The Indian economy has seen a radical change during the last decade. From a regime of fixed excha... more The Indian economy has seen a radical change during the last decade. From a regime of fixed exchange and regulated interest rates, tight control on foreign direct investment (FDI) and a complete absence of foreign portfolio investment, it has transformed itself into a favoured destination for FDI and portfolio investment.
and added that "with him it really is a creed, while I believe that for Gandhi non-violenc... more and added that "with him it really is a creed, while I believe that for Gandhi non-violence is a political weapon far more than a creed". He further wrote: "His one idea for 40 years has been to overthrow British rule and influence and to establish a Hindu raj; and he is as unscrupulous as he is persistent .... He is an exceedingly shrewd, obstinate, domineering, double- tongued, single-minded politician; and there is little true saintliness in him. At one stage Wavell even charged Gandhi of attributing to him "an entirely false statement" while preparing the record of an interview between them.
The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows i... more The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual firms by raising Tobin’s q. This paper examines the experience of India at the macro and micro level, which accompanied by large fluctuations in the quantum of lows. At the macro level, periods ...
This paper examines the paradox of the diminishing institutional role of large central public sec... more This paper examines the paradox of the diminishing institutional role of large central public sector enterprises despite rising profitability and investment as a result of their being efficient competitors in the new market environment. Under the neo-liberal regime of the last two decades, these CPSES, with large cash balances and improved profitability, have emerged as the main drivers of public savings and investment. But instead of enhancing their strategic role, the union government has been treating them as cash cows. A comparison of the performance of large private and public sector firms in the manufacturing sector shows that the CPSES have provided higher returns on capital employed. And, performance in terms of technical parameters is in no way inferior to that of their private counterparts. Yet the
1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES A... more 1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES AND STOCK MARKETS IN INDIA Sushil Khanna, Indian Institute of Management Calcutta, India ABSTRACT The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual ...
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprise... more Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprises and the sharing of benefits from an investment decision. This has rekindled interest in the transfer of technology to Third World countries by the transnational corporations. Numerous ...
THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic c... more THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic crisis was a result of 'micro-economic' inefficiencies that distort the structure of incentives to producers [Bhagawati and Srinivasan 1993]. After a short period of IMF style 'stabilisation', with the ...
THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto fo... more THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto followed amongst Indian planners and policy makers. It is argued that the old strategy has focused almost exclusively on the home market and has ignored techno-logical changes in the ...
To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [onl... more To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [online]. China Journal, The, No. 60, July 2008: 168-170. Availability: <http://search.informit .com.au/documentSummary;dn=312543180908078;res=IELHSS> ISSN: 1324-9347. ...
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
The Indian economy has seen a radical change during the last decade. From a regime of fixed excha... more The Indian economy has seen a radical change during the last decade. From a regime of fixed exchange and regulated interest rates, tight control on foreign direct investment (FDI) and a complete absence of foreign portfolio investment, it has transformed itself into a favoured destination for FDI and portfolio investment.
and added that "with him it really is a creed, while I believe that for Gandhi non-violenc... more and added that "with him it really is a creed, while I believe that for Gandhi non-violence is a political weapon far more than a creed". He further wrote: "His one idea for 40 years has been to overthrow British rule and influence and to establish a Hindu raj; and he is as unscrupulous as he is persistent .... He is an exceedingly shrewd, obstinate, domineering, double- tongued, single-minded politician; and there is little true saintliness in him. At one stage Wavell even charged Gandhi of attributing to him "an entirely false statement" while preparing the record of an interview between them.
The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows i... more The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual firms by raising Tobin’s q. This paper examines the experience of India at the macro and micro level, which accompanied by large fluctuations in the quantum of lows. At the macro level, periods ...
This paper examines the paradox of the diminishing institutional role of large central public sec... more This paper examines the paradox of the diminishing institutional role of large central public sector enterprises despite rising profitability and investment as a result of their being efficient competitors in the new market environment. Under the neo-liberal regime of the last two decades, these CPSES, with large cash balances and improved profitability, have emerged as the main drivers of public savings and investment. But instead of enhancing their strategic role, the union government has been treating them as cash cows. A comparison of the performance of large private and public sector firms in the manufacturing sector shows that the CPSES have provided higher returns on capital employed. And, performance in terms of technical parameters is in no way inferior to that of their private counterparts. Yet the
1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES A... more 1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES AND STOCK MARKETS IN INDIA Sushil Khanna, Indian Institute of Management Calcutta, India ABSTRACT The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual ...
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprise... more Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprises and the sharing of benefits from an investment decision. This has rekindled interest in the transfer of technology to Third World countries by the transnational corporations. Numerous ...
THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic c... more THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic crisis was a result of 'micro-economic' inefficiencies that distort the structure of incentives to producers [Bhagawati and Srinivasan 1993]. After a short period of IMF style 'stabilisation', with the ...
THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto fo... more THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto followed amongst Indian planners and policy makers. It is argued that the old strategy has focused almost exclusively on the home market and has ignored techno-logical changes in the ...
To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [onl... more To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [online]. China Journal, The, No. 60, July 2008: 168-170. Availability: <http://search.informit .com.au/documentSummary;dn=312543180908078;res=IELHSS> ISSN: 1324-9347. ...
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
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