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Unformatted text preview: THE NEW OXFORD COMPANION TO ECONOMICS IN INDIA EDITED BY KAUSHIK BASU ANNEMIE MAERTENS 1 Entries A–Z Volume I (A–H) Academic Research 1 Affirmative Action 7 Agribusiness 8 Agricultural Labour 9 Agriculture Development 12 Dhirubhai Ambani and Reliance Industries 17 B.R. Ambedkar 19 Antitrust Law 20 Aviation 22 Balance of Payments 24 Banking 28 Krishna Bharadwaj 33 Biodiversity 35 G.D. Birla 38 Bonded Labour 40 Brain Drain 41 Budget Making 44 Business and Growth Rate Cycles 48 Business Policy 53 Call Centres 56 Caste 58 Sukhamoy Chakravarty 59 Sachin Chaudhuri 61 Child Labour 62 Child Malnutrition and Feeding Practices 65 Chronic Illnesses 67 Cities 69 Constitution and Economic Reforms 72 Contract Farming 74 Convertibility 78 Corporate Ethics 81 Corporate Governance 84 Corporate Ownership and Performance 90 Corruption 94 Credit Market Regulation, Evolution of 99 Dams 103 V.M. Dandekar 105 M.L. Dantwala 106 Amiya Dasgupta 108 Data Sets 109 Defence Expenditure 115 Defence Strategy 118 Democracy and Social Welfare 122 Demographic Dividend 126 Derivatives 130 Disaster Management 134 Discretionary Centre–State Transfers 141 Disinvestment, The Economics of 142 Doctoral Education 144 Dowries 150 Education and Religious Minorities 154 Elections and Political Business Cycles 157 Employment 160 Employment Guarantee Scheme 163 Employment and Poverty 166 Employment Trends 169 viii ENTRIES A–Z Energy 173 Entrepreneurs in India and Abroad 177 Entrepreneurship 180 Environment and Law 185 Environment Policy 187 Equity Premium 190 Exchange Rates 194 Exogamy and Endogamy 197 Exports and Export Policy 199 External Debt 202 Famines 207 Farmers’ Distress and Suicides 211 Finance and Law 214 Finance Commissions 218 Financial Crisis 221 Financial Inclusion 224 Financial-sector Reforms 229 Fiscal Deficit 233 Fiscal Federalism 239 Fiscal Policy Reforms since 1991 242 Food and Nutrition 246 Food Procurement Policy 250 Food Security 254 Foreign Direct Investment 259 Foreign Direct Investment for Media 261 Foreign Exchange Markets 263 Foreign Exchange Reserves 267 Foreign Institutional Investment 272 Forest Policy 275 G-20 and Multilateral Economic Cooperation 277 Indira Gandhi 282 Mahatma Gandhi 284 Gender and Empowerment 286 Gender Inequality 288 Genetically Modified Crops 292 Global Warming 295 Globalization and the Poor 297 Government Subsidies 298 Green Revolution 301 Growth Experience 305 Low-carbon Growth and Development 310 India’s Growth Turnaround 317 Handicrafts 323 Health Indicators 325 Higher Education 331 Higher Education: Regulation and Control 335 HIV/AIDS, Economics of 338 Home-based Work 342 Household Welfare and Decision Making 343 Housing Finance 345 Human Development Index 348 Human Rights 351 Volume II (I–Z) IMF Conditionality 358 Income Mobility 361 Industrial Clusters 363 Industrial Growth 365 Industrialization 368 Industry 371 Inequality 375 Infant and Child Mortality 378 Inflation 381 Inflation: Experience and Policy 382 Informal Labour 388 Infrastructure 391 Intellectual Property Rights 399 Interest Rates 402 International Finance 406 International Migration 409 International Migration from India: Economic Impact 414 International Trade 417 Irrigation 420 IT-enabled Sectors 424 Raj Krishna 428 Labour Laws 430 Labour Turnover in the High-technology Sector 434 Land Acquisition for Industry 436 Land Reform 442 Land Rights and Acquisition 446 Law and Legal System 450 Liability Rules 454 Licensing 456 Literacy 458 Prashanta Chandra Mahalanobis 463 Manufacturing Hub 465 Medical Care, Quality of 466 Middle Class 470 Millennium Development Goals 472 Mobility of Population 476 Monetary Policy 479 Monsoon 483 Monsoon and Economic Activity 484 National Income 488 ENTRIES A–Z National Rural Employment Guarantee Act 491 National Sample Surveys 494 NCAER’s Household Survey 497 Jawaharlal Nehru 498 Non-banking Financial Companies 500 Oil 504 Oil Price Shocks 506 Outsourcing 508 Panchayats 512 I.G. Patel 515 Patents 516 Pensions 519 Petroleum Product Pricing 522 Pharmaceutical Industry 528 Planning 530 Political Economy 536 Population Policy 539 Ports and Shipping 541 Poverty 543 Poverty and Exclusion 547 Power Industry 551 Power Sector and Regulation 558 Primary Education 559 Privatization 564 Public Distribution System 567 Public Goods 571 Public Health 573 Public-sector Enterprises 578 Railways 584 Krishna Raj 587 V.K. Ramaswami 588 V.K.R.V. Rao 590 Regional Disparities 590 Religion and Economic Well-being 594 Rent Control Acts 595 Repo Market 597 Reserve Bank of India 599 Roads 600 Ashok Rudra 601 Rural Credit 604 Savings and Investment 607 Scientific Research 610 Secondary Education 612 Securities Markets 616 Self-employed Women, The Organization of 619 Self-help Groups 621 Services-led Growth 624 Sex Work 633 Slums 635 Small-scale Industries 637 Social Protection for Informal-sector Workers 640 Software and Services Exports 645 Space Satellites 649 Special