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Table of Contents
Intro
Foreword
Celebrating 90 Years of a Visionary Economist, Dr. C. Rangarajan
Speech of Dr. Manmohan Singh, Former Prime Minister at the Conference of Madras School of Economics to Honor Dr. Rangarajan on his 90th Birth Anniversary on 21-22 April, 2023
Contents
Editors and Contributors
1 Introducing the Volume on India's Contemporary Macroeocnomic Themes-Looking Beyond 2020
1.1 Introduction
1.2 Overviews of Themes and Chapters
Part I Growth and Macro Policies
2 The Indian Economy in the Post-pandemic World: Opportunities and Challenges
2.1 Introduction
2.2 Pre-pandemic Economic Conditions
2.2.1 Aggregate Macro Conditions
2.2.2 Agriculture, Informal Sector and MSMEs
2.2.3 Formal Sector
2.3 Post-pandemic Economic Conditions
2.3.1 Impact of Covid-19 Pandemic
2.3.2 Aggregate Macroeconomic Conditions
2.3.3 Formal Sector Conditions
2.4 Opportunities and Challenges Going Forward
2.4.1 Short and Medium Term Challenges
2.4.2 Engines of Growth
2.5 State Finances
2.6 Freebies
2.6.1 Structural Transformation
2.6.2 Climate Change
References
3 India's Economy in the Twenty-First Century: Role of State-Differentiated Demographic Dividend
3.1 Introduction
3.2 Size of the Indian Economy in the Twenty-First Century: Review of Recent Studies
3.3 India's US26 Trillion Economy by 2047-48: Assumptions and Findings (EY Study)
3.4 Interdependence of Saving, Investment, and the Demographic Dividend
3.5 State-Differentiated Demographic Dividend
3.6 Messages for Policy Formulation
3.7 Conclusions
Appendix
References
4 Post-covid Fiscal Recovery in India: Uncertainty, Growth, and Fiscal Prudence
4.1 Introduction
4.2 Growth Outlook: Various Estimates
4.2.1 Post Covid Global Growth Recovery: A Comparative Picture
4.2.2 Why Growing at More Than 6% is Critical?
4.3 Fiscal Imbalance
4.3.1 The General Government Debt
4.4 Fiscal Stance for Higher Capital Expenditure
4.5 Framework of Fiscal Responsibility
4.6 Conclusions
References
Part II State Finances and Intergovernmental Fiscal Transfers
5 The Relationship Between Government Revenue, Government Expenditure and Economic Growth in India: An Empirical Investigation at the Sub-national Level
5.1 Introduction
5.2 Literature Review
5.2.1 Nexus Between Government Revenue and Government Expenditure
5.2.2 Relationship Between Government Revenue and Economic Growth
5.2.3 Association Between Government Expenditure and Economic Growth
5.2.4 Factors Driving Public Expenditure
5.3 Stylised Facts
5.4 Data and Methodology
5.4.1 Data
5.4.2 Methodology
5.5 Empirical Estimation and Results
5.6 Concluding Observations
Statistical Annex
References
6 Revenue Implications of GST on Indian State Finances
6.1 Introduction
6.2 State of the Economy
Foreword
Celebrating 90 Years of a Visionary Economist, Dr. C. Rangarajan
Speech of Dr. Manmohan Singh, Former Prime Minister at the Conference of Madras School of Economics to Honor Dr. Rangarajan on his 90th Birth Anniversary on 21-22 April, 2023
Contents
Editors and Contributors
1 Introducing the Volume on India's Contemporary Macroeocnomic Themes-Looking Beyond 2020
1.1 Introduction
1.2 Overviews of Themes and Chapters
Part I Growth and Macro Policies
2 The Indian Economy in the Post-pandemic World: Opportunities and Challenges
2.1 Introduction
2.2 Pre-pandemic Economic Conditions
2.2.1 Aggregate Macro Conditions
2.2.2 Agriculture, Informal Sector and MSMEs
2.2.3 Formal Sector
2.3 Post-pandemic Economic Conditions
2.3.1 Impact of Covid-19 Pandemic
2.3.2 Aggregate Macroeconomic Conditions
2.3.3 Formal Sector Conditions
2.4 Opportunities and Challenges Going Forward
2.4.1 Short and Medium Term Challenges
2.4.2 Engines of Growth
2.5 State Finances
2.6 Freebies
2.6.1 Structural Transformation
2.6.2 Climate Change
References
3 India's Economy in the Twenty-First Century: Role of State-Differentiated Demographic Dividend
3.1 Introduction
3.2 Size of the Indian Economy in the Twenty-First Century: Review of Recent Studies
3.3 India's US26 Trillion Economy by 2047-48: Assumptions and Findings (EY Study)
3.4 Interdependence of Saving, Investment, and the Demographic Dividend
3.5 State-Differentiated Demographic Dividend
3.6 Messages for Policy Formulation
3.7 Conclusions
Appendix
References
4 Post-covid Fiscal Recovery in India: Uncertainty, Growth, and Fiscal Prudence
4.1 Introduction
4.2 Growth Outlook: Various Estimates
4.2.1 Post Covid Global Growth Recovery: A Comparative Picture
4.2.2 Why Growing at More Than 6% is Critical?
4.3 Fiscal Imbalance
4.3.1 The General Government Debt
4.4 Fiscal Stance for Higher Capital Expenditure
4.5 Framework of Fiscal Responsibility
4.6 Conclusions
References
Part II State Finances and Intergovernmental Fiscal Transfers
5 The Relationship Between Government Revenue, Government Expenditure and Economic Growth in India: An Empirical Investigation at the Sub-national Level
5.1 Introduction
5.2 Literature Review
5.2.1 Nexus Between Government Revenue and Government Expenditure
5.2.2 Relationship Between Government Revenue and Economic Growth
5.2.3 Association Between Government Expenditure and Economic Growth
5.2.4 Factors Driving Public Expenditure
5.3 Stylised Facts
5.4 Data and Methodology
5.4.1 Data
5.4.2 Methodology
5.5 Empirical Estimation and Results
5.6 Concluding Observations
Statistical Annex
References
6 Revenue Implications of GST on Indian State Finances
6.1 Introduction
6.2 State of the Economy