Schools were selected randomly from list of schools obtained from district education office and more than 700 salt samples were selected from each center. A total of 3,010 salt samples were collected from students of High Schools (consumed at their households), selected randomly from four centers and iodine content of salt by Standard Iodometric Titration Method (IT) was estimated. Analysis revealed that majority of salt sample collected at 4 centers were of powdered variety of salt. Analysis of iodine content in salt by IT method revealed that high proportion of school children (51.6%) consumed salt having inadequate iodine content (salt samples with less than 15 ppm of iodine) in Jodhpur district followed by Vadodara (19.8%), New Delhi (8.5%) and least in Dibrugarh (1.2%). The percentage of consumption of adequately iodized salt was highest in Dibrugarh (98.8%) among the four regions of India. Status of iodine content is varying from state to state i.e. highest at Dibrugarh and lowest at Jodhpur. This indicates that consumption of iodized salt in Jodhpur is low and needs more attention. Government may adopt different strategies in different states. There is a strong need of iodization of salt in addition to creating awareness among rural inhabitants for consumption of iodized salt especially in Jodhpur District. More attention is required for monitoring quality of iodized salt available in the community.
ABSTRACT India suffers from severe housing shortages, especially for the economically weaker sect... more ABSTRACT India suffers from severe housing shortages, especially for the economically weaker sections of the society. And the house prices have been booming for nearly a decade. The markets are opaque, price indices have not been developed, market suffers from absence of regulator and there is no redressal mechanism in place. The procedure for constructing and purchasing a house in India is varies across the country, legal practices are unclear, and laws pertaining to acquiring of land or a house are neither transparent nor uniform. Therefore, housing markets have not developed in India. The paper seeks to learn from the experience of housing sector in Spain and the USA that have developed over decades. The housing markets in both the countries are well developed, and more significantly have created transparent systems for the convenience of citizens. The procedures are standardized and there is transparency in the pricing of products, procedures to be followed and availability of legal recourse. India needs to put in place a number of systems, laws and institutions to ensure that housing sector develops in a balanced fashion.
ABSTRACT This paper examines the impact of foreign banks on Indian economy. Further, it discusses... more ABSTRACT This paper examines the impact of foreign banks on Indian economy. Further, it discusses the various opinions towards the foreign bank operations in the host country, with India as the example. The paper looks at the regulatory framework in India to understand the attitude of RBI towards foreign banks. It also discusses what several foreign banks feel about the Indian regulatory setup and how these banks have adapted themselves to deal with the changes. To look at the impact of foreign banks the paper analyses various parameters like the rural presence, contribution towards priority sector, technological development and financial ratios like return on asset and equity. Two case studies have been discussed – one, about The Hong Kong and Shanghai Banking Corporation’s (HSBC) journey in India and the other, about BCCI in India. The paper ends by discussing various challenges which are faced by foreign banks when they set-up their shop in the country.
ABSTRACT In many countries people are living longer and enjoying better living conditions than ev... more ABSTRACT In many countries people are living longer and enjoying better living conditions than ever before, as a result of increased life expectancy and medical advancements. Besides being a demographic feature, it also has socio-economic connotation in terms of the various challenges that aged population faces in the broader social context. Unlike previously, in recent times, the function of the family as primary care-giver to the aged has undergone change due to structural changes-both internal and external, most importantly to nuclearisation of family. As a result, one finds the partial shift of caring responsibility of aged on the government/state in the form of various social and economic security programmes. Though, such measures have provided the sense of economic security among the people accessing them, there is a need for lifelong measures that can have greater impact upon the life of aged. The present paper discusses the scenario of aged and the role of governments support with respect to economic security. The paper also depicts aged as a resourceful group because of their contribution which in many cases, turns out to be significant for the family. Finally, paper also attempts to favor active aging, by remaining active for a longer period, aged may remain healthy by delaying various health risks along with reducing their dependency even during later years of life.
