Globalization, Brexit and India

Globalization during the last four decades has facilitated TOT (Technology Transfer), improved TFP (Total Factor Productivity) and ushered phenomenal growth of Transnational Corporations (TNCs). However, there are detractors who feel that it has become an instrument of global commercial capital to exploit the Less Developed Countries (LDCs). This subprime crisis in US and its contagion impact in 2007-08 has brought to the centre stage the toxic role of globalization in emasculating national sovereignty. The recent referendum in Great Britain (Brexit) is indicative of this angst. This paper tries to bring out the contrasting prospective of globalization, the findings of Brexit referendum and the impact it has on India, as it ventures into third generation economic reforms. The paper strongly argues that manufacturing cannot be a panacea for growth as robotization and competition from well entrenched global manufacturing hubs has seriously dented India's export trajectory. We need to explore opportunities available in the service sector, particularly in terms of aggregate like e-commerce. The paper underscores the importance of aggregates over large companies and tourism as a major employment provider. The central focus of the paper is exhorting the state to pay greater attention to social sector investment, quality primary education as they will be the real stepping stone to durable growth and improvement in Human Development Index (HDI) in order to harvest the fruits of globalization. Keywords: TOT, TFP, LDC, BREXIT, HD

Economic Growth and Human Development: India After Liberalisation

India dismantled the License-Permit Quota (LPQ) Raj, ushering significant spurt in Gross Domestic Product (GDP) growth rates, exports, Foreign Exchange (FE) reserves. However, our record in human development index, in terms of Infant Mortality Rate (IMR), Maternal Mortality Rate (MMR), malnutrition of children, mean year of schooling have been quite dismal. The picture on containing income inequality is also quite disappointing in the urban segment. The paper brings out contours of rural distress and our achievement so far in terms of meeting the UN Millennium Development Goals (MDG). The paper brings out role of our Supreme Court in terms of its direction to the state to implement socio-economic justice and the impact of RTE Act 2009 on quality of education and policy interventions that are needed for improvement of educational outcomes. It makes a strong case for opting for balanced growth where right priority is accorded to merit goods like quality primary education and health as public remit. A balanced growth strategy between economic infrastructure and social overheads would be the right cocktail for India’s policy makers. The recommendations include introducing General Anti-Avoidance Rule (GAAR) at the earliest to pre-empt illegal parking of funds in tax havens, privatisation of Public Sector Banks (PSB) to promote better financial intermediation. It also supports strongly the case for introducing a Universal Basic Income (UBI) scheme, in lieu of plethora of subsidies presently in place, so that it guarantees a minimum standard of living for every Indian citizen. It emphasises the role of the state “as the guiding hand” for promoting socio economic justice for all and quality education at the grass root level! Keywords: LPQ, GDP, IMR, MMR, MDG, GAAR, PSB, UB

Growth, Development and Carbon Containment: India in the Next Decade

Growth, development and sustainment are the key concerns for every emerging market economy (EME) like India. While many analysts highlight the trickledown effect of high growth, the development economists bemoan the lack of concern for Human Development Indicators (HDI) which hinge on Infant Mortality Rate (IMR), Maternal Mortality Rate (MMR), quality education and affordable health care. A recent book of T.N. Ninan comprehensively addresses these twin concerns besides underling the importance of low carbon growth in India. This paper brings out the major pathways for India in the next decade which should include market orientation in pricing of public utilities, ‘scale economics’ in manufacturing, abdication of government involvement in education and health care and strengthening the regulatory mechanism. Underscoring the need for ‘distributed centres of gravity’, the challenges for India in the next decade achieving both inclusive growth and carbon containment would hinge upon capacity enhancement, real learning, new Public Management (NPM) adequate allocation for low carbon emission and providing satisfactory employment opportunities. KEYWORDS: EME, IMR, MMR, HDI, NPM

Feminism, Budgeting and Gender Justice

The Fourth Conference on Women at Beijing (1995) underlined the importance of gender mainstreaming; spurring India to provide for separate Gender Budgeting in 2005-06. The Constitution tries to make fine balance between right to equality and positive discrimination for promoting gender justice in India. Yet high levels of Gender Inequality Index (GII), coexist with high Gross Domestic Product (GDP) growth, after India opted for economic liberalization in the 1990s. This paper brings out these trends and how the Supreme Court, as the watchdog of fundamental rights, has played a stellar role in ensuring gender justice. The paper does a trend analysis of gender budgeting and the inept implementation of flagship programmes like Beti Bachao Beti Padhao and Nirbhaya, due to the lack of coordinated approach. Making comparison with developed and Emerging Market Economies (EME), the paper underscores the importance of earmarking handsome allocation to education and health care. The issue of gender justice is not merely an issue of adequate allocation or effective judicial redressal, but embraces a larger concern viz. the “culture of silence” that pervades our patriarchal society. The Oslo summit underscored the importance of value based education to achieve Sustainable Development Goals (SDG). Keywords: GII, GDP, EME, OSLO SUMMIT, SDG

The Underbelly of Rural India, SECC 2011 & Way Forward

The Socio Economic & Caste Census (SECC) 2011 is a remarkable report by unfolding critical economic trends in rural India in terms of asset ownership, employment, Mean Years of Schooling (MYS) and social inclusion. Given the distressing findings of endemic casual labour, destitution, low access through Kisan Card, financial inclusion for people in the bottom of the pyramid poses serious policy challenges. The paper argues that rights based approach which puts a premium on opportunity, empowerment and social security will be the right way forward. The Policy Effectiveness Index (PEI) approach provides useful insight to our unsatisfactory law and order situation and poor employment opportunity. It advocates eschewing rural urban migration as a strategy; it instead calls for investment in Agricultural (R&D), agro industry development, quality education and skilling as the templates for coalescing growth and Human Development Index (HDI). Keywords: SECC, MYS, PEI, HDI

India’s Budget: Beyond Fiscal Consolidation

India is caught up in a debate between adherence to the FRBM Act and ramping up public investment which shows a tepid trend. India’s repo rate policy has been assiduously linked to the glide path enumerated by Urjit Patel Committee. However, these fiscal consolidation concerns overlook the critical need to address distributive justice, minimize increasing trend of Gini index and pay greater attention to adequate allocation to merit goods sectors like primary education, health and sanitation. The paper underscores the importance of Musgrave’s three pronged emphasis on Allocation, Distribution and Stabilization and highlights the centrality of “Total Factor Productivity” (TFP) of Robert Solow as the real thrust area. The up-coming budget must strike the right balance between fiscal consolidation and allocation prudence to reap the harvest of demographic dividend that awaits India. Keywords: FRBM Act, Merit Goods, TFP, Demographic Dividend, Glide Path, Gini Inde

Influence of Fabrication Technique on the Fiber Pushout Behavior in a Sapphire-Reinforced Nial Matrix Composite

Directional solidification (DS) of \u27\u27powder-cloth\u27\u27 (PC) processed sapphire-NiAl composites was carried out to examine the influence of fabrication technique on the fiber-matrix interfacial shear strength, measured using a fiber-pushout technique. The DS process replaced the fine, equiaxed NiAl grain structure of the PC composites with an oriented grain structure comprised of large columnar NiAl grains aligned parallel to the fiber axis, with fibers either completely engulfed within the NiAl grains or anchored at one to three grain boundaries. The load-displacement behavior during the pushout test exhibited an initial \u27\u27pseudoelastic\u27\u27 response, followed by an \u27\u27inelastic\u27\u27 response, and finally a \u27\u27frictional\u27\u27 sliding response. The fiber-matrix interfacial shear strength and the fracture behavior during fiber pushout were investigated using an interrupted pushout test and fractography, as functions of specimen thickness (240 to 730 mu m) and fabrication technique. The composites fabricated using the PC and the DS techniques had different matrix and interface structures and appreciably different interfacial shear strengths. In the DS composites, where the fiber-matrix interfaces were identical for all the fibers, the interfacial debond shear stresses were larger for the fibers embedded completely within the NiAl grains and smaller for the fibers anchored at a few grain boundaries. The matrix grain boundaries coincident on sapphire fibers were observed to be the preferred sites for crack formation and propagation. While the frictional sliding stress appeared to be independent of the fabrication technique, the interfacial debond shear stresses were larger for the DS composites compared to the PC composites. The study highlights the potential of the DS technique to grow single-crystal NiAl matrix composites reinforced with sapphire fibers, with fiber-matrix interfacial shear strength appreciably greater than that attainable by the current solid-state fabrication techniques

The rms-flux relations in different branches in Cyg X-2

In this paper, the rms-flux (root mean square-flux) relation along the Z-track of the bright Z-Source Cyg X-2 is analyzed using the observational data of Rossi X-ray Timing Explorer (RXTE). Three types of rms-flux relations, i.e. positive, negative, and 'arch'-like correlations are found in different branches. The rms is positively correlated with flux in normal branch (NB), but anti-correlated in the vertical horizontal branch (VHB). The rms-flux relation shows an 'arch'-like shape in the horizontal branch (HB). We also try to explain this phenomenon using existing models.Comment: Accepted for publication in Astrophysics & Space Scienc

Strengthening mechanisms in thermomechanically processed NbTi-microalloyed steel

The effect of deformation temperature on microstructure and mechanical properties was investigated for thermomechanically processed NbTi-microalloyed steel with ferrite-pearlite microstructure. With a decrease in the finish deformation temperature at 1348 K to 1098 K (1075 °C to 825 °C) temperature range, the ambient temperature yield stress did not vary significantly, work hardening rate decreased, ultimate tensile strength decreased, and elongation to failure increased. These variations in mechanical properties were correlated to the variations in microstructural parameters (such as ferrite grain size, solid solution concentrations, precipitate number density and dislocation density). Calculations based on the measured microstructural parameters suggested the grain refinement, solid solution strengthening, precipitation strengthening, and work hardening contributed up to 32 pct, up to 48 pct, up to 25 pct, and less than 3 pct to the yield stress, respectively. With a decrease in the finish deformation temperature, both the grain size strengthening and solid solution strengthening increased, the precipitation strengthening decreased, and the work hardening contribution did not vary significantly