New fiscal and economic strategies for growth in developing countries
This study analyses recent changes in India's economic policy and performance, and their implications for economic growth in the nineties, focusing on economic liberalization and the transition from a command to market economy. The author believes that the recent liberalization and rationalization in economic policies in general and fiscal policies in particular have boosted the performance of the Indian economy and further liberalization will enable it to perform significantly better as the decade proceeds. Although the major part of the discussion revolves around India, the principles and strategies discussed are largely applicable to most developing countries of South and South-East Asia. The book is divided into two parts and covers a wide canvas. Part I discusses inter alia the growth theories, models, and principal doctrines of leading growth economists like Arthur Lewis, Rostow, Schumpeter, Nurkse, and Galbraith, and provides a historical perspective covering a period of about two centuries which saw the emergence of Capitalism, Socialism, Mixed Economy, and the ideas and theories of Adam Smith, Keynes, Marx, Mill, Milton Friedman, and others. Against this backdrop it analyses the macroeconomic aspects of economic policies and problems confronting developing countries, advocates remedial measures and planning strategies to accelerate the momentum of growth, and provides a critical analysis of the existing policy framework and performance of the Indian economy per se and in the context of the international economic environment in which it operates. Part II is concerned with fiscal policies for growth in developing economies, including evaluation and suggestions for reform of theIndian tax system. Of particular interest is discussion of two canons of taxation based on empirical evidence and an original theory of the Corporate Nucleus Capital (CNC) Super-Multiplier advanced as a useful instrument of fiscal policy in Chapter 20. The penultimate chapter discusses current economic perceptions and future perspectives for the country, including the need for a synthesis between employment and growth; the final one providing an overview of the New Economic Policy enunciated in June 1991. Pleasantly and accessibly written, the work as a whole thus juxtaposes the present and projections of the future with the historical backdrop to provide a well-rounded picture, replete with rich and practical insight. It will therefore appeal not only to economists and government planners but also students and others interested in the growth prospects of India and other developing countries.
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Chapter 2International Economic Environment
Chapter 5Challenges and Strategies for Developing
26 other sections not shown
50 per cent accelerated achieved agricultural allocation amount assessees assets basic borrowings Budget budgetary capacity capital formation commodities companies competitive consumption contribute corporate tax cost crores debt debt-equity ratio decline demand depreciation developing countries developing economies direct taxes dividends economic growth effect efficiency employment ensure equity excise duties expenditure exports factors factors of production fiscal policy foreign exchange framework funds gift tax growth rate higher implementation imports improved incentives income tax income-tax increase India inflation inflationary inflow of foreign infrastructure institutions Japan liberalization machinery ment mixed economy modern necessary nucleus capital Oil shock payments period private sector production profits projects promote public sector quantum rate of growth reduced reserves revenue rise rupees rural scheme Seventh Plan stimulate targets tax rates tax structure tax system taxation tion trade utilization wealth tax World Bank