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Money and Finance
Policymaking in the ‘grey zone’
Prerna Mukharya, Founder of Outline India – a social enterprise that focuses on data collection, impact assessments and evaluation studies, predominantly working with rural populations in remote areas – discusses the impact of the currency ban on their work.
Currency shock: Does the gain justify the strain?
On the evening of 8 November, PM Modi announced that 1,000 and 500 rupee notes will cease to be legal tender post-midnight. In this article, Parikshit Ghosh, Associate Professor of Economics at the Delhi School of Economics, contends that there are bigger, juicier and relatively low-hanging fruit the government is not reaching for, in the fight against black money.
Kisan Credit Card programme: Expanded access to credit or expansion of credit?
Kisan Credit Card programme - a key reform in agricultural lending in India - has been operational for almost 20 years now. However, there is little empirical evidence of its impact on intended beneficiaries. This column finds that the programme has had significant positive impact on agricultural production and technology adoption. It is likely that the channel is enhanced borrowing ability of the already unconstrained, rather than expanded access to credit.
Assessing the impact of listing on access to finance for small and medium enterprises
Small and medium enterprises are globally viewed as an engine of economic growth. However, growth in this sector is often limited by access to external finance due, in part, to SMEs being informationally opaque.
Public sector banks: The more things change, the more they stay the same
Banks Board Bureau has been set up to help the government appoint heads of public sector banks (PSBs) and to advise on important issues in banking. In this article, Gurbachan Singh asks basic questions – what is the rationale for PSBs? Was there a rationale for the nationalisation of banks even in 1969? In his view, privatisation is needed but as a second-best solution, meaningful autonomy can be useful.
Land and financial misallocation in India
Optimising the allocation of factors of production – land, capital and labour - improves productivity. In India, where evidence suggests land is severely misallocated to inefficient manufacturing firms, access to financing is disproportionately tied to access to land. This column examines the link between the misallocation of land and access to capital through financial markets. A very strong positive correlation emerges between the two, consistent with the fact that land and buildings can provide strong collateral support for accessing finance from the credit market.
Are small and medium enterprises constrained by the inability to raise funds from the equity markets? Evidence from the creation of a new platform in the Bombay Stock Exchange
Small and medium enterprises employ 40% of India’s workforce, and account for 45% of the manufacturing output and 40% of the total exports of the country. However, productivity in the sector is very low and it contributes only 17% to the GDP.
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