The Icfai University Press - Publication Division of the Icfai University

Jun-Sep' 08

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Articles

GUEST EDITOR'S OVERVIEW

LPG IN INDIA: CRITICAL PERSPECTIVES AND ALTERNATIVE APPROACHES -- Arif A. Waqif

This Special Issue has attempted to elicit some critical perspectives and alternative approaches to Liberalisation, Privatisation, and Globalisation (LPG), with a focus on India's economic and social development. The invited papers broadly contain some critical assessment of LPG's impact on selected developmental areas, and alternative conceptual and policy approaches to enhance developmental benefits and ameliorate developmental costs across the vast, heterogeneous and complex Indian economy and society. This introductory essay attempts to cast the contributors' perspectives in a broader background of LPG. We begin with a brief comparative review of India's economic growth and development before and during the LPG era.

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MARKET-ORIENTED POWER SECTOR REFORMS: A CRITIQUE -- N. Sreekumar

This article reviews the market-oriented power sector reforms initiated in India in the early 1990s. It brings out a public interest oriented critique of the three phases of the reforms—firstly, privatisation of generation, secondly, state sector restructuring and finally, the ongoing reforms since the passage of the Electricity Act 2003. Reforms were taken up as a response to the crisis in the sector. The article questions the success of the process in solving the crisis. While acknowledging positive elements like increase in transparency and participation, it criticises the process for neglect of development issues like rural electrification and energy efficiency. The article concludes with some thoughts on developing an alternate reform approach.

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Rural Credit: A New Model of Credit Delivery for `Inclusive Growth' -- G. R. K. Murty

The long-term neglect of agriculture as reflected in the falling real investment, rising input costs and inadequately remunerative prices lead to fall in agricultural production vis-à-vis requirements. Despite spectacular expansion of bank branch network since 1969, a substantial proportion of rural households still remain outside the coverage of the formal banking system. Cumulatively, the sharply declining farm income is leading to suicides by farmers. Amidst the crisis, what remained as eternal is farming community's desperate search for fresh credit for the ensuing season.

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STRATEGIES TO COUNTER GLOBALISATION: EMPOWERING WOMEN, DALITS AND INDIGENOUS PEOPLE -- V. Rukmini Rao

The article examines the social dimensions of poverty in the context of gender, dalit, tribal and Muslim minorities in the country. Reviewing the process of globalisation in the country, it notes that the largest section of workers continue to work in the unorganised sector. The shifting of global capital to the South and particularly to India has increased opportunities for women to work in the garment export industry. Characterised by low pay and poor working conditions, the industry exploits women. The fear of job loss has led to new forms of resistance by women workers not only at the workplace but within the community linking with social movements for protection and advancement.

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KNOWLEDGE, DEMOCRACY AND SCIENCE POLICY: THE MISSING DIALOGUE IN GLOBALISED INDIA -- C. Shambu Prasad

There is a curious paradox to India's much celebrated "World's fastest growing free-market democracy". Even as this success rides on Indian science and technology prowess notions of democracy are largely missing in Indian science policy processes. This article explores these distortions in science policy and argues that in India's attempts to integrate with the global economy, closer attention needs to be paid to the democratic aspirations of large numbers of economically poor but knowledge-rich people that science policy makers ignore.

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ECONOMIC GOVERNANCE AND FISCAL ACCOUNTABILITY IN INDIA -- J. V. M. Sarma

Good governance including fiscal accountability is essential for the implementation of policies and achievement of developmental objectives of the nation. It is important to have strong institutions of governance in general to effectively control the executive and make it accountable. In India, considerable progress has been made in economic governance, public financial management and accountability, and the integrity of the monetary and financial systems. Yet, it is generally felt that these institutions must be empowered and their capacity enhanced in view of the shift in the development philosophy based in the context of Liberalisation, Privatisation and Globalisation (LPG).

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GOVERNANCE, THE ACHILLES HEEL -- Kambhampati S. Sastry

The process of globalisation, as distinguished from liberalisation and privatisation, is a natural corollary to human progress. It represents the inescapable need to integrate into the rest of the world, economically and politically. To achieve optimum outcomes in this process of integration, a nation must govern itself well with the full backing of its populace. Globalisation without centring it in its citizens, their interests and their aspirations, is doomed to failure. In the context of globalisation, the need is for `human-centric' governance and development.

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Administering economic Development: towards an alternative perspective -- J. M. Girglani

Search for a new paradigm for Indian economic development can be a very challenging exercise since we have tried many models short of communism. In fact what we need is not a new paradigm, but a clearly discernible paradigm. We have to achieve balanced growth and contain its corollary, inflation. We have to free ourselves from the fetters of the dollar and grapple with the consequences of the leapfrogging from agricultural growth directly into service sector growth, which was forced upon us by the lack of industrial infrastructure development and the providential growth of IT sector in the wake of 2K pressure.

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THE ERRATIC SIGNPOSTS OF GLOBAL GOVERNANCE -- Vithal Rajan

The article examines the drive for `global governance' led by the US, and powerful G8 countries. Though under the aegis of the United Nations (UN) several international conferences have been held over global security, environmental protection, human rights, development, gender empowerment, natural resources management, and climate change, and similar varied topics, most international conventions have been stymied by American refusal to ratify agreements. Following the US' military actions after 9/11, and its insistence on unipolar dominance of the world, the European Union (EU) countries have become even more alarmed, and are using their commercial power to create another centre of global power.

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REVIEW ARTICLE

ALTERNATIVES TO LIBERaLISATION, PRIVATISATION, AND GLOBALISATION: ANALYSIS AND APPRAISAL -- S. Shaji

Liberalisation, Privatisation, Globalisation (LPG) has become the dominant model of growth and development around the world since the mid-1990s, affecting all walks of life, in particular, the economy of nation states. The term `globalisation' refers to the multiplicity of linkages and growing interconnectedness between States and societies leading to the integration of interstate and non-state activities in several spheres across the globe. Two decades of economic reforms have thrown up mixed results and varied points of view. Even though LPG brought benefits to a few, majority of the people were not covered, especially in a developing country like India, which in turn prompted policy makers and scholars to think aloud and look for better alternatives.

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BOOK REVIEW

LIBERALISATION IS INTERNALLY-DRIVEN -- N. S. S. Narayana, Suparna Karmakar, Rajiv Kumar and Bibek Debroy, Reviewed by Jojo Mathew George

The simultaneous opening up of the Indian economy and the liberalisation of procedures and controls makes the 1990s a watershed in our history. Since then, the multidimensionality of globalisation and its causal relationship with other aspects of economic reforms have been widely debated in the country. Narayana's collection of T. N. Srinivasan's essays as well as ICRIER's (Indian Council for Research on International Relations) compilation of articles on India's liberalisation are both a part of that continuing debate.

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REGULATION IN THE ELECTRICTY SECTOR -- Anjali Garg, Vikas Gaba and J. L. Bajaj, Reviewed by Dr. Geeta Gouri

The advent of Regulatory Commissions in the power sector is relatively new in India and the theory and practice of regulation by these Commissions is yet to evolve into a set of standard norms and procedures. Reforms in the power sector stemmed from an understanding that competition is possible and that the prevailing inefficiencies in the sector can be traced to the dominance of a single monolith public sector utility.

Article Price : Rs.50