ABSTRACT India suffers from a chronic shortage of housing, estimated at 18.8 million units in 201... more ABSTRACT India suffers from a chronic shortage of housing, estimated at 18.8 million units in 2012, mainly in urban areas as per the Government of India. The shortage was mainly on account of congestion (15 million) followed by obsolescence (2 million) and homelessness (1 million). This paper documents the characteristic and business practices prevailing in the Indian housing sector in comparison with US and Spanish housing sectors. The paper discusses the determinants of house prices, role of lending institutions and their policies, drivers of credit flow, credit sources, interest rate regimes, regulators and housing indices of Indian housing market with brief outline about the same for US and Spanish housing market. It also includes a comparative study of housing market parameters across these three countries. The findings suggest India has experienced rise in demand for housing since 2001, owing to increase in levels of income, younger earning age group, rapid urbanisation and nuclearisation of families. It also points towards existing incomplete information in Indian housing market in terms of lack of data base about mortgages, transparency in transactions, proper laws and robust indices. The government, and major regulatory institutions, NHB and RBI, are taking care to address these issues but substantial gaps continue to prevail in the housing sector. The study concludes that there is need to undertake extensive research, mainly at the state level, revisit the methodology of calculating shortage, build database on housing sector, examine the utilization of land in urban areas, and consider importing of housing material to meet housing shortage, preferably from countries like Spain and the US where housing markets are sluggish.
ABSTRACT Ever since the onset of financial sector reforms in India in early nineties, the proposa... more ABSTRACT Ever since the onset of financial sector reforms in India in early nineties, the proposal for separation of debt management from monetary management and setting up of an independent Debt Management Office (DMO) gained prominence. As both debt and monetary management became market oriented, the potential conflict between the two has surfaced. Since RBI is a major investor in government securities, and its market interventions through open market operations in government securities and liquidity management operations through CRR or LAF can be clouded by debt management objectives. The fiscal-monetary nexus in that sense cannot be underestimated. As the role of RBI is restricted to management of market loans, debt management should be viewed in a holistic manner while structuring the new DMO. The interests of all stakeholders, namely, the central government, state governments and the Reserve Bank also need to be kept in view. The Institutional and organisational structure of DMO across the globe can serve as vital leads in crafting the structure of India DMO.
ABSTRACT Inflation targeting (IT), since its inception, has been a topic of much debate for econo... more ABSTRACT Inflation targeting (IT), since its inception, has been a topic of much debate for economists all around the world. In this paper, the suitability of inflation targeting for an emerging economy like India is explored, pitching it against the multi-variable approach currently being followed. One of the foremost challenges in the present context of global economic crisis is the debate whether priority should be accorded to IT or financial stability. Also, in India, there is still another dimension and that is, which of the multiple price indices would be most appropriate for fixing as an anchor of IT. Therefore, this paper also evaluates different forms of CPI, WPI and PPI in order to find which amongst them would be the best indicator of inflation in the Indian scenario. Through analysis of conditions prevalent in India, this paper justifies why inflation targeting would not be an appropriate policy for India at this juncture, and recommends certain changes in the present multi-variable approach that would make it more robust and effective.
... accumulation of reserves and its utilisation. The specific issue of utilisation of FER forfin... more ... accumulation of reserves and its utilisation. The specific issue of utilisation of FER forfinancing infrastructure in India is taken up in Section III. Finally, Section IV presents some conclusions. Foreign Exchange Reserves in India Trends ...
The Reserve Bank of India, in its Annual Policy Statement on April 28, 2005, for the year 2005-06... more The Reserve Bank of India, in its Annual Policy Statement on April 28, 2005, for the year 2005-06, announced its intention to reorient government debt management operations entailing functional separation between debt management and monetary operations within RBI. This first step initiating the separation of the two operations is expected eventually to culminate in the RBI focusing on monetary policy with a separate office under the Ministry of Finance managing government debt.
In India, traditionally, a large component of domestic government debt was incurred at low rates ... more In India, traditionally, a large component of domestic government debt was incurred at low rates of interest, which was statutorily prescribed for subscription by the institutional investors. A substantial amount of domestic debt was also monetised. The fiscal domination of monetary policy left very little flexibility for the Reserve Bank of India, the central bank of the country, to pursue a monetary policy conducive to the overall objective of development of financial markets, price stability and economic growth. In the last decade, due to financial sector reforms undertaken since 1991, the money and government securities markets have developed with the offering of market-related rates of interest on government securities, introduction of new instruments, setting up of trading institutions, and improved regulatory and technological developments. The interest rates in the financial markets are converging and the markets are becoming integrated. The debt management functions and pra...
