We need to take economic reforms forward

Dr. C. Rangarajan

(Dr. C. Rangarajan an renowned economist and a distinguished former Member of Parliament and Former Governor of the Reserve Bank of India. Currently, he is the Chairman of the Prime Minister's Economic Advisory Council.)

liberalisation, Rangarajan said the opening up of the Indian economy to more foreign direct investment was “desirable” and added that efforts should be made to convince people on its merits. Increasing the cap on foreign investment in sectors like insurance, as also a further liberalisation of India’s financial sector as a whole was the need of the hour. Earlier in the day, before stepping down as the chairman of Prime Minister’s Economic Advisory Council, he projected a slight dip in India’s growth at 7.7 percent for the current fiscal. “The downside risk to our growth expectations in 2008-09 is primarily from a further deterioration in global conditions with attendant impact on India - be it in the sphere of oil prices or capital markets,” the panel’s report said. Dr. Chakravarthi Rangarajan is born in 1932. He is an Indian economist. He served for over a decade as a Deputy Governor of the Reserve Bank of India, after which he served as the Governor of the Reserve Bank of India between December 22, 1992 and December 21, 1997. He also served as the Governor of Andhra Pradesh from 24 November 1997 to 3 January 2003. After demitting that office, he took charge as the Chairman of the Twelfth Finance Commission. From 2005 onwards, he was the Chairman of the Prime Minister's Economic Advisory Council. In August 2008, he resigned as the Chairman of the Prime Minister's Economic Advisory Council and was nominated as a member of the Rajya Sabha. He is succeeded by Prof. Suresh D. Tendulkar. While serving as the governor of Andhra Pradesh, he also received additional charges as governor of Orissa from 1998 to 1999 and as governor of Tamil Nadu from 2001 to 2002. He was the deputy governor of the Reserve Bank of India from 1982 to 1991. He obtained his Ph.D. in economics from the University of Pennsylvania in 1964. He has teaching experience at institutions such as the University of Pennsylvania ,the Indian School of Business and the IIM-A. He was awarded the title of Honorary Fellow of IIM-A in 1997. In 2002, the Government of India awarded him the Padma Vibhushan, India's second highest civilian award. Presently, he is a member of the Rajya Sabha and Chairman of the Madras School of Economics, Chennai.

Politics is a very gutsy affair

Amartya Sen
(An eminent Indian economist, Professor, philosopher and Nobel Laureate.
He has been called "the Conscience and the Mother Teresa of Economics" for
his work on famine, human development theory, welfare economics, the
underlying mechanisms of poverty, gender inequality, and political
liberalism. )

It is not so much about delivering justice to a particular person. That’s a legal matter. That language would be legal language. But how do you ensure that we enhance justice rather than reduce it in context of dealing with terrorism. you know, obviously in so far as terrorism gives some reasonable grounds for restrictions on free speech that would be very serious conflict one has to look at. In so far as according to some, it gives reason to torture and other ways for extraction of information, those are some other kinds of issues. The position that I have argued for is that there is no case for torture in any circumstances, even in those of terrorism. That is partly because it is a very bad way of pursuing information; secondly you also do not get much information that way. It is ineffective. Studies of torture across the world over the centuries have shown that people under torture would give any answer that they thought would be pleasing to the interrogator. So you do not get very much information. I know that there have been things like of water-boarding and other issues that have come up in public discussions. The ideologues are few in number but they rely on a huge infrastructure of a number of other people. The chap who goes and shoots is one guy but the chap who gives shelter to the one person and says okay, I won’t mention to anyone, but you go past here, I can understand your calls etc. For every X number of terrorists there is a probably a 100 X number of people who provide some kind of quiet acceptance of it. The very dedicated naxalite and the very dedicated terrorists, you might not be able to have any impact on them through discussion. Dedicated terrorists survive on the basis of very large number of people who are compliant in some sense. The person is going around waving a gun in his pocket; it may be a risk to your security. But I have not met any naxalite in my life and therefore to say that they will not listen to any amount of reasoning is not right either. If you take a broad kind of them, they have been through terrible torture in the past. The question to ask what Gandhiji and Mandela had asked. Is if this is the right way of dealing with it, the most effective way? After you have decapitated a couple of landlords would it would that provide the extra income, extra jobs that these people would need, and the dignity and the lack of humiliation? That is what politics is all about. By using reasonableness you are making it a very saintly affair. Politics is a very gutsy affair. Public reasoning is a gutsy affair too. In the Gujarat thing, the main issue is that secularism is a dialogue that can help deal with communalism in a way. I loved that breadth, and also the fact that in interpreting Indian civilization itself, its cultural diversity was much emphasized. By pointing to the extensive heterogeneity in India's cultural background and richly diverse history, Tagore argued that the "idea of India" itself militated against a culturally separatist view, "against the intense consciousness of the separateness of one's own people from others." My own interests gradually shifted from the pure theory of social choice to more "practical" problems. But I could not have taken them on without having some confidence that the practical exercises to be undertaken were also foundationally secure (rather than implicitly harbouring incongruities and impossibilities that could be exposed on deeper analytical probing). The progress of the pure theory of social choice with an expanded informational base was, in this sense, quite crucial for my applied work as well.

Indian Economy BitBank .pdf.html

Indian Economy BitBank .pdf.html

Economy.pdf.html

India KE Executive Summar.pdf.html

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Economics Books for IAS Exam

• Dictionary of Economics - Ghaham Bannock; T.E. Baxter, Ray Rees (Penguin)
• Economics (Read Relevant Chapters) - Paul A. Samuelson
• The Hindu: Survey of Agriculture & Survey of Industry
• An Introduction to Economics - A.W. Stonier and D.C. Hauge
• Monetary Theory and Public Policy - Kenneth Kurihara
• Economic Survey : Eighth Five Year Plan: New Industrial Policy - Government of India
• Outline of Monetary Economics (Read Relevant Chapters) - A.C.I. Day
• Public Finance - H.L. Bhatia
• Modern Banking (Read Relevant Chapters) - R.S. Sayers
• Indian Economy - Mishra and Puri
• Macro Economic Analysis - Edward Shepiro
• Indian Economy - R. Dutt and KPM Sundaram
• Money Supply in India: Concepts, Compilation and Analysis (Sec.1-3 New Series only): Functions and Working (Read Relevant Chapters) - Reserve Bank of India
• Economic Growth and Development - Mayer and Baldwin
• Public Finance - K.K. Andley and Sundharam
• International Economics - Bo Soderston
• National Income Accounting - Bakerman
• Economics Choice - Koutsweanik
• Banking - S.B. Gupta
• International Trade - Bo Soderston
• The Economic Times and Economical and Political Weekly.

Tags:Economics Books for IAS Exam