Global imbalances: the perspective of the Reserve Bank of India

The pre as well as post crisis discourse on global imbalances has largely focused on the zero-sum current account equation involving United States on the one side and the rest of the world (ROW) on the other. Most of the analysis has been from the perspective of the countries which are perceived to be integral part of the above equation. However, the implications of the imbalances went much beyond these few countries and had profound influence on the financial stability and monetary management in many countries. The huge cross border capital flows during the pre crisis period, arising from the liquidity glut in advanced economies and abetted by the expansion of the financial sector balance sheets, posed significant challenges for domestic policy makers. It is this peripheral perspective that this paper attempts to bring forth. India is indeed a peripheral country as far as global imbalances are concerned as it did not contribute to either the origination or propagation of the imbalances. Its growth process is not dependent in any significant measure either on external demand or capital flows. It does not pursue a policy of achieving a particular level of current account deficit or surplus to support its growth strategy. Its exchange rate is essentially market determined and it does not pursue an explicit policy of reserve accumulation. However, India did face the impact of global imbalances as a receptacle of global funds flow which were essentially volatile in nature. The paper articulates the policy imperatives that arose in this context and the design of policy framework that helped in addressing the challenges. The response was, and continues to be driven by a non-doctrinaire, pragmatic approach with the sole objective of maintaining broader macroeconomic and financial stability.The paper concludes with a discussion on the potential risks to global financial stability on account of persisting global imbalances and the feasibility of post crisis efforts being pursued globally at various multinational fora to address these.

Issues and Constrains in Manpower Supply in Indian Hospitality Industry

By the very nature of tourism as a service industry, its efficient management and successful operation depend largely on the quality of manpower. In India, the shortage of skilled manpower poses a major threat to the overall development of tourism. In particular, the rapid expansion of hotels of an international standard in India is creating a high level of demand for skilled and experienced staff. The nature of the decisions facing hotel management is continually expanding. For their business to remain competitive, managers must be skilful in many diverse areas. Tourism statistics reveal that both domestic and foreign tourism are on a robust growth path. This growth will need to be serviced by a substantial increase in infrastructure, including air-road, rail connectivity as well as hotels and restaurants The availability of skilled and trained manpower is a crucial element in the successful long-term development and sustainability of a tourist destination. Skilled and trained human resources will ensure the delivery of efficient, high-quality service to visitors, which is a direct and visible element of a successful tourism product. High standards of service are particularly important in sustaining long-term growth, since success as a tourist destination is determined not only by price competitiveness or the range of attractions available, but also by the quality of the services provided, there by the qualified human capital. This paper elaborates the issues and constrains relating to demand and supply of manpower in hospitality industry and also suggested the recommendations to fill the gap.

Ageing and poverty in africa and the role of social pensions

In many low income African countries, three factors are placing an undue burden on the elderly. First, the burden on the elderly has enormously increased with the increase in mortality of prime age adults due to HIV AIDS pandemic and regional conflicts. Second, the traditional safety net of the extended family has become ineffective and unreliable for the elderly. Third, in a few countries, the elderly are called upon to shoulder the responsibility of the family as they became the principal breadwinners and caregivers for young children. While a number of studies have examined the welfare consequences of these developments on children, few studies have systematically analyzed the poverty situation among the elderly (relative to other groups) in low income countries Africa, and the role of social pensions. This study aims to fill this gap.Ageing, Poverty, Social Pensions, Developing Countries, Africa