Iodine deficiency disorders (IDD) is a public health problem in India. A ban on the sale of uniod... more Iodine deficiency disorders (IDD) is a public health problem in India. A ban on the sale of uniodised salt for household consumption has been introduced in Rajasthan State since 1992. The present study was conducted in the district of Bharatpur, Rajasthan with the objective to assess the prevalence of iodine disorders in school children as no data is available on this aspect. A total of 3072 children in the age group of 6-12 years were included in the study and were clinically examined. On the spot urine samples were collected randomly from 450 children. A total of 1064 salt samples were collected randomly from the families of the children. The total goiter prevalence was found to be 7.2% in the subjects studied. It was found that the percentage of children with urinary iodine excretion <20.0; 20.0-49.9, 50.0-99.9 and 100 mcg/L and above was 1.1, 1.1, 7.8 and 90.0% respectively. The assessment of iodine content of salt revealed that 56% of the families were consuming iodised salt...
To study the Status of Iodine Content of Salt in four regions of India. At each of the four cente... more To study the Status of Iodine Content of Salt in four regions of India. At each of the four centers (Vadodara, Dibrugarh, Jodhpur, New Delhi), High Schools were selected randomly from list of schools obtained from district education office and more than 700 salt samples were selected from each center. A total of 3,010 salt samples were collected from students of High Schools (consumed at their households), selected randomly from four centers and iodine content of salt by Standard Iodometric Titration Method (IT) was estimated. Analysis revealed that majority of salt sample collected at 4 centers were of powdered variety of salt. Analysis of iodine content in salt by IT method revealed that high proportion of school children (51.6%) consumed salt having inadequate iodine content (salt samples with less than 15 ppm of iodine) in Jodhpur district followed by Vadodara (19.8%), New Delhi (8.5%) and least in Dibrugarh (1.2%). The percentage of consumption of adequately iodized salt was highest in Dibrugarh (98.8%) among the four regions of India. Status of iodine content is varying from state to state i.e. highest at Dibrugarh and lowest at Jodhpur. This indicates that consumption of iodized salt in Jodhpur is low and needs more attention. Government may adopt different strategies in different states. There is a strong need of iodization of salt in addition to creating awareness among rural inhabitants for consumption of iodized salt especially in Jodhpur District. More attention is required for monitoring quality of iodized salt available in the community.
ABSTRACT India suffers from severe housing shortages, especially for the economically weaker sect... more ABSTRACT India suffers from severe housing shortages, especially for the economically weaker sections of the society. And the house prices have been booming for nearly a decade. The markets are opaque, price indices have not been developed, market suffers from absence of regulator and there is no redressal mechanism in place. The procedure for constructing and purchasing a house in India is varies across the country, legal practices are unclear, and laws pertaining to acquiring of land or a house are neither transparent nor uniform. Therefore, housing markets have not developed in India. The paper seeks to learn from the experience of housing sector in Spain and the USA that have developed over decades. The housing markets in both the countries are well developed, and more significantly have created transparent systems for the convenience of citizens. The procedures are standardized and there is transparency in the pricing of products, procedures to be followed and availability of legal recourse. India needs to put in place a number of systems, laws and institutions to ensure that housing sector develops in a balanced fashion.
ABSTRACT This paper examines the impact of foreign banks on Indian economy. Further, it discusses... more ABSTRACT This paper examines the impact of foreign banks on Indian economy. Further, it discusses the various opinions towards the foreign bank operations in the host country, with India as the example. The paper looks at the regulatory framework in India to understand the attitude of RBI towards foreign banks. It also discusses what several foreign banks feel about the Indian regulatory setup and how these banks have adapted themselves to deal with the changes. To look at the impact of foreign banks the paper analyses various parameters like the rural presence, contribution towards priority sector, technological development and financial ratios like return on asset and equity. Two case studies have been discussed – one, about The Hong Kong and Shanghai Banking Corporation’s (HSBC) journey in India and the other, about BCCI in India. The paper ends by discussing various challenges which are faced by foreign banks when they set-up their shop in the country.
