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Why next-generation economic reforms are crucial for reviving investment
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Macroeconomics
States’ loss of fiscal autonomy in a centralised federal system
The Indian states bear the larger responsibility in dealing with Covid-19, but they have few resources to do so. In this post, M. Govinda Rao argues that the ongoing process of centralisation has weakened the states, and that we need an institutional mechanism to oversee bargaining between the Centre and the states.
Covid-19 crisis and health of small businesses: Findings from a primary survey
In a recent statement, the Union Minister for micro, small, and medium enterprises, acknowledged that the sector is “battling for survival”. This article reports some key findings from a survey of more than 360 enterprises, conducted in May 2020, which focusses on assessing the impact of the Covid crisis on the sector. The preliminary findings are suggestive of high levels of distress in the sector, with micro-enterprises faring the worst.
Covid-19, and the way to avoid a blunt interest rate policy
Given the looming recession due to Covid-19, the Reserve Bank of India has reduced interest rates to encourage economic activity in the country. In this post, Gurbachan Singh contends that the prevailing interest rate policy is non-transparent and complex, in addition to being blunt. He proposes an alternative policy that is transparent, simple, and well-targeted.
Perceived obstacles among Indian firms: What happens to innovation efforts?
For countries like India where large numbers of small- and medium-sized firms cannot access formal credit and face widespread bureaucratic corruption, long-run survival and consequent distributional implications are important. Based on firm-level micro-data, this article shows that obstacles, as perceived by firms in the form of corruption and access to finance, jointly reduce their probability to innovate.
The Covid-19 shock: Learnings from the past, addressing the present - V
In the previous two parts of the series, Dr Pronab Sen presented a pathway to recovery from the Covid-19 shock in three distinct phases – survival, revival, and recovery. In the final part of the series, he discusses the financing of the recovery, addressing concerns around deterioration of the government’s fiscal position, and how resources can be raised for financing a larger stimulus package.
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