Economic Zones 651 State Bank of India 654 Steel Industry 656 Stock Exchange 663 Stock Market Indexes 669 Street Vendors 670 Sustainable Development 672 Tariffs 676 Tata, The House of 677 Tax System and Reform 679 Teacher Absenteeism 685 Teacher and Medical Worker Incentives 687 Technology Diffusion 689 Technology Transfer 691 Telecommunications 695 Textile and Apparel Industry 698 Tourism 703 Trade Barriers in Manufacturing 705 Trade Unions 707 Tribal Development 710 Undernutrition 714 Unemployment, The Measurement of 718 Unique Identification 721 Urbanization and Its Management 725 Value-added Taxes in the States 728 Voluntary Retirement Schemes 733 Wage Inequality 735 Water 738 Women in the Labour Force 742 Worker Benefits 744 World Trade Organization 747 ix A ■ Academic Research The New Oxford Dictionary of English (1998) defines ‘research’ as ‘the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions’. A key to creating the wealth of a nation is applied research, which, in turn, traces back to academic research. Academic research is typically conducted in universities (which offer advanced studies in a large number of disciplines) and research institutes (which have a narrower interest and focus). Advanced nations have powerhouse universities and institutes that developing countries aspire to emulate. Academic Research in India (Pre-1947) Modern academic research in India goes back to 1784 when the distinguished orientalist and jurist Sir William Jones established the Asiatic Society of Bengal in Calcutta for promoting oriental studies. The English rulers primarily set up teaching institutions. They were also interested in applied areas and field sciences like archaeology, botany, geology, trigonometrical survey, and zoology. The greatest academic recognition for such endeavours came in 1902 when Sir Ronald Ross won the Nobel Prize for his work done in India on the life cycle of malarial parasites. These efforts spawned the formation of many learned and scientific bodies in India and paved the way for academic research. A significant advancement manifested in the establishment of the Indian Association for the Cultivation of Science (IACS) in Calcutta in 1876, whose founder Dr Mahendra Lal Sircar envisioned an institution for ‘pure-science learning and scienceteaching’ (see Ghatak et al. 1976). Supported by private and government funds, IACS established a library, offered scholarships, created endowed professorships, and set up a laboratory where physicist Sir Chandrasekhara Venkata Raman discovered the ‘Raman Effect’ which won him Asia’s first science Nobel Prize in 1930. Beginning in the late 19th century, physicist/botanist Sir Jagadis Chunder Bose and chemist Sir Prafulla Chandra Ray, both professors at Calcutta’s Presidency College, conducted pioneering research that was published in some of the world’s finest academic journals. In the early 20th century, Indian universities started playing an active role in fostering advanced teaching and academic research. This was initiated by the legendary vice chancellor of the University of Calcutta, Sir Asutosh Mookerjee, who hired outstanding professors in diverse fields of study, including Sir C.V. Raman and philosopher Sir Sarvepalli Radhakrishnan whose writings interpreted Indian thought for the Western world. Graduates of the university at this time included Professor Satyendra Nath Bose of the Bose–Einstein Statistics fame (after whom fundamental particles ‘bosons’ are named), Dr Meghnad Saha who developed the ‘Saha Ionization Equation’, and renowned radio physicist Dr Sisir Mitra. All of them became Fellows of the Royal Society (FRS) of England. Many other distinguished European and Indian scientists working in India were elected FRS. The list includes Professor H.J. Bhabha (physicist, Indian Institute of Science [IISc] Bangalore; later co-founded the Tata 2 ACADEMIC RESEARCH Institute of Fundamental Research in Bombay and became Chairman of the Indian Atomic Energy Commission), Sir S.S. Bhatnagar (chemist, University of Punjab; later became Director of the Council of Scientific and Industrial Research), Sir J.C. Bose (later founded the Bose Institute in Calcutta), Sir A.G. Bourne (zoologist, University of Madras, IISc Bangalore), Sir K.S. Krishnan (physicist, IACS, University of Dacca; later became Director of the National Physical Laboratory), Professor P.C. Mahalanobis (statistician, Presidency College Calcutta; later founded the Indian Statistical Institute), Professor P. Maheshwari (botanist, Universities of Dacca and Delhi), Professor B. Sahni (botanist, University of Lucknow), Professor T.R. Seshadri (chemist, Universities of Andhra and Delhi), Sir J.L. Simonsen (chemistry, Presidency College Madras), and Professor D.N. Wadia (geologist, Prince of Wales College, Jammu; Geological Survey of India). Professor Simonsen and Professor P.S. MacMahon founded the Indian Science Congress Association in 1914).1 Many talented academicians, including classical scholars, social