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Singha, Komol; Sherpa, Lakpa Doma; Jaman, Md. Samsur
doi: 10.1177/00194662241235497pmid: N/A
Sikkim has experienced rapid urbanisation and industrialisation, particularly since the implementation of the North East Industrial and Investment Promotion Policy in 2007 (NEIIPP 2007). Though urbanisation and economic growth are inextricably linked, previous research findings on their causal relationships appear to be contradictory. Increased urbanisation/industrialisation seemed to enrage the Sikkimese, not because of revenue generation or environmental concerns, but because of their disproportionate share of employment opportunities in comparison to outsiders. Using secondary data, this article investigated two critical research questions: (a) Whether urbanisation is a result of or a cause of economic growth; and (b) Has Sikkim’s industrialisation, largely fuelled by the NEIIPP 2007, benefited locals? The causality test revealed a unidirectional relationship between the two, with urbanisation causing economic growth. Despite attracting migrant labour, Sikkim’s increased industrialisation/urbanisation has significantly reduced poverty and unemployment.JEL Codes: H20, L59, O10, O15, O25, R23
doi: 10.1177/00194662221137264pmid: N/A
The article analytically investigates the association between GDP growth and steel consumption in India from 2004–2005 to 2019–2020. We investigate the association of both long-term and short-term by employing the Granger causality test in the vector error correction model. The results showed one-way causality between economic growth to steel consumption both in the long and short run and concludes that over the period there is a unidirectional movement from economic development to steel consumption. So, as the economy progresses it has a direct impact on the steel industry. Finally, the study forecast the steel demand for the next decade and highlights the readiness of the steel industry to meet its demand and focus on better utilisation of its capacity.JEL Codes: C51, E2, E27
Choudhary, Tahir Fazal; Gupta, Meenakshi
doi: 10.1177/00194662241230655pmid: N/A
The study examines the impact of climatic changes on the production of the major crops grown in India. The study estimates the panel data from 1970 to 2020 by using the Panel Autoregressive Distributed Lag technique. The results of the study show that in the long run, maximum temperature has a negative impact on crop production, whereas carbon dioxide emissions have a positive impact on crop production. In the short run, maximum temperature and average precipitation positively affect crop production, whereas minimum temperature negatively affects the production of crops. Besides climatic variables, the study also incorporates non-climatic variable such as the area under crop. The results revealed that the area under crop has a positive significant effect on crop production both in the short run and long run.JEL Codes: C50, Q1, Q15, Q54
Chowdhury, Indrani Roy; Paul, Anusree
doi: 10.1177/00194662241235489pmid: N/A
The present study is based on the remote opencast coal mining region of a mineral-rich Indian state, Odisha. Our estimation confirms our primary hypothesis that proximity to opencast mining, triggers the likelihood of respiratory illness (RI). Moreover, our investigation affirms the presence of selection bias possibly due to underreporting in the self-reported RI episodes.We try to address the above causality through the pathways of both exogeneity and endogeneity of RI. After controlling for the endogeneity of RI episodes, it is evident that the effect of RI reporting on related health expenditure is grossly overestimated under the assumption of exogeneity. In the regressions, the variable of prime importance, that is, the distance from mine, treatment dummy and per capita income are statistically significant, indicating the high likelihood of RI episodes in closer proximity to the mining region, in the treatment villages over control villages. The positive significance of per capita income also supports the presence of selection bias possibly associated with self-reported RI episodes. Both estimation methods indicate that the proximity to the pollution source increases the health expenditure on RI. For treatment villages, a higher distance to healthcare facilities reduces health expenditure. The pollution load and healthcare inaccessibility are implicated through a latent burden of disease which warrants a serious policy intervention towards partial correction of the externalities for achieving sustainable and equitable development.JEL Codes: C36, I15, Q53
Sharma, Akhil; Gupta, Sanjeev; Rishad, Abdul
doi: 10.1177/00194662231215452pmid: N/A
This study provides a brief analysis of time-varying cointegration between the INR–USD bilateral exchange rate and Brent crude oil prices in the post–subprime crisis period. Prior studies established this relationship using the assumption that the long-run relation is intertemporally constant. However, there is much recent evidence demonstrating that this assumption may not be feasible. To address this issue and to go beyond the restrictive time-invariant environment, we employed the time-varying cointegration framework of Bierens and Martins (2010), which was assessed through orthogonal Chebyshev time polynomials. The result shows that the Rupee was decoupled from oil price shocks in the first two samples. However, the oil price pass-through effect will become stronger in the third and fourth samples. The endogenous structural break test suggests the presence of serious parameter instabilities due to fluctuations in oil prices and the exchange rate over the period under study. This indicates the ability of international crude oil prices to influence domestic economic activities through the exchange rate. Policymakers should consider this factor while making monetary and foreign exchange policies.JEL Codes: E44, G14, G15
