As a result, the RBI took greater recourse policy shift towards growth promotion was usually accompanied to OMO in mopping up liquidity from the system besides raising the CRR.
Thus, the choice of and emphasis on a particular Table 3: Dates of Strong Expansionary Monetary Measures monetary policy instrument has varied across the decades, par- No Dates Measures ticularly, in the context of inflation emanating from different 1 October 1 Reduction in SLR by 0. Post reforms, 5 Reduction by 1 percentage points in lending and deposit rates of banks. Not surprisingly, therefore, the strongly expansionary 3 Reduction in deposits rates of NRE accounts.
Similarly, measures were initiated to 2 Reduction in saving deposits rates of banks. Finally, 4 April 1 Bank rate reduced by 1 percentage point. This momentum was maintained in the subsequent October policy 5 October 1 Bank rate reduced by 1 per cent. These measures did not necessarily reflect a shift in monetary policy stance arising out of a change in policy priorities Table 4: Dates of Mild Contractionary and Expansionary Monetary Measures but have been more in the nature of regular central banking operations.
In this regard, while tightening measures often re- Nature of Dates Monetary Policy flected sector specific squeezing of liquidity, monetary easing measures were supportive of the process of institutional, instru- Mild contraction , , , , , , , mental and market reform. Thus, denotes October policy from qualitative terms to quantitative numbers. Besides Any single measure, impact on prices — the impact is found to be quite sharp.
Second, either expansionary or contractionary, and of smaller magnitude the impact on output seems to be rather insignificant. Since are indicated by 1 and -1 respectively. Table 6 presents the basic -1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 -1 0 descriptive statistics of the monetary measure, while the fre- 0 0 0 0 0 0 -1 0 -1 0 0 0 quency distribution is given in Table 7.
Of the 25 years spanning -1 0 0 -1 0 0 0 0 0 0 0 -2 months, as per our proposed monetary measure, monetary 0 0 0 0 0 0 -1 0 0 0 0 0 -1 0 0 0 0 0 0 0 0 0 0 0 policy has been contractionary on 10 occasions whereas it has -1 -1 0 -2 0 0 -2 0 0 0 1 0 been expansionary on five occasions.
In general, the correlations are found Note: A value of -2 is indicative of a strong contractionary policy, -1 is mild to be low considering the fact that there are observations contractionary while a value of 1 represents mild and 2 reflects strong — both in levels as well as in first differences.
A value of 0 reflects neutral policy of no change. What is the performance of this measure with respect to the two basic target variables for monetary policy? Value Count Per Cent Since for a greater part of the period, the standard output -2 10 3. As far as prices are concerned, we use 2 5 1. How do the impulse responses look in the VAR model?
Thus, we ignored the units of measure- Call Rate Lack of any consonance with those obtained earlier. Secondly, as the VAR structural model does not allow us to provide a definitive answer Choleski impulses are sensitive to ordering, we checked the to this query. This is, however, beyond the scope of the present paper. V 10 Traditional refinancing of commercial banks is a direct instrument for affecting their reserves and thereby the monetary base.
In this context, Concluding Observations refinance was the major instrument in the hands of the Reserve Bank to counter other sources of primary money creation [Singh Shetty and The paper develops a measure of monetary policy in India Venkatachalam ]. The measure is consistent with theory in terms of its 12 Again, the Chakravarty Committee suggested a 3 percentage point spread correlation with select monetary indicators. The impulse response as an acceptable level of spread to banks between the maximum rate on from the VAR model seems to indicate that monetary policy deposits and the minimum lending rate.
This may not be surprising given the 14 For the purpose of this categorisation, inflation above 10 per cent has been repeated episodes of supply shocks and their consequent impact classified as high inflation and, keeping in view the Hindu rate of growth, on inflation. Moreover, the results seem to be fairly robust as high growth years have been classified as those over and above 4 per cent. Singh became the prime minister on July 17, As a caveat, it may be noted that the period of study has been 18 See Jadhav et al During this period, monetary 20 As both IIP and WPI had undergone base changes over the period, we policy measures were largely concentrated in the bi-annual policy spliced both the series using data for the common periods.
Post 21 The responses are the moving average MA coefficients of the infinite , under a multiple indicator approach, policy measures have MA order Wold representation of the VAR. In this regard, a useful exercise would be 23 The generalised impulse responses from an innovation to the j-th variable are derived by applying a variable specific Choleski factor computed with to gauge the shift in monetary policy stance in the pre and the j-th variable at the top of the Choleski ordering.
This is an agenda for future Measure Output Prices research and beyond the scope of the present paper. The usual disclaimer applies]. What distinguishes the delightful act of gift-bearing from the crime of giving a bribe? Toofaan bravely speaks up against everyday communalism in an accessible format.
