Why are we junking this engine of growth
Abstract
The appreciation in the real value of the
rupee would bring down export growth
rate to less than 6 per cent for 1996-97
and unless corrected would lower the
growth rate of the economy. Today, the
economy is ideally situated to grow at
rates in excess of 9 per cent if a sharp
depreciation of the rupee can be brought
about. S~ch growth would be sustainable.
That the state has not pursued growth
maximizing policies via exports growth is
due to the limitations that the rentier
classes impose, and to its adherence to
monetarist ideology. Achieving convertibility
on capital account would be too
premature for an economy which is yet to
achieve its industrial transformation.
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