T.N. Srinivasan - Eight Lectures on Indias Economic Reforms

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Eight Lectures on
Indias Economic Reforms

Eight Lectures on
Indias Economic Reforms

T. N. Srinivasan

YMCA Library Building, Jai Singh Road, New Delhi 110 001

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Oxford is a registered trade mark of Oxford University Press
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Published in India
by Oxford University Press, New Delhi

Oxford University Press 2000

The moral rights of the author have been asserted
Database right Oxford University Press (maker)

First published 2000
Oxford India Paperbacks 2000

All rights reserved. No part of this publication may be reproduced,
or transmitted in any form or by any means, electronic or mechanical,
including photocopying, recording or by any information storage and
retrieval system, without permission in writing from Oxford University Press.
Enquiries concerning reproduction outside the scope of the above should be
sent to the Rights Department, Oxford University Press, at the address above

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and you must impose this same condition on any acquirer

ePub ISBN-13: 978-0-19-908768-6
ePub ISBN-10: 0-19-908768-7

Printed in India at Anvi Composers, New Delhi 1100063
Published by Oxford University Press
YMCA Library Building, Jai Singh Road, New Delhi 110001

Contents

ADM	anti-dumping
ADR	American Depository Receipts
BIFR	Bureau for Industrial and Financial Restructuring
BOP	Balance of Payments
BOT	Build Operate Transfer
CRAR	Capital to Risk-weighted Asset Ratio
DOT	Department of Telecommunications
DPAP	Drought Prone Areas Programme
DPEP	District Primary Education Programme
DWCRA	Development of Women and Children in Rural Areas
EAS	Employment Assurance Scheme
FDI	Foreign Direct Investment
FIIs	Foreign Institutional Investors
FIPB	Foreign Investment Promotion Board
GATS	General Agreement on Trade in Services
GDP	Gross Domestic Product
GDR	Global Depository Receipts
ICDS	Integrated Child Development Services
IEG	Institute of Economic Growth
IRD	Integrated Rural Development
IRDP	Integrated Rural Development Programme
ISEC	Institute for Social and Economic Change
JRY	Jawahar Rozgar Yojna
LRS	Labour Reserve Service
MFN	Most Favoured Nation
MIDS	Madras Institute for Development Studies
NBFI	Non Bank Financial Institutions
NDP	Net Domestic Product
NPA	Non Performing Assets
NRI	Non Resident Indians
NTPC	National Thermal Power Corporation
OGL	Open General License
PDS	Public Distribution System
PMO	Prime Ministers Office
PSEs	Public Sector Enterprises
PSUs	Public Sector Undertakings
PTAs	Preferential Trade Agreements
PW	Public Works
QR	Quantitative Restrictions
SAPTA	South Asian Preferential Trade Agreement
SEBI	Security and Exchanges Board of India
SERC	State Electricity Regulatory Commission
TAMP	Tariff Authority for Major Ports
TFP	Total Factor Productivity
TIFR	Tata Institute of Fundamental Research
TRAI	Telecommunications Regulatory Authority of India
TRYSEMS	Training of Youth and Self-employment Programmes
UNDP	United Nations Development Programme
VAT	Value Added Tax
WTO	World Trade Organization

I was indeed greatly honoured and privileged to be the first holder of the endowment professorship established by the Institute for Social and Economic Change (ISEC), Bangalore in memory of its founder, Dr V.K.R.V Rao. I thank Dr P.V Shenoi, its former Director, and the Governing Board for bestowing this honour on me. I spent March and July 1998 at the Institute and very much enjoyed my stay in the peaceful, green and lovely campus. I wish to thank Dr P.V. Shenoi, the faculty and staff of ISEC and the Registrars, Dr S.N. Sangita and Dr V. Reddy, for their ever courteous and generous hospitality during my stay.

My association with Dr Rao dates back to 19623 when I spent a year at the Institute of Economic Growth (IEG) in Delhi, another of Indias great research institutions in economics founded by him. During my tenure at the Indian Statistical Institute (ISI), Delhi during the sixties and seventies, we met occasionally in Delhi and Bangalore. I fondly remember the warm hospitality of Dr and Mrs Rao whenever I visited their homes. Dr Rao, a distinguished economist and statesman, was above all, an institution builder. In all three institutions he built, namely, the Delhi School of Economics, IEG and ISEC, Dr Rao emphasized the inter-relationships among all social sciences by having talented sociologists, social anthropologists, and political scientists as well as economists from all parts of India on the faculty.

I had the privilege to personally know another great scholar-institution builder, Professor P.C. Mahalanobis of the ISI. Through my old classmates at Loyola College, Madras, who went on to work as mathematicians at another great institution, the Tata Institute of Fundamental Research (TIFR) I came to know of its guiding spirit Dr Homi Bhabha. Each of these three towering personalities left their indelible and unique marks, not only, as is to be expected, on the research being pursued at these institutions but also on the architecture and their styles of functioning. All three believed in going beyond their own discipline in fostering research in related disciplines. I hope that someday a scholar will write a comparative biography of these three titans and the institutions they created.

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