1st Edition

Indian Economy and Neoliberal Globalization Finance, Trade, Industry and Employment

Edited By P L Beena, Murali Kallummal, Santosh Kumar Copyright 2023
    ISBN 9781032347134
    406 Pages 83 B/W Illustrations
    Published December 20, 2022 by Routledge India

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    ISBN 9781003343998
    406 Pages 83 B/W Illustrations
    Published December 19, 2022 by Routledge India

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    This book assesses the effects of globalization and neoliberal economic regimes in low- and middle-income countries, primarily on industries, investment and trade; finance and credit; and employment, gender and development.

    The volume – written to honour the rich academic work of the eminent economist Professor C. P. Chandrasekhar – addresses issues which are relevant to emerging economies and their concerns around development, investment, financial planning and adopting new technologies. It analyses the new financial systems and institutions and the dominance of global finance in policymaking in these countries and their effects in the postpandemic period. It examines the changing contours of finance, trade and labour models and laws in developing countries to assess the risks and concerns of economic crises and challenges. The volume does justice to an assessment of the macroeconomic and developmental implications of neoliberal policies in India while offering an insightful overview of the new economic practices and policies. It also offers suggestions and measures to address concerns regarding banking and global liquidity, reinforce robust strategies for growth in both small and large industries and bring in reform.

    This book will be of interest to scholars and students of economics, political economy, finance and trade, development studies and South Asian studies.

    List of Figures

    List of Tables

    List of Contributors

    Foreword

    1 Introduction

    P L BEENA, MURALI KALLUMMAL AND SANTOSH KUMAR

    2 Is Global Economy Heading towards a Sovereign Debt Crisis?

    ABHIJIT MUKHOPADHYAY

    3 Global Liquidity and Emerging Market Economies

    S. KRISHNAKUMAR

    4 Our Preoccupation with Speculation and its Consequences for Commodity Derivatives Markets in India

    ROSE MARY K ABRAHAM

    5 Rural Credit and Growth in Indian Agriculture

    AKANKSHA PRATIK SONKER

    6 Decline of DFIs in India during Post-Financial Liberalisation

    SANTOSH KUMAR

    7 Impact of India’s Bilateral Investment Treaties on FDI Quality: A Firm-Level Analysis

    AMRITA GOLDAR

    8 India’s Tariff Jumping FDI: A Case of Overseas Investment Flows under ASEAN-India FTA

    MURALI KALLUMMAL AND SOMDUTTA BANERJEE

    9 Mergers and Acquisitions and Antitrust Implications: Evidence from the High-Tech Manufacturing Sector

    P L BEENA AND SMRUTI RANJAN SAHOO

    10 Industrialisation and Role of MSMEs in India: With a special Reference to Punjab

    JATINDER SINGH

    11 Bridging the Gap: A Critical Assessment of the Digital Divide in India

    GAUTAM KUMAR JHA

    12 Liberalisation of Petroleum Product Prices in India: Expectation and Reality

    ANIMESH KUMAR

    13 An Enquiry into India’s Labour Market Flexibility: Learning from the Literature

    DEVANGANA JHA

    14 Female Employment in the Retail Trade Sector in India

    BINDU OBEROI

    15 Women’s Workforce Participation and Spousal Violence: Insights from India

    ARPITA BISWAS AND ANJANA THAMPI

    Index

    Biography

    P L Beena is Associate Professor at the Centre for Development Studies, Thiruvananthapuram, Kerala, India.

    Murali Kallummal is Professor at the Centre for WTO Studies, Indian Institute of Foreign Trade, New Delhi, India.

    Santosh Kumar is Associate Professor of Economics in Department of Commerce, Shri Ram College of Commerce, University of Delhi, India.

    This impressive collection of essays explores the problems of money, banking and finance from the perspective of emerging economies like India in a globalized setting. Professor C.P. Chandrasekhar has been an outstanding researcher and commentator in this field for many years. This is a very valuable volume honouring his contributions in a field where both our knowledge and institutions are rapidly changing. The problems have been discussed and analysed from different angles using up to date data and information. Both students and researchers in the field will benefit greatly from reading essays in this volume.

    Amit Bhaduri, Former Professor Emeritus, JNU, and Fellow, Centre for Development Studies, Trivandrum.

    This collection of essays written by his research students to felicitate Professor C.P. Chandrasekhar who has been an outstanding economist and an inspiring teacher, is a heart-warming gesture. The range and depth of the contributions in this volume testify as much to Professor Chandrasekhar’s versatility as an economist as to the seriousness of his engagement with the subject which he has also instilled in his students. Between them these essays, despite the diversity of their themes, throw valuable light on the contemporary Indian and world economy, that are trapped within a neo-liberal order which appears to have run into a dead-end.

    Prabhat Patnaik, Emeritus Professor, JNU, Former Vice Chairman, Kerala Planning Board, Trivandrum.

    This festschrift volume pays fitting tribute to Professor C P Chandrasekhar, economist, polymath, teacher, activist extraordinaire. For over three decades, I have never ceased to learn from him, even on familiar subjects. He has always had innovative ways to cast new light in seeing, analysing and explaining, to a broad swathe of readers. Mainly on Indian economic problems, this volume does not reflect the range of his remarkable work. But it bears testimony to his success in passing well-honed skills and knowledge to the next generation.

    Jomo Kwame Sundaram, Emeritus Professor, University of Malaya, Former UN Assistant Secretary-General.

    This volume is a fitting tribute to the renowned Indian economist, C.P. Chandrasekhar. For decades, Chandrasekhar has written multiple books and dozens of articles on a wide range of topics in the general area of international finance, banking, and economic development, many (but not all) with a focus on the Indian economy. These writings have given us enormous insights into the operations of our modern capitalist economy and the contradictions and inequalities it creates. Over this time, as a Professor of Economics at JNU, Chandrasekhar has trained and inspired scores of students to do first rate research and ask penetrating and critical questions about many of these same issues. Now, collected in this fine book, Chandrasekhar’s former students and colleagues have returned the favor, presenting a number of important and informative articles on a similar range of topics. These papers provide a great deal of critical information on various aspects of the contemporary Indian and global economy, including sovereign debt, derivatives in commodity markets, rural credit, direct foreign investment, and women’s workforce participation, among other issues. This volume provides a handy guide for students, researchers and policy makers interested in many burning issues confronting the Indian and global economy.

    Gerald Epstein, Professor and Co-director, PERI, University of Massachusetts, Amherst.

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