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Economic Reforms Sans Development   
Economic Reforms Sans Development
Hard  Back Book     :   Pages : 203
2004  Edition         :   ISBN - 81-7188-357-5
Price : Rs. 495.00   :   USD $ 29.95
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The author argues, the emphasis of reforms seems to be on exhibiting the form of the textbook characteristics of a liberalised, and open economy, at the cost of the substance of development : reduce State intervention and involvement  in economic activities, usher in market-driven economy abolish all subsidies including food and interest rate subsidies to the poor, and let the poor fend for themselves and so on. In the hierarchy of priorities of contemporary Indian policy makers, for instance, privatisation has gained ascendancy over poverty reduction. Economic reforms have thus become empty rhetorics so far as the attainment of end-objectives of development is concerned.

The bunch of 33 selected articles brought together in this book seeks to provide concrete evidence in support of this central theme. The discussion also sketches the broad contours of policy correctives that are needed if the substance of development is to be retained as an important ingredient in the macroeconomic policy mix.

The discussion in the book is organised around seven aspects :

  • Macro Prospective of Growth,
  • Monetary and Credit Policies,
  • Banking and Savings,
  • Utilisation of Forex Reserves,
  • Crisis of Capitalism,
  • Fiscal Policies, and
  • Hunger, Poverty and Rural Development


Dr. N A Mujumdar is former Principal Adviser, Reserve Bank of India. At present he is the Editor of the Indian Journal of Agricultural Economics and also Honorary Professor at the Society for Development Studies.

Dr. Mujumdar began his career as Lecturer in what was then known as the School of Economics, University of Bombay. He was Nuffield Fellow of Oxford University, Oxford, in 1959, and after his return to India, joined the Reserve Bank of India.

Dr. Mujumdar has also worked, under the auspices of the International Monetary Fund, as Adviser to the Central Banks of five countries: Zambia, Mauritius, Tanzania, Belize and Cambodia. He was Consultant to FAO, ESCAP and the World Bank. He was member of various Working Groups appointed by the Reserve Bank of India and the Planning Commission.

He has published eight books and a number of research papers in various technical journals.


Macro Perspectives of Growth

1. Building Development Conscience.
2. Fragility of Growth Base Revealed.
3. Policy Makers vs Econometricians.
4. Upgrading  Productive Capabilities.
5. Foodgrains Surplus, Forex Reserves : Problems of Plenty of Plus Point ?
6. Words of Wisdom.
7. The Development Conscience Factor.

Monetary and Credit Policies

8. Suicide by Cutting Interest Rates Monetary Policy : 2002-03.
9. Credit Policy: Different Thinking.
10. Credit Policy Imperatives : Correcting the Distortions.
11. Credit Policy: Symbolism is All.
12. Credit Policy: Sound, Fury and Substantive Issues.

Banking and Savings

13. What Ails Co-operative Banking ?
14. Banking on Commercial Banks.
15. UTI, Small Savings and Financial Crisis.
16. The UTI in Retrospect.
17. Small Savings and Market Mythology.
18. Bank Shares, Capital Market and Governance.
19. IDBI: Yielding to Bureaucratic Pressures.

Utilisation of Forex Reserves

20. Forex Reserves: Use them to Revitalise the Economy.
21. Capital Account Convertibility: Challenging the Underlying Philosophy.

Crisis of Capitalism

22. Crisis in American Capitalism: Lesson for India.
23. Systemic Approach to Privatisation.
24. Good Governance: Form and Substance.

Fiscal Policies

25. Kelkar Proposal: An Accountant's Approach to Tax Reforms.
26. Kelkar Panel Final Report: Fraught with Elitist Bias.
27. Rediscovering the Priorities.
28. Fiscal Prudence: Centre Must Lead the Way.
29. Retail Trade in Government Securities: A Monumental Misadventure.

Hunger, Poverty and Rural Development

30. Food Distribution and Growth-Equity Linkages.
31. WTO: Agricultural Exports and Growth.
32. Rural Development: New Perceptions.
33. Eliminate Hunger Now, Poverty Later.
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