Roars of Dalit Audacity. Purnachandra Naik. Somnath Chatterjee — How to Feed a Billion? Violence against Minorities. Hindu Nationalism. Sri Lanka. Hate Is Up for Sale. Licence to Kill Comes Free. Out of Print and On the Line — Part 2. The Individual is Greater than the Malady. Reflections On the Future of Work. Ways to Learn and Unlearn. Sandhya Srinivasan , Mohan Rao.
Private foundations led by the Bill and Melinda Gates Foundation have engineered a shift in Of Vaccine Shortages and Transparency. Politics and Economics of Vaccine Policy. R Ramakumar. Questionable Permission, Ineffective Programme. Anant Phadke. The two recent major decisions of the Indian health authorities regarding Covid vaccination are problematic. Nithyananda K V. The Epidemic Diseases Act, and National Disaster Management Act, grant the Government of India a great deal of autonomy and control in declaring an infectious disease as a pandemic and in In granting EUA to vaccines, both urgency and adherence to protocol should be taken into consideration.
Engage Articles. Pithamber Rao Polsani. Social science research is emerging on a range of issues around large and small-scale mining, connecting them to broader social, cultural, political, historical and economic factors rather than purely measuring the environmental impacts of mining.
Within this broader context of global scholarly attention on extractive industries, this book explores two specific contexts: the cultural politics of coal and coal mining, within the context of one particular country, India, which is the third largest coal producer in the world. Both contexts. This book critically discusses the changing relationship between the Indian state and capital by examining the mediating role of society in influencing developmental outcomes. Both structural and ideological factors are argued to contribute to a shifting context, but the centrality of re-distributive politics and the contradictions therein explain a lot of what the state does and cannot do.
The central government did lation of 2,02, which included other Indian citizens also. Acting on a was 8,58, In , insistence on granting citizenship to the refugees and believed the government of India granted migration certificates to approxi- that it was an attempt to woo the potential voters at the cost of mately 35, Chakmas and 1, Hajongs. The migrants were annoying the indigenous people of the state. Could the grant of settled by the government of India in the erstwhile NEFA, an citizenship end the helplessness of the refugees?
May not, as the area that comprises the present-day districts of Lohit, Changlang real issue faced by the leaders of the movement was not whether and Papumpare in Arunachal Pradesh. These certificates indi- the refugees were granted citizenship or not but that they must cated legal entry into India and the willingness of the government be resettled outside the state.
The state government was quite of India to accept the migrants as future citizens. Additionally, determined that even if the settlers were to be granted citizenship under the Indira-Mujib Agreement of , it was determined they would have to leave the state.
Under Section 3 1 a of the Indian Pradesh, but were instead brought here as a policy decision. The Citizenship Act, , every person born in India on or after withdrawal of basic amenities like employment opportunities, January 26, and before July 1, Constitutional Amend- termination of trade licence and confiscation of ration cards made ment on Citizenship is a citizen of the country.
There are about it quite difficult for the refugees to survive. Faced with frequent 35, Chakmas and Hajongs who were born in India after However, when the Chakmas in the midst of uncertainty. The ministry indicated that the and clear judgments in their favour by the courts. But the election commission to threats and violence by organisations in the state such as the took no action in this regard.
To date, not a single Chakma or Hajong has been included Pradesh directed the government of Arunachal Pradesh to ensure in the electoral rolls. The case arose in response to allegations of human rights followed by a positive decision by the Delhi High Court.
However, these court directives have and property of the Chakmas and Hajongs in the region. In , communal violence clear ruling, the Chakmas and Hajongs still could not apply for and the construction of the Kaptai hydroelectric dam displaced citizenship within Arunachal Pradesh due to intimidation by the nearly 1,00, Chakmas.
Con- people sought refuge in India. For more than 30 years the Chakmas and Hajongs have tions to the district collectors for necessary verification. Perforce, the Chakmas and Hajongs had health facilities in Chakma and Hajong areas completely are all to submit applications directly to the union home ministry once in paper. More than two years later, the Chakmas and Hajongs were The Chakmas and Hajongs of Arunachal Pradesh have a verdict yet to be granted citizenship.
They compliance from the central government. The Arunachal Pradesh filed a writ petition in the Delhi High Court against the election government, the election commission of India and the state election commission of India, the state election commission of Arunachal commission of Arunachal Pradesh must now implement the Pradesh and the union of India. In India, students were initiators and agents in Arunachal Pradesh after their migration in but before the independence movements.
The are interlinked and have advanced more or less simultaneously, Delhi High Court directed the election commission of India and the latter always being under the direction of the former. Before the state election commission to process Chakma and Hajong independence, political activities of students were focused on applications for inclusion in the electoral rolls.
The directive is the issue of independence and all grievances were given yet to be implemented. As and the parties have been utilising their voice and strength for a member of the opposition, the former minister for home affairs, political goals.
He raised the issue in directly or indirectly motivated by political factors. Political Parliament on several occasions.
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