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2778 items in total found

Working Papers | 1997

Linking Telecom Technologies: Complementarities, Capabilities and Policies

Rakesh Basant and Pankaj Chandra

This paper is a preliminary exploration to develop a methodology for assessing the technological capabilities and needs of the telecommunications sector in India. It makes a case for strategic policy interventions to build adequate domestic capabilities in this crucial sector with significant externalities. We develop a model for mapping technological capabilities through the concept of a technology supply chain and establish the role of complementary assets (like manufacturing within and outside the sector) in developing and appropriating technologies. It is argued that policy initiatives need to be based on these considerations. A brief review of Asian experiences also supports this point of view.

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Working Papers | 1997

The Supporting Line Property and the Additive Choice Function for Two Dimensional Choice Problem

Lahiri Somdeb

In this paper, we provide an axiomatic characterization of the additive choice function using the additivity property due to Myerson (1981). It is seen that along with Pareto Optimality, symmetry, and a supporting line property the additivity axiom uniquely characterizes the additive choice function. This characterization appears to be a shade more elegant and less reliant on the definition of the additive choice function, than the one available in Lahiri (1997a). It is easy to see that the additive choice function as defined in this paper, does not satisfy Nash's Independence of Irrelevant Alternatives Assumption. The latter is a property required for a choice function to be representable by an utility function i.e. the chosen point is to be the unique maximizer of an utility function. This brings us to the question of when a choice function is representable. This is the question we take up in an appendix to the paper.

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Working Papers | 1997

Indian Money Market: Market Structure, Covered Parity and Term Structure

Jayanth R. Varma

In the context of the relatively recent deregulation of interest rates in India, this paper analyses the structure and inter-relationships of money market interest rates and studies the extent to which covered interest parity holds in India. The paper shows that there was a major structural break in September 1995 when in the wake of turmoil in the foreign exchange markets, covered interest arbitrage came into play in a big way for the first time. Even after September 1995, the forward premia continue to violate covered parity in systematic ways. These violations are shown to be related partly to the distortions in the foreign exchange market as measured by the premium in the unofficial foreign exchange market. Partly, however, covered parity violations also reflect distortions in the money market rates and in the formation of expectations. Though the money market is free from interest rate ceilings, structural barriers and institutional factors continue to create distortions in the market. Apart from the overnight inter-bank (call market) rate, the other interest rates in the money market are sticky and appear to be set in customer markets rather than auction markets. A well-defined yield curve does not therefore exist in the Indian money market.

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Working Papers | 1997

Job Satisfaction and Morale in Medium Scale Organisations

Goud R Mare and Pestonjee D M

A developing country like India cannot afford to neglect the problem of the people who contribute to its economic growth. Men work to satisfy their needs, and the extent of need satisfaction or need frustration is reflected in their behaviour. So the study of human behaviour is very essential in every industrial activity. This can be achieved through scientific job attitude studies. Two medium scale organizations have been selected for the present study. One is a private sector organization and the other is a public sector organization. The objective of study was to compare the job satisfaction and employee's morale in these organizations. The S.D. Employee's Inventory and the Employee Morale Scale were used to measure job satisfaction and employee's morale. Results reveal that there is no significant difference on job satisfaction and morale of the employee's in private sector organization as compared to public sector organization. However, it we compare the aspects of job satisfaction cadre-wise, area wise and "on-the-job" and "off-the-job" there seems to be some differences in private sector and public sector organizations.

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Working Papers | 1997

Why are we Junking this Engine of Growth?

Sebastian Morris

Over the last year and a half, the real value of the rupee has been going up. Neither the government in its budget or otherwise, nor the RBI, seems to be concerned about the deleterious effects of the same on export growth. Both government and the RBI plan to strive for capital account convertibility, even at the cost of export growth and growth in general. The argument that capital flight takes place anyway, so that capital convertibility should not affect it, is fallacious. Growth is the key to surplus retention, and the recognition of significant capital flight from India would mean that policies would have to be directed not only to attracting capital from abroad (FDI, portfolio investments) but also for surplus retention. Only high growth can ensure that the incoming capital does not merely lead to displacement of domestic surpluses (capital flight) in investment, but adds to domestic savings to raise the overall level of savings and investment. Expansion of exports especially of those that arise in small firms, is a near perfect answer to raising the overall growth rate. A significant depreciation of the currency, besides enhanced credit through a major reform of the banking sector would be necessary. On structural considerations, there is no getting away from exports' inevitable role as the engine for India's industrial transformation.

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Working Papers | 1997

Macro Economic Theory and Policy: A Perspective

Gupta G S

The paper provides a brief account of the scope and developments in macro economic theory and policy. In particular, it highlights the significant determinants of economic well-being and of the effectiveness of economic policies. Factors responsible for the limitations of macro policies have also been discussed.

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Working Papers | 1997

Privitisation: Theory, Practices and Issues

Gupta G S

The paper discusses the various forms of privatisation, its rationale, practices in India and abroad, and the issues facing the privatisation programme. It concludes that while privatisation programme is not easy to design and implement, it has good potentials to resolve economic ills of public sector enterprises (PSEs). Many countries have used this strategy with good results and if there is a strong political will, India could also derive benefits through this programme. The paper offers a few suggestions for the successful implementation of this programme.

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Working Papers | 1997

Economic Reforms and Institutions: A Few Issues and Policy Implications for India

Patibandla Murali

In the absence of necessary institutional conditions, market reforms in developing economies cause rent seeking and unequitable distribution of income. This, in turn, could stun economic growth and also thwart the emergence of right institutions. It is important for government policy not only to minimize the costs of institutional failures but also to set the initial conditions for the evolution of institutions in the right direction. This paper illustrates some of the costs of institutional failures and the policy implications in the present Indian context.

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Working Papers | 1997

Public Policy, Focal Faculties and Innovative International Competition: The Case of Indian Civil Aviation

Thomas P S and T. Madhavan

In the early 1990s the concept of the firm's focal faculties came into vogue. It helped to explain the phenomenon of innovative international competition. In the new civil aviation policy of the Indian government we have an interesting situation where there is some scope (perhaps small) of seeing an innovative international competitor. This is because the new policy has explicitly opened the field to foreign investment but simultaneously disallowed existing global players in the industry from investing. Thus, aside from foreign financial institutions and investments by NRI entrepreneurs, there is the hitherto unrecognized possibility of a non-aviation corporation leveraging its focal faculties to enter the Indian aviation scene. The paper is a preliminary attempt to shed light on the focal faculty concept by examining its applicability in an intriguing Indian situation with global potential. The Indian formula is recommended to the civil aviation authorities of developed countries who are also trying to protect domestic players. This raises the prospect of a serious worldwide evaluation of the focal faculty concept for management and development.

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Working Papers | 1997

Industry-TI Partnership in India - Select TI Case Studies and Implications

Chaudhari Shekhar

In recent years there has been an increasing concern regarding the effectiveness and efficiency of technology institutions (TIs). This has prompted several developing countries to launch programmes to restructure their TIs to respond to the changing needs of industry which are undergoing a process of liberalization and globalization. In India subsequent to the initiation of the New Economic Policy in mid-a991 the CSIR launched a new strategy aimed at (a) reorienting R&D programmes towards the needs of industry, (b) forging alliances with various links in the innovation chain, and (c) effective management and marketing of its knowledge base. This paper briefly presents the findings of a study of industrial technology development in India undertaken during the period 1993-95 (i.e. shortly after the launch of the New Economic Policy) and then discusses case studies of the experiences of select TIs and explores some managerial implications.

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