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India's Current Account Balance
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The paper introduces two new parametric generalizations of one of existing R -norm fuzzy information measures with the proof of their validity. In addition, particular cases and important properties of the proposed measures are discussed. A numerical example is given to establish the similarity between the proposed R - norm fuzzy information measures with one of the existing R -norm fuzzy information
measures. Further, a comparison among them is shown with the help of a table and graph.
As the world’s third largest carbon dioxide (CO2) emitter, India has long been believed to mostly compromise with international environmental obligation. Using annual data for the period 1970-2013, the study investigates the impact of population density, energy consumption, economic growth and trade openness on CO2 emissions in India. It applies the autoregressive distributed lag bounds testing approach to cointegration for establishing the existence of a long run relationship and uses vector error correction model to determine the direction of causality between the variables. The results indicate that there is a long run relationship between CO2 emissions and socio-economic factors. We find that population density, energy consumption and economic growth have statistically significant positive effect on CO2 emissions both in the short run and long run. Among these three drivers, population density proves the main influencing factor of CO2 emissions changes. Therefore, a cautious population stabilization policy in the country would assist in reducing CO2 emissions and sustaining long run economic growth. The findings further support the continued policy actions to develop the alternative energy sources such as renewable, and to use green and clean technologies to curb CO2 emissions without reducing energy consumption.
The present paper introduces a parametric generalized exponential measure of fuzzy divergence of order α with the proof of its validity. A particular case of proposed fuzzy divergence measure is studied. Some properties of the new divergence measure between different fuzzy sets are proved. We establish a relation between exponential fuzzy entropy of order α and our fuzzy divergence measure. Further, a numerical example is given for the comparative study of the new divergence measure with some of existing measures. Finally, application of the measure to strategic decision-making is discussed and a comparative study of the method of strategic decision-making with the existing methods is presented. It is noted that the new measure of fuzzy divergence and the method of strategic decision-making comprise greater simplicity, consistency and flexibility in applications due to the presence of the parameter.
This paper presents a sequence of fuzzy mean difference divergence measures. The validity of these fuzzy mean difference divergence measures is proved axiomatically. In addition, it introduces a sequence of inequalities among some of these fuzzy mean difference divergence measures. The applications of proposed fuzzy mean difference divergence measures in the context of pattern recognition have been presented using a numerical example. It is shown that the proposed fuzzy mean difference divergence measures are well suited to use with linguistic variables. Finally, on establishing inequalities, we find that our proposed measures are computationally much more efficient.
The study assesses the pattern of disparities in socio-economic development at the district level in India applying the Wroclow Taxonomic technique (following Ewusi. Social Indicators Research 3(1) 75–110, 1976, and Arief. Social Indicators Research 11(3) 259–267, 1982) based upon optimal combination of selected socio-economic development indicators. In order to get a clear picture of regional socio-economic disparities in India, the level of development is assessed separately for agriculture, industrial and infrastructural sectors and the districts are classified into four development categories according to the values of the constructed development index. For bringing about uniform regional development and improving the quality-of-life, model districts for disadvantaged districts have been identified and potential targets for various social amenities have been estimated. An attempt has also been made to compare the levels of socio-economic development among various regions in India. The constructed socio-economic development index shows that India’s Southern region is far more and symmetrically developed in comparison of Central and Northern regions. The results show that wide disparities in the level of socio-economic development exist among different districts within and between different regions of India. The level of development in infrastructural service sector is found to be positively and statistically significantly associated with the overall socio-economic development indicating that the growth and progress of the sectors have been going hand in hand in the country. The results show that in Northern and Central regions of India the level of industrial development does not significantly influence the agricultural and overall socio-economic development while agricultural development influences overall socio-economic development. The study suggests that low developed districts require improvement in most of the indicators for enhancing their levels of overall socio-economic development.
The present study seeks to analyze the dimensions of the developed countries’ agricultural policies vis-à-vis WTO’s agreement on agriculture provisions. The analysis indicates that domestic support to farmers in some developed countries in terms of percentage of value of agricultural output has not come down during the post WTO phase. The current AoA has failed to generate a fair and free world trade in agricultural commodities. A binding timetable should introduce for real cut in total agricultural support in order to increase the growth pace of the world farm trade.
The present study seeks to address the issue of subsidization of Indian farmers. It is found that inputs subsidies as percentage of the value of agricultural output have been come down in the recent years. In terms of product specific support, Indian agriculture has been heavily net taxed. The product specific support has in way of nullifying the inputs subsidies. As a result, the aggregate measurement of support for Indian agriculture has been negative since the base period. It indicates that benefits of inputs subsidies have totally passed either onto consumers or onto inputs supplying agencies. To reduce the burden of inputs subsidies from government budget, India needs to enhance the efficiency of inputs supplying agencies.
The study seeks to examine the impact of the WTO on Bangladesh’s farm trade. We find that under the WTO regime Bangladesh’s share in the world’s total agricultural trade has increased. Bangladeshi agricultural economy has opened in new economic environment. Bangladesh’s farm imports have grown faster than that of exports since the AoA, as a result, its agricultural trade deficit has widened rapidly. The importance of agricultural exports in the country’s overall exports has worsened. The specialization in agricultural trade and net terms of trade have deteriorated drastically. Further, results indicate that in the emerging farm trade order Bangladesh’s competitiveness is much better than leading producers especially in the exports of tea and jute.
The study has measured the extent of competition in the global dairy sector. Based on global competition, time series analysis has been carried out to find the past trend and future direction. The position of India has been examined and compared along with of a few other leading milk producers. The analysis indicates that over the past two decades the global competition for milk production has witnessed a downward trend. Whereas, the market share of milk production of India is increasing. This indicates that over the years the competitiveness of the Indian dairy sector has been improving. In this context, cost of milk production, farm size, infrastructure for milk collection, milk processing capacity, quality of dairy products, etc. have been highlighted to gain global competitive advantage. In addition, there is a need to manage the Indian dairy industry in a manner to enhance the production of dairy products and upgrade milk processing using innovative technologies.
The study assesses the total factor productivity (TFP) growth and efficiency levels in Haryana's dairy processing industry using Tornqvist index and data envelopment analysis models over the period 1984'2008. It is found that Haryana's dairy processing industry has experienced positive growth in TFP during the 1980s. According to our TFP estimates during 1990s and 2000s, Haryana's dairy processing industry performed poorly. The decomposition of TFP growth indicates that growth is driven more by increase in scale of processing than by technical efficiency changes. Finally, it is noticed that in Haryana a high volume of milk does not reach to the milk processing plants. For efficient utilization of existing processing capacity in dairy plants, a systematic investment is needed in logistics of raw milk collection and infrastructure.
The study seeks to empirically investigate the casual inter-play between openness to international trade and economic growth in India over the period of 1950 to 2008. We find a positive long-run equilibrium relation between openness and economic growth. There exits a unidirectional causal link running from openness to economic growth. There is no evidence for short-run dynamics between openness and economic growth in any direction in India. To have higher growth in Indian economy openness-led growth policies will have to be implemented.
This study seeks to examine the impact of the Agreement on Agriculture (AoA) of the World Trade Organization (WTO) on the balance of agricultural trade of South Asian countries (SAC). The evidence suggests that AoA has failed to boost the SAC farm trade surplus. SAC, as a whole, are net losers in new trade regime. Further, analysis indicates that under the WTO regime, openness of Indian, Sri Lankan and Bangladeshi agriculture has increased. In sharp contrast, Pakistan’s agricultural economy has been gradually closed up. The need of SAC is to designate their food items as special products and to create an effective and proactive special safeguard mechanism for safeguarding their food security base, in order to shield the livelihood of millions of resource poor farmers from frequent farm imports surges.