doi: 10.1177/00194662241230658pmid: N/A
The study examines the influence of tradable assets in integrating the Indian stock market with global stock markets. The movement in the foreign indices has a direct spillover effect on the assets cross-listed on these exchanges in the form of American depository receipts and global depositary receipts, and the effect is simultaneously shifted to the domestic market index due to the dual listing of domestic assets. The findings of the study indicate that there is a prolonged effect of all markets combined on the Indian market during the period, and that the long-term effect between the Indian and US markets is also consistent in the long run, while the Wald test also supports the presence of a short-term effect between the Indian and US markets. Long-term and short-term causation patterns are lacking in the Luxembourg market, illustrating the partial integration of the financial markets. The present study is instrumental for investors in identifying exogenous markets for portfolio diversification, thus enabling businesses to have a global reach.JEL Codes:J C32, C58, D53
Bhalla, Neba; Kaur, Inderjit; Sharma, Rakesh Kumar
doi: 10.1177/00194662241235612pmid: N/A
Micro, small and medium enterprises (MSME) is one the vital sector of the developing economy. Changes in fiscal policy directly impact this sector the most. The present article aims to examine the impact of the recent Indian indirect system tax overhaul, that is, Goods and Service Tax (GST), on the MSME sector. We have employed multivariate analysis of variance and multi-layer perceptron neural network on the extensive data set for 60 months from April 2015 to March 2020. The empirical findings state that a significant increase has been observed in the MSMEs’ export, revenue generation and gross domestic product in the post-GST era. The findings may aid the emerging economies that are planning to alter tax systems to boost the MSME sector at the international level.JEL Codes: H20, L00, B22, C01, C45
Sharma, Manjit; Sharma, Pushpak
doi: 10.1177/00194662231199234pmid: N/A
The story of Punjab’s economic development witnessed an asymmetrical shift in the structure of output and employment due to the intensive capitalistic model of production in agriculture. The present study, based on National Sample Survey Office data, examines the patterns of employment and output in rural economy of Punjab during the pre-reform and post-reform period. Rural Punjab witnessed fall of work participation rate and phenomenon of ‘defeminisation’ of the labour force in agriculture during the post-reform period. There is a paradigm shift as the share of non-agriculture employment increased to 59.3% as per Periodic Labour Force Survey 2018; consequently, the non-agriculture sector becomes a major driving force in the state economy. An increase in employment elasticity among all sectors (except construction sector) during the post-reform period is a good sign. But a substantial decline in employment elasticity for all the sectors (except the construction sector) of Punjab is a disquieting phenomenon during the study period. Amidst the agrarian crisis, the rural non-farm sector can emerge as a silver lining, but evangelists of market economy disregarded the rural non-farm sector. Hence, the state should abdicate its neoliberal policies and adopt post-Washington consensus for the development of the rural non-farm sector within a given mode of production.JEL Codes: E24, J16, J43, J46, O11
Arora, Sugandh; Nabi, Tawheed; Oberoi, Sumit; Awasthi, Vedica
doi: 10.1177/00194662241235598pmid: N/A
Household food security (HFS) affects the quality and adequacy of nutrition and can significantly impact an individual’s health. The study aims to examine the association between HFS and maternal quality of life in Punjab. The cross-sectional study was conducted in the northern Indian state of Punjab from January to March 2021 on 384 expectant mothers. The urban health facilities were chosen using the random cluster selection approach from geographical locations in Punjab, India. A well-structured questionnaire was adapted from HFS and health-related quality of life (HR-QoL) that was used to collect the data. Descriptive statistics were used to investigate the socioeconomic status and food security. HFS and HR-QOL relationship was studied using multilinear regression. The results revealed that 43.9% of expectant women experienced food insecurity. Mean (±SD) scores for the domains of ‘social performance’ (84.4 ± 16.6) and ‘role limitation due to physical reasons’ (64.5 ± 35.5) were the highest in pregnant women. Quality of life scores for expectant mothers with food insecurity were the lowest. Due to physical reasons, role constraint scored the weakest for pregnant women with food insecurity (64.3 ± 45.5, 69.1 ± 43.2 and 49.3 ± 57.2, respectively, for mild, moderate and severe food insecurity). High-risk pregnant women screened for HFS in their primary prenatal care can increase their diet quality and quantity. Additionally, there is a need for multi-level actions such as policy development, resource allocation and proper amenities to ensure expectant mothers have access to nutritious food.JEL Codes: D1, I0, I30, I31
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