India’s Contemporary Macroeconomic Themes Looking Beyond 2020

This book extensively examines various contemporary macroeconomic themes of India, namely growth and macro policies, tax reforms, government finances and intergovernmental fiscal transfers, banking and monetary policy, and environment and social sector policies. It has three to six chapters devoted to each of these broad themes, with the contributors being eminent economists from the region. The book serves as an excellent reference for students in economics, finance, and management, and a valuable tool for professionals such as policymakers and investment analysts and other stakeholders in the areas of global economics and finance, in general, and India in particular.

Excerpt from the Foreword:
"This book examines various contemporary macroeconomic themes of India: growth and macro policies, fiscal reforms, government finances and intergovernmental fiscal transfers, banking and monetary policy, and environmental and social sector policies. Forty-four eminent economists who have had the privilege of working with and learning from Dr. C. Rangarajan have contributed 25 chapters.

I am sure that this book will serve as an excellent reference for professionals such as policymakers and financial analysts, students, and other stakeholders interested in the field of economics and finance."
     - Dr. Manmohan Singh, Former Prime Minister of India and eminent economist

PART A: Growth and Macro Policies

Chapter 2: India in the post pandemic world: Opportunities and Challenges (S. Mahendra Dev & Rajeswari Sengupta)

Chapter 3: Evolving Size of India’s Economy in the 21st Century: Role of State Differentiated Demographic Dividend (D K Srivastava, Muralikrishna Bharadwaj, Tarrung Kapur and Ragini Trehan)

Chapter 4: Post Covid Fiscal Recovery in India: Uncertainty, Growth and Fiscal Prudence (Pinaki Chakraborty)

PART B: State finances and Intergovernmental fiscal transfers

Chapter 5: The Relationship Between Government Revenue, Government Expenditure and Economic Growth in India: An Empirical Investigation at the Sub National Level (Deba Prasad Rath, Samir Ranjan Behera, Bichitrananda Seth, Anoop K Suresh and Rachit Solanki)

Chapter 6: Revenue Implications of GST on Indian State Finances (Sacchidananda Mukherjee)

Chapter 7: Equalization Transfers Policy Based on Expenditure Needs and Own Revenue Capacity of Indian State Governments (K.R. Shanmugam and K. Shanmugam)

PART C: Fiscal reforms and Indian economy

Chapter 8: Goods and Services Tax in India: A Stocktaking (Govinda Rao)

Chapter 9: Recent Reforms in India’s Corporate Income Tax Regime Rationale, Impacts and Improvements (Supriyo De)

Chapter 10: The Anatomy of Public Debt Reductions (Prachi Mishra and Nikhil Patel)

Chapter 11: Measuring Tax Impact on Corporate Dividend Behaviour in India (JVM Sarma)

PART D: Banking and Monetary Policy

Chapter 12: Non performing Assets of Indian Banking: An Evolutionary Journey (Rakesh Mohan & Partha Ray)

Chapter 13: Conduct of Monetary Policy in India: The Journey So Far and Contemporary Challenges (Amaresh Samantharaya)

Chapter 14: Macroeconomics of Digitalisation: Evolving Issues and Perspectives (Sarat Chandra Dhal & Sakshi Awasthy)

Chapter 15: Asymmetric Monetary Policy Transmission in India: Does Financial Friction Matter? (N.R. Bhanumurthy & Ranjan Kumar)

PART E: Technical session 5: Environment and Social Sector Policies

Chapter 16: Role of Fiscal Policy In Climate Change Mitigation In India (U Sankar)

Chapter 17: Ecological Fiscal transfers and State Level Budgetary Spending in India: Analysing the Flypaper Effects (Lekha Chakraborty, Amandeep Kaur, Ranjan Kumar Mohanty, and Divy Rangan)

Chapter 18: Measurement of Multidimensional Inequality of Opportunity: Evidence from India (Jaya Krishnakumar & Sayil Javadekar)

Chapter 19: Youth labour market challenges in India: Education, Employment and Sustainable Development Goals (S. Madheswaran & Jajati Keshari Parida)

PART F: Technical session 6: India’s Contemporary Economic Challenges

Chapter 20: Forecasting State Level Fiscal Imbalances in India (D.K. Srivastava, Muralikrishna Bharadwaj, Tarrung Kapur and Ragini Trehan)

Chapter 21: Machine Learning in Macroeconomics: Applications to DSGE Models (Dilip Nachane and Aditi Chaubal)

Chapter 22: Friends with Benefits: The Role of Internal Capital Markets During Financial Stress (Saumitra Bhaduri and Suparna Biswas)

Chapter 23: Reforming the Indian Statistical System (P.G. Babu and Vikas Kumar)

Chapter 24: India’s External Sector a Critical Perspective (Pushpa Trivedi)

D.K. Srivastava is a noted economist and currently the chief policy advisor, Ernst & Young India. He is also an honorary professor at Madras School of Economics, Chennai, India, and was a member of the Advisory Council to the 15th Finance Commission of India. He was also a professor of National Institute for Public Finance and Policy (NIPFP), Delhi, India, and has published many books including ‘Development and Public Finance: Essays in Honour of Raja J. Chelliah’ (co-edited, 2005), ‘Federalism and Fiscal Transfers in India’ (co-edited, 2011), and ‘Environment and Fiscal Reforms in India’ (co-edited, 2014).

K.R. Shanmugam is Professor at, and Director of Madras School of Economics, Chennai, India. He has six books (the latest one in 2019 with Springer, co-authored) and numerous journal articles to his credit on topics of his research interest such as public finance, corporate finance, macroeconomic models, applied economics, economics of human resource and environmental economics.