ABSTRACT In many countries people are living longer and enjoying better living conditions than ev... more ABSTRACT In many countries people are living longer and enjoying better living conditions than ever before, as a result of increased life expectancy and medical advancements. Besides being a demographic feature, it also has socio-economic connotation in terms of the various challenges that aged population faces in the broader social context. Unlike previously, in recent times, the function of the family as primary care-giver to the aged has undergone change due to structural changes-both internal and external, most importantly to nuclearisation of family. As a result, one finds the partial shift of caring responsibility of aged on the government/state in the form of various social and economic security programmes. Though, such measures have provided the sense of economic security among the people accessing them, there is a need for lifelong measures that can have greater impact upon the life of aged. The present paper discusses the scenario of aged and the role of governments support with respect to economic security. The paper also depicts aged as a resourceful group because of their contribution which in many cases, turns out to be significant for the family. Finally, paper also attempts to favor active aging, by remaining active for a longer period, aged may remain healthy by delaying various health risks along with reducing their dependency even during later years of life.
ABSTRACT India suffers from a chronic shortage of housing, estimated at 18.8 million units in 201... more ABSTRACT India suffers from a chronic shortage of housing, estimated at 18.8 million units in 2012, mainly in urban areas as per the Government of India. The shortage was mainly on account of congestion (15 million) followed by obsolescence (2 million) and homelessness (1 million). This paper documents the characteristic and business practices prevailing in the Indian housing sector in comparison with US and Spanish housing sectors. The paper discusses the determinants of house prices, role of lending institutions and their policies, drivers of credit flow, credit sources, interest rate regimes, regulators and housing indices of Indian housing market with brief outline about the same for US and Spanish housing market. It also includes a comparative study of housing market parameters across these three countries. The findings suggest India has experienced rise in demand for housing since 2001, owing to increase in levels of income, younger earning age group, rapid urbanisation and nuclearisation of families. It also points towards existing incomplete information in Indian housing market in terms of lack of data base about mortgages, transparency in transactions, proper laws and robust indices. The government, and major regulatory institutions, NHB and RBI, are taking care to address these issues but substantial gaps continue to prevail in the housing sector. The study concludes that there is need to undertake extensive research, mainly at the state level, revisit the methodology of calculating shortage, build database on housing sector, examine the utilization of land in urban areas, and consider importing of housing material to meet housing shortage, preferably from countries like Spain and the US where housing markets are sluggish.
ABSTRACT Ever since the onset of financial sector reforms in India in early nineties, the proposa... more ABSTRACT Ever since the onset of financial sector reforms in India in early nineties, the proposal for separation of debt management from monetary management and setting up of an independent Debt Management Office (DMO) gained prominence. As both debt and monetary management became market oriented, the potential conflict between the two has surfaced. Since RBI is a major investor in government securities, and its market interventions through open market operations in government securities and liquidity management operations through CRR or LAF can be clouded by debt management objectives. The fiscal-monetary nexus in that sense cannot be underestimated. As the role of RBI is restricted to management of market loans, debt management should be viewed in a holistic manner while structuring the new DMO. The interests of all stakeholders, namely, the central government, state governments and the Reserve Bank also need to be kept in view. The Institutional and organisational structure of DMO across the globe can serve as vital leads in crafting the structure of India DMO.
ABSTRACT Inflation targeting (IT), since its inception, has been a topic of much debate for econo... more ABSTRACT Inflation targeting (IT), since its inception, has been a topic of much debate for economists all around the world. In this paper, the suitability of inflation targeting for an emerging economy like India is explored, pitching it against the multi-variable approach currently being followed. One of the foremost challenges in the present context of global economic crisis is the debate whether priority should be accorded to IT or financial stability. Also, in India, there is still another dimension and that is, which of the multiple price indices would be most appropriate for fixing as an anchor of IT. Therefore, this paper also evaluates different forms of CPI, WPI and PPI in order to find which amongst them would be the best indicator of inflation in the Indian scenario. Through analysis of conditions prevalent in India, this paper justifies why inflation targeting would not be an appropriate policy for India at this juncture, and recommends certain changes in the present multi-variable approach that would make it more robust and effective.
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