This paper assesses the total factor productivity (TFP) growth and efficiency levels in the Indian dairy processing industry using the Tornqvist index and data envelopment analysis (DEA) models over the period 1980-2008. We utilize a different empirical approach and extend the data sets. To examine the nature of scale inefficiency, non-increasing returns to scale DEA frontier is used. Our results suggest that total factor productivity in the Indian dairy processing industry has grown significantly. An average technical efficiency level of 72% which implies approximately a 38% inefficiency level is observed from the study. The decomposition of TFP growth indicates that growth is driven more by technical efficiency changes than by scale efficiency. Highest input slacks are observed for working capital. We note that a devaluation in terms of real effective exchange rate, profitability, export and import penetration and research stock play a significant role in explaining the productivity growth in the Indian dairy industry. The non-increasing returns to scale DEA frontier analysis suggests that on an average scale inefficiency is due to increasing returns to scale. Finally, it is noticed that in India, a high volume of milk does not reach to milk processing plants. It is suggested that for efficient utilization of existing processing capacity in dairy plants, a systematic investment is needed in logistics of raw milk collection and infrastructure development. The European model may be used as a benchmark in strengthening milk farmers for increasing farm size and building own processing capacity.
The study investigates the pattern of growth and instability in the production and trade of dairy products at the global level and in the world leading producers, exporters and importers in the context of the World Trade Organization (WTO) regime using the log linear regression model, decomposition analysis and standard deviation of growth rate. The basic characteristics of the dairy industry in the world leading exporters of dairy products are briefly reviewed. We find that under the WTO regime for the world at large and in most of the leading producers, the growth rate of milk production has increased statistically significantly while its instability has declined. It indicates that high rate of growth in milk production does not cause high instability. The decomposition of output growth indicates that the main source of growth in the global milk production is an increase in the number of dairy animals. We note that during the both pre and post WTO periods, the dairy trade has grown significantly and faster than that of production. However, the share of global dairy exports in total merchandise exports has declined. The results show that the WTO has failed to increase the growth rate of the value of the world dairy exports and to reduce the dairy imports uncertainty. The analysis indicates that the world dairy market is still very thin and volatile. Our findings suggest that there is a need for enhancing the domestic dairy production by focusing on improvements in yield and encouraging the processing of milk to meet the fast growing demand for a large lacto-vegetarian populated country like India.
The study explores the pattern and trends in global dairy trade and changes resulting from globalization being introduced under the auspices of the WTO. The results suggest that WTO has failed to increase the growth pace of value of world dairy trade and to reduce the world dairy markets volatility. The study finds that global dairy trade has been dominated by developed countries. Developed countries are net dairy exporters. Conversely, developing and least developed countries are net dairy importers. During post-WTO phase, least developed countries’ dairy trade deficit has expanded significantly. Developing world has been the largest producer as well as consumer of dairy products. Given thinness and increasing volatility of world dairy markets, it would be prudent for developing countries to increase the investment in dairy industry for enhancing the growth pace of dairy products to meet their faster growing demand.
The study investigates India’s trade prospect with ASEAN countries by analyzing the pattern and trends in India’s bilateral merchandise trade with ASEAN countries and their revealed comparative advantage in different products. The results show that during last three decades India’s share in ASEAN countries’ merchandise trade has increased, but it has been less than that of Japan and China. This shift has been more marked in the case of imports. India runs a large and worsening trade deficit vis-à-vis ASEAN countries. India’s ratio of trade deficit to total foreign trade has had been worst in case of its trade with ASEAN countries. India’s trade intensity in ASEAN countries has deteriorated sharply. ASEAN economies are more open in caparison of Indian economy. Lafay’s index results suggest that India’s comparative advantage is rather poor than ASEAN countries. In addition, in India many specialization improvements occur in those items for which the world demand expands at a faster pace, hinting to the possibility of an increase in India’s share in the world trade in the years to come. In order to enlarge international trade benefits, India should pay attention to pave the way for concluding the multilateral trade liberalization under WTO’s Doha round trade negotiations.
The study empirically investigates the causality between agricultural exports and gross domestic product (GDP) agriculture in India using the Granger causality test via Vector Error-Correction Model over the period 1970–1971 to 2009–2010. Th e results of unit-root tests suggest that the series of India’s GDP agriculture and farm exports are integrated of order one. Th e results of the Auto Regressive Distributed Lag bounds testing approach to co-integration show that there is a positive and stable long-run equilibrium relationship between India’s agricultural exports and GDP of agriculture. We find a unidirectional causal link running from farm exports to gross domestic product of agriculture. It indicates that in India, agricultural products export Granger causes the growth in GDP of agriculture, which supports the export led growth hypothesis. It is suggested that in order to accelerate the agricultural growth rate in India, there is a need to implement the policies encouraging the agricultural exports.
