About The Book

Vijay Laxman Kelkar has been one of the most creative, contemplative and versatile public policy makers of India. Whether it has been articulating a vision for the role of markets and government, or stressing for the importance of a sound public sector balance sheet, or arguing for tax reform and fiscal federalism, or making simple and sound policies through consensus, his contributions are non-parallel. The essays in this festschrift are by some of the leading economists, bankers and policy planners of India. While saluting his visionary role in the government, they also provide an insight into some current and critical macroeconomic and finance issues. The writings cover a broad set of topics, among them fiscal, monetary and external sector policies, infrastructure, financial inclusion and education.

This volume commemorates the conferring of the Skoch Challenger Lifetime Achievement Award 2010 on Dr. Kelkar for his unique contributions to the Indian economy in general and his key role in financial sector reforms process in particular. This timely book will appeal to policy makers, political scientists, economists and other social scientist conducting research and teaching courses in political economy, fiscal and monetary policy, development studies, public policy and governance.

About The Editor

Sameer Kochhar is President of Skoch Development Foundation—a not-for-profit Section 25 company—and has been passionately working towards promoting participatory democracy, empowerment and bringing improvements in delivery systems. He is CEO, Skoch Consultancy Services and is an industry veteran with amultifaceted career spanning over two and a half decades. He has been India's strategy and management consultant to several Fortune 500 as well as large Indian companies for over a decade. He is also Chief Editor of Inclusion—a quarterly publication focused on development economics issues. He is considered to be one of the most respected independent voices on inclusive development and citizenship issues in India. He is a member of several expert groups and committees and his research opinions and writings have shaped many a public policy dialogue. He is also a Member of the Expert Group constituted by the Ministry of Panchayati Raj, Government of India advocating a case for strengthening of Panchayati Raj Institutions (village councils), and urban localbodies. He has written extensively on areas of emerging management practices, mergers and acquisitions, Indian IT industry, e-Governance,Panchayati Raj, and, ICT for development. He has recently published with Academic Foundation, New Delhi, three widely acclaimed bookstitled: Infrastructure and Governance (2008); Financial Inclusion(2009); Urban Renewal: Policy Response (2009) and Speeding Financial Inclusion (2009).

Contents:

About the Editor/Contributors
Introduction
1. India on the Growth Turnpike: No State Left Behind
ARVIND PANAGARIYA
Growth: No State Left Behind
Poverty: Progress Everywhere
Smaller and Newer States and Union Territories
Conclusion

2. Sustaining High Growth
NITIN DESAI
The Growth Record
International Comparisons
Sustaining High Growth
What if we Succeed

3. Transparency in Macroeconomic Policy
INDIRA RAJARAMAN
Introduction
Received Stylised Monetary Policy Models
Rating Central Banks on Transparency
Price Stability and Financial Stability
Bubbles and Regulation
Transparency Redefined

4. Consistency of Fiscal, Monetary and External Sector Policies for Sustained Macroeconomic Growth
S. S. TARAPORE
Macroeconomic Policy Issues
Ingredient of a sound Fiscal Policy
Monetary Policy Objectives, Instruments and Transparency in Formulation
External Sector Policies
Concluding Observation

5. Preventing, and Responding to the Crisis of 2018
ARVIND SUBRAMANIAN
Introduction
Self – Insurance and Macroeconomic Policy
Strengthening the Sovereign Balance Sheet:
Vijay Kelkar’s Obession
Foreign Capital
Finance
Monetary Policy and Asset Pricess
Inflation Targetting
Conclusions

6. Stabilising the Indian Business Cycle
AJAY SHAH AND ILA PATNAIK
Setting
Stabilisation through Monetary Policy
Stabilisation though Fiscal Policy
Economic Reforms as a Tool for Stabilisation
Conclusion

7. Tax Compliance and Tax Rates: India 1996-2010
SURJIT S.BHALLA
Introduction
The Laffer Logic of Tax Reforms
Data and Methods
Tax Compliance in India, 1996 – 2010
Conclusions

8. Inclusive Growth for Creating an Equitable Society
K.C. CHAKRABARTY
Introduction
Role of Financial Inclusion in Achieving Inclusive Growth
Background
Federal Structure and Financial Inclusion
Strategies for Greater Financial Inclusion
Mobile Commerce: The Emerging Paradigm
Demographic Dynamics in India – Financial Inclusion
Educating to Enhance Inclusion
Conclusion: Towards Greater Financial Inclusion

9. Financial Inclusion via Universal Access to Electronic Payment
LAVEESH BHANDARI AND SUMITA KALE
Introduction
The Problem of Financial Inclusion
A Transaction-based Approach to Financial Inclusion
What the Under –Privileged Require
The Importance of the Mobile
Conclusion

10. India’s Elementary Education Challenge
BIBEK DEBROY
Introduction and the “Right”
The State of India’s Elementary Education
The Way Forward

11. Developing the Market for Land
SHUBHASHIS GANGOPADHYAY
Poletown and Singur
Laws Governing Government Acquistion
Poletown Revisited
Is a Third Party Necessary

12. A Programme to Accelerate Infrastructure Spend in India through PPPs
HARI SANKARAN
Overview
Leveraging Affordable Housing to Improve
Urban Infrastructure Services
Reaping the Urban Dividend
The Exchequer Matrix
Perspective on Financing
Extending the Strategic Design of PPPs
Ala “Housing for All” across Sectors
Conclusion