scientists, geographers, historians, linguists, musicologists, and philosophers, attained name and fame for their scholarly works. They were helped by kings, zamindars, industrialists, and successful professionals who gave generously to support academic causes. This was a great start. An active group of academics got assembled in colonial India who did cutting-edge research and published articles in the world’s leading academic journals. They attracted and trained doctoral students and founded and nurtured institutions to elevate them to reputed centres of advanced research. Some of them oriented themselves to applied research and gave leadership to the government’s research laboratories. With the devotion of teachers, motivation of students, vision of institution builders, foresight of creators of learned bodies, emerging culture of donating money towards education, and an evolving tradition of quality research work, India established a huge lead in academic research and doctoral education over other Asian nations except Japan. Yet, India got lost in a quagmire during the period that followed. Academic Research in India (Post-1947) Independent India achieved significant success in diverse areas like crop development, space programme, and 1This list focuses on scientists in India and excludes Indian scientists who spent their academic careers abroad such as the great mathematician Srinivasa Ramanujan and Nobel Laureates physicist Professor S. Chandrasekhar and chemist/biologist Professor H.G. Khorana. nuclear research. It boasts of a large number of research laboratories and educational institutions and one of the world’s largest academic and scientific communities. Yet India fares poorly in terms of quality of academic research. A proper understanding of this would require an examination of publications in top-ranked journals and an evaluation of books and monographs written by every India-based academic in all fields of study. Due to lack of time and resources for such a study, we rely heavily on the highly influential AWRU rankings. Consider the first global league table of universities, the highly influential ‘Academic Ranking of World Universities’ produced since 2003 by China’s Shanghai Jiao Tong University.2 ARWU ranks institutions in terms of a composite index based on six objective research indicators—the number of alumni and staff winning Nobel Prizes and Fields Medals, number of highly cited researchers selected by Thomson Scientific, number of articles published in the journal Nature and Science, number of articles indexed in Science Citation Index—Expanded and Social Sciences Citation Index, and per capita performance with respect to the size of an institution. Like any ranking system, ARWU has weaknesses in terms of what is included and what gets Table 1 Selective Country-wise Statistics of Number of Universities Ranked among Globally High-ranked Universities Rank Country 1 2 3 4 5 6 7 8 9 10 12 15 18 20 23 33 37 USA UK Japan Germany Canada France Australia Switzerland Sweden Netherlands Israel Russia China South Korea Singapore India Saudi Arabia Top 20 Top 100 Top 200 Top 300 Top 400 Top 500 17 2 1 54 11 5 5 4 3 3 3 3 2 1 1 89 19 9 14 8 7 7 6 4 9 4 1 4 1 1 111 30 10 23 18 13 9 7 9 9 4 1 13 4 1 137 35 17 33 18 18 13 7 10 11 6 2 19 7 2 1 1 154 38 25 39 23 22 17 7 11 12 7 2 34 10 2 2 2 Source: ARWU 2010, Shanghai Jiao Tong University, available at . 2See for the rankings and a discussion of the methodology. 3 ACADEMIC RESEARCH left out.3 It has been criticized for neglecting teaching and focusing solely on research (which wonderfully suits our purpose!) and a heavy bias towards the sciences and an inadequate representation of many areas of humanities where book writing is an indication of academic scholarship. Still, it is preferred over the two other major global tables—UK-based ‘Times Higher Education World University Rankings’ and ‘QS World University Rankings’ (which, till 2009, used to provide the Times rankings). These rankings are produced by commercial organizations, which frequently tinker with their methodologies so that the top rankings rotate, creating headlines and stories to sell (see Goodall 2009). Moreover, these rankings use subjective criteria like reputational surveys by anonymous academics, which diminish their attractiveness in the eyes of many experts. Table 1 gives the performance of some countries in terms of ARWU rankings for 2010. Tables 2 and 3 show how China and India, which often get compared with one another, have fared over the years in these annual rankings. Our findings and some related issues are as follows: • In 2010, no Indian university or institute was ranked among the world’s top 300 universities; IISc Bangalore was ranked between 301 and 400 and the Indian Institute of Technology (IIT) Kharagpur was ranked between 401 and 500. India’s top research institution IISc, which was ranked between 201 and 300 in 2003 and 2004, has since moved down. The number of Indian universities in this top 500 list fell from 3 to 2 and India’s overall rank declined from 27 to 33.4 • India takes pride in the IITs, which are frequently cited as peerless institutions in the world. ARWU has also created similar league tables for several subject areas. In the ARWU in Engineering/Technology and Computer Sciences (2010), no Indian institution ranks among the top 75 (IISc and IIT Kharagpur were placed among 76–100) but 11 Chinese universities (which comprise of institutions from People’s Republic of China, Hong Kong, and Taiwan) rank among the top 75. Recent expansion (2008–10) in the number of IITs (and Indian Institutes of Management) with no concomitant quality control is extremely unlikely to improve academic research output from these institutions. • It is hardly surprising that no Indian institution appears in the ARWU in the Economics/Business (2010) list 3See Enserink (2007) and Goodall (2009) for a discussion of these issues. 4Times 2005 rankings placed the Indian Institute of Technology as 50th, Indian Institute of Management as 84th, and Jawaharlal Nehru University as 192nd. But no Indian institution appears among the world’s top 200 in the Times 2010 rankings. • • (China has two in this list). Indian School of Business (Hyderabad), which boasts of a star-studded list of visiting professors and has resident faculty who were trained at some of the world’s best universities, is yet to make its mark in academic research. Indian Institutes of Management (IIMs), where a vast number of professors have very weak and sometimes zero academic research record, have emerged as centres of teaching and consulting. The recent governmental policy of granting autonomy to the IIMs (in their current setting) is very likely to do long-lasting damage to academic research in management areas; mediocrity will be perpetuated because weak professors have no incentive to hire talented researchers. India is viewed as a global powerhouse in computer science and information technology. But ARWU in Computer Science (2010) does not list any Indian institution in the top 100 but places 13 universities from China. Top academic researchers in computer science are unlikely to be found in India. ARWU rankings were originally created to find out ‘the gap between Chinese universities and world class universities, particularly in aspects of academic or research performance’. Over the years, China has moved up in the rankings while Indian performance, already miserable, has further declined (the ARWU website notes that China and India, respectively, have 19.8 and 17.1 per cent of the world population but 6.8 and a mere 0.4 per cent of the world’s top 500 universities). Enserink (2007) noted that France’s poor showing in the ARWU rankings (just two universities among the top 100) led to ‘a national debate about higher education that resulted in a new law ... giving universities more freedom.’ No debate or attempt for improvement has taken place in India. Table 2 Performance of Chinese Universities in ARWU, 2003–10 Year Rank among nations Top 200 Top 300 Top 400 Top 500 2003 2004 2005 2006 2007 2008 2009 2010 21 19 19 18 18 18 18 18 1 1 2 3 2 1 1 4 5 6 6 9 11 10 12 13 12 13 15 15 16 16 17 19 19 16 18 19 25 30 30 34 Source: ARWU 2003–10, available at . Note: Chinese universities include universities and institutes in People’s Republic of China, Hong Kong, and Taiwan. 4 ACADEMIC RESEARCH Table 3 • Performance of Indian Universities in ARWU, 2003–10 Year Rank among nations Top 200 Top 300 Top 400 Top 500 2003 27 0 1 1 3 2004 29 0 1 1 3 2005 33 0 0 1 3 2006 33 0 0 1 2 2007 33 0 0 2 2 2008 32 0 0 2 2 2009 33 0 0 1 2 2010 33 0 0 1 2 Source: ARWU 2003–10, available at . What caused this decline (or failure to take-off) in the ability of Indian institutions? Probable Causes of Poor Performance Developing and leading top-flight universities is a highly complex activity that eludes simple descriptions and easy generalizations. Hence, we begin with a cautious discussion of several important factors that are preventing Indian universities and institutes from excelling in academic research and suggest some possible remedies. 1. The faculty. Before 1947, almost all Indian academics were employed in India. In 2011, by contrast, an overwhelming majority of top- and medium-level Indian academics worked in foreign universities. Of course, many distinguished academics studied abroad, came back, and built successful careers in independent India. But many more could have returned. The reasons behind this migration are complex and multifarious. Commonly cited causes like poor academic environment, dearth of academic resources, low salary (compared to a person’s potential global salary after purchasing power adjustments; stagnation vis-à-vis industry salaries), same salary regardless of academic merit, and dearth of potential collaborators and doctoral students of high academic calibre need to be carefully exa...
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