Indian economy is facing many problems like poverty, unemployment, current account deficit, high inflation, fiscal deficit and depreciation of rupee. In the present scenario, fiscal deficit and inflation are the alarming issues not only in India but also in the developed and developing economies. So there is a great need to study the impact of Inflation on fiscal deficit in the economy. Fiscal deficit is the excess of government spending over its revenue. Inflation is a continuous rise in the prices of commodities, leading to decline in the purchasing power of the consumers. Relationship between fiscal deficit and inflation is one of debatable issues. This paper is an attempt to find the impact of inflation on fiscal deficit in India. This paper also analyse the relationship between fiscal deficit and inflation with the help of regression analysis and Granger causality test. In this paper we find that inflation is not the reason for fiscal deficit and granger causality test shows that there is no significant relationship between inflation and fiscal deficit.
Measurement of economic growth and development has large policy implications. This paper deals with past and present approaches used for measuring for economic growth in India.
Haryana is known as an agrarian state of India. It is the second-largest contributor of food grains to India's central pool. Its economic growth rate is exemplary with excellent average annual growth rate of 8.8% during the period of last 8 years (2005–06 to 2012–13). Haryana is geographically a small state but it contributes nearly 3.4 per cent to India's GDP (according to quick estimates of 2012–13). As per advance estimates of 2013–14, per capita income of Haryana at current price is Rs 135007. The state economy grew at an annual growth rate of 9.5 per cent during eleventh five year plan and government estimates a growth rate of 10% to 10.5% in twelfth five year plan. Haryana is one of the states with almost 100 per cent connectivity of rural areas with metalled roads. It is one of the leading states in terms of industrial production and has emerged as a base for the knowledge industry. The Gross State Domestic Product (GSDP) of Haryana continues to grow at a pace much faster than the GDP of the country. This paper assesses the economic health of Haryana by analysing Fiscal Deficit, Revenue expenditure, Capital Expenditure, Per Capita Income, Interest Payment and GSDP between 2005–06 to 2014–15.
Financing of Fiscal Deficit: A Study of Indian Economy", published in edited book by Dagar , Phougat and Gill entitled "FDI and Banking Sector in India: Trends and Issues
- Ritu Verma
- Kumar Naresh
- Vikas
Ritu Verma, Kumar Naresh and Vikas (2016), "Financing of Fiscal Deficit: A Study of Indian
Economy", published in edited book by Dagar, Phougat and Gill entitled "FDI and
Banking Sector in India: Trends and Issues",Savera Publishing House, New Delhi,
India.
Rural Development in India: A Brief Discussion
- Ritu Verma
- Kumar Naresh
Ritu Verma, Kumar Naresh (2013), "Rural Development in India: A Brief Discussion",
SANSHODHAN
KRANTI, Vol-9, Issue-1.
Poverty Estimates in India
- Ritu Verma
- Kumar Naresh
Ritu Verma, Kumar Naresh (2013), "Poverty Estimates in India", Pramana Journal of
Management Vol.
3, Issue:10, pp167-173.
Trends and Pattern of Own Tax Revenue of Haryana Government: A Case Study of Post FRBM Act Period
- Ritu Verma
- Kumar Naresh
Ritu Verma, Kumar Naresh (2013), "Trends and Pattern of Own Tax Revenue of Haryana
Government: A Case Study of Post FRBM Act Period", EDUBEAM, Vol. X. Issue-1.
Performance of Agriculture Sector in India
- Ritu Verma
- Kumar Naresh
Ritu Verma, Kumar Naresh (2013), "Performance of Agriculture Sector in India",
SANSHODHAN KRANTI, Vol.-7, Issue-1.
Fiscal Deficit in India: Causes and Consequences
- Ritu Verma
- Kumar Naresh
Ritu Verma, Kumar Naresh (2013), "Fiscal Deficit in India: Causes and Consequences", Vision
Journal of
Management and Commerce, Vol. 1, Issue: 3-4, pp-150-156.