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Special Centennial Issue

No. 387

April 2017


ISSN 0019-5170



Financing Health Expenditure in Post-Reform India : Trend, Variability and Implications

Sachita Nanda Sa*1


In spite of India's impressive performance on economic front in the post 1990s, after adoption of new economic policy, its ranking in human development index has been abysmal Development of health status of the people constitutes a major determinant of development of human capital. But this sector has been grossly ignored in the planning process since decades. Even after reforms the trend remained more or less the same. Universal coverage of health care services, along with providing (quality care to large sections of people, is the major areas where the country has failed miserably. Making services available is a necessary condition for health service utilization. Evidence suggests that supply-side barriers are as important as the demand side factors in deterring patients from obtaining treatment. This paper examines the inter-state and intrastate variations in public health expenditure in 15 major states during the period 1991-92 to 2009-10. The analysis depicts a deceleration in health expenditure in the major poor states, leading to low level of human development. Thus, it is apparent that economic reforms have largely ignored the health sector. Therefore, provisioning of more allocation of funds in the union and state budgets and their proper implementation at the grassroot level helps to achieve the goal of "Health for All".

Key Words: India, Health expenditure, Trend growth, Relative Variability.

JEL Classification : 110,118,119, 047,

  1. Assistant Professor in Economics, P.G Dept of Social Science, Fakir Mohan University, Baiasore, Odisha -756020. Email:

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Testing Weak Form of Market Efficiency of Bombay Stock Exchange and National Stock Exchange

Dr. Rakesh Kumar Sharma*

Dr. Ravi Kiran**


The paper focuses on the anticipation of investors regarding future returns is reflected on the share price. The precision and rapidity in which market transform the expectation and anticipation into prices measures the market efficiency. Weak form of market efficiency is one of the different degrees of efficient market hypothesis (EMH) that claims all past prices of a stock are reflected in today's stock price. Therefore, technical analysis cannot be used to predict and beat a market. In this study, we have worked on the weak form efficiency of the Bombay Stock Exchange (BSE) and National stock Exchange (NSE) and have investigated by using four a series of tests viz. run test, serial correlation test, unit root test and variance ratio test. These tests are performed on recent data, using last 10 years monthly BSE and NSE data the period 2004 to 2014. The results wrap up that monthly returns do not follow random walks in both the Stock exchanges. This implies on both the research body; BSE & NSE hence proving them as weak and inefficient.

Key Words: : Efficient Market Hypothesis, Random Walk Theory, Serial Correlation Test, Run Test, Unit Root Test, Variance Ratio Test.

  1. *Assistant Professor, School of Humanities & Social Sciences, Thapar University, Patiala.Email:
  2. ** Professor School of Humanities & Social Sciences, Thapar University, Patiala. Email:

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Education and Nutrition Status of Children of Women Headed Family Participating in MGNREGS

Dr. Balu.I*


This study was carried in six states from six regions of the country. It reports the survey of 24 Gram Panchayats with 876 women headed families participated in Mahatma Gandhi National Rural Employment Guarantee Scheme. It provides evidence for impact of MGNREGS on education and nutrition status of children under the age of 4-14 years old in women headed families. Majority of them reported that they had good economic development through this scheme. More than half of the women have reported that employment guarantee scheme has impact on their children education. More than half of the women reported that due to participation in employment guarantee scheme, the dietary pattern of their children improved and their nutrition status is also good. The study proved that, beyond poverty the employment guarantee scheme has impact on education and nutrition.

  1. Assistant Professor, Department of Social Innovation and Entrepreneurship, Rajiv Gandhi National Institute of Youth Development (RGNIYD), Sriperabudur, Kanchipuram District-602105,Email:

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Assessment of Volatility Using Exponential Generalized Autoregressive Conditional Heteroscedastic Model in BSE Stock Market

Amit Kundu*1  

This study empirically examines the volatility blueprint of Indian stock market based on time series data which consists of daily closing prices of BSE Index for more than six years period from 1st January 2010 to 1st September, 2016. The analysis has been done using both symmetric and asymmetric models of Generalized Autoregressive Conditional Heteroscedastic (GARCH). As per Akaike Information Criterion (AIC) and Schwarz Information Criterion (SIC), the study proves that EGARCH (1,1) is found to be most appropriate model to capture the symmetric and asymmetric volatility respectively. The asymmetric effect (leverage) captured by the parameter of EGARCH (1,1).

Key Words: :ADF Test, PP Test, ARCH, GARCH, TARCH, EGARCH.

JEL Classification: c32, c53.

  1. *Assistant Professor, Department of Economics, Mathabhanga College, Cooch Behar, West Bengal, India. Email:

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Impact of Wage Differential on Saving and Living Standard of Weaver: A Study in Bodoland Territorial Area District, Assam

Konita Basumatary 1
Dr. Keshab Basumatary2

This study is investigated in two districts of Bodoland Territorial Area District, Assam. Here the wage differential among weavers has been examined. The study also analyzed saving behaviour and impact of wage differential on the living standard of weavers. The result shows differences in wage among weaving district and gender and they are found statistically significant at 5 percent level. Age and education of weaver are also found to be negatively significant on wage of weavers. It is also found that the saving of weaver is determined positively by their monthly wages and negatively by family size and dependent children. We also found that, differences in saving among various income group and age group. Higher wage is seen to have positive impact on household characteristics including cooking fuel, type of house, sanitary facilities and also on saving.

Keywords: Wage, Weaver, Living Condition, Saving

  1. Assistant Professor, Department of Economics, Bodoland University, Kokrajhar, BTAD, Assam. Email:
  2. Assosiate Professor, Department of Economics, Bodoland University, Kokrajhar, BTAD, Assam. Email:

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Effects of Trade Openness and Financial Openness on Real Effective Exchange Rate Volatility in Nigeria

Oziengbe Scott AIGHEYISI*1

AThe paper empirically investigates the effects of financial T openness and trade openness on real effective exchange rate volatility of the Nigeria Naira in the period from 1980 to 2014 within the framework of an EGARCH (1,1) model estimated with the ML ARCH estimation technique. The study finds that trade and financial openness are inversely related to real I effective exchange rate volatility, though only the relationship between trade openness and real effectiveness exchange rate was statistically significant. The implication of the finding is that openness of Nigeria's economy to international trade will help I mitigate or abate the volatility of real effective exchange rate. The study therefore recommends trade liberalization as a policy option to stabilize the real effective exchange rate of Nigeria's currency.

Key words: Financial Openness, Trade Openness, Financial Deepening, Exchange Rate Volatility.

JEL Classifications: F15, F31, F36

  1. Department of Economics and Statistics, University of Benin, Benin City, Nigeria. Email: Email:

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The Implications of Migration and Remittances for Urban India: Empirical Study Based on NSS Data  

Pramod P. Dudhe 1
Puja V. Parmar2

The paper analyses the migration and remittance receipt trends for the urban India based on unit level data of the NSSO 64th Round (2007-08). The paper also compares the marginal spending behaviour of the urban households receiving internal and international remittances with the non-remittance receