Prof. Sebastian Morris

Research & Publication (Growth and Development)


The Way Out Of The Current Macroeconomic Mess: A Note

The current situation of a large Current Account Deficit (CAD), low growth, and plunging rupee is a result of the combination of early withdrawal from the fiscal stimulus and the RBI’s monetary conservatism. There is possibly a way out if credit can be expanded to close the differential bet

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Economic Performance Of Gujarat In Recent Times

This paper reviews the growth and development of Gujarat, one of India's leading industrial states, and the reasons for its relatively high growth. It presents a synoptic review of the performance of the Gujarat economy since independence bringing out the underlying r

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Issues In Real Estate And Urban Management: A Note

The Real Estate sector has become a very important growth sector after the liberalisation of the economy; it is the second largest employer in India, next only to agriculture, and it accounts for about 5% of the country’s GDP. The sector has significant linkages

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Small-Scale Industries In The Age Of Liberalization

This paper highlights the small firms’ crucial and seminal role in India; it arises out of both the late industrialization and the particular historical experience of industrialization that has contributed to the evolution of the industrial structure. Analyzing

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Rural Infrastructure Needs A Fillip

The article evaluates the scope of rural development in India. It demonstrates that the Indian states weaknesses in cross-functional policy design and in coordination across departments and functions is the obvious cause of lack of rural development, and urges to reco

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The Growth And Transformation Of Small Firms In India

The book covers the growth and transformation of small industries in the nineties and before. It  addresses policy issues and makes radical suggestions on how small industries can become the leading edge of India's competitiveness. Inter alia it covers the i

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Constraints To Export Growth In The Small Firm Sector

This paper analyses exports from small firms and brings out the constraints in expansion and growth of the same. A large primary survey of over 1200 firms is used to bring out experiences of small firms. Small firms would have to have a major role in exports from Indi

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Why Not Push for a 9 Per Cent Growth Rate?

One quite indisputable gain of the reform has been the increasing openness of the economy. The rise in the openness ratio began in the mid-1980s and accelerated in the 1990s, following the depreciation of the currency in 1990-91. However, the 1997-98 budget and the cu

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Why are We Junking This Engine of Growth?

The Indian budget of 1991-92, though lauded by many, does not take complete advantage of the vast opportunities for fast growth. Since its presentation, the appreciation in the real as well as nominal value of the rupee has been taking place; the appreciation would ev

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Political Economy Of Electric Power In India: Part 2

Since the cancellation of the Dabhol Power Project (DPP), the debate about electric power in India has come into the public view, raising hopes that corrective measures can be taken to have a cost effective and growing power industry. A critical examination of the rec

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Political Economy Of Electric Power In India: Part 1

Since the cancellation of the Dabhol Power Project (DPP), the debate about electric power in India has come into the public view, raising hopes that corrective measures can be taken to have a cost effective and growing power industry. A critical examination of the rec

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Some Issues In The Debate On Policy

Indian economy’s liberalization in the 90s can no more be seen as a response of the government to balance of payment crisis; the reforms of 1992-93 cannot be attributed to the pressure from the World Bank or the IMF. While the most of the Left intellectuals argu

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Policy And The Problems Of Policy Change: Some Issues

During the eighties there have been stop-start attempts at liberalization and at policy change to give new direction to the economy which had been drifting ever since serious planning had been given up in the mid-sixties with the onset of the recession then. The perio

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Blog (Growth and Development)


Macroeconomic Challenges Posed by the COVID19 in India

Massive intervention in the capital markets to greatly enhance liquidity and reduce the policy rates would be necessary. Otherwise the financial sector would tumble like nine pins.  We suggest a rate cut by 1.5% and massive injection of liquidity well above the r

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Comment on the Trade Policy

The announcements made by the Minister are most disappointing. When world trade demand has shrunk by over 9%,  a restatement of developmental efforts that have been going on, very marginal and routine things like promise to reduce transactions costs were the only elements.  There is no

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Mismanaging National Assets

The National Highways Authority of India (NHAI) now admits that the Golden Quadrilateral (GQ) completion is going to be delayed and the cost overrun would be substantial. What it is not admitting is that its poor management of tolls and of the highw

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Stemming The Hollowing Out Of Manufacturing

Monetary targeting, which is the RBI’s way, is quite unsuitable in today’s environment of vastly asymmetric growth and capital flows. The belief that money supply determines the inflation rate was never quite true in the linear fashion that seems to

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Why Punish The Users Of National Highways?

Our cities are built with very low densities (floor space indices) means that they are unable to take on the correct spatial orientation of economic activities. This, of course, makes them socially expensive, and much more spread out than they need to be.

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Bringing Back High Growth

With PC back again there is widespread hope that the economy can revive. But perhaps much more important is his view that interest rates can now come down. I and several others have been arguing that the monetary conservatism exhibited by the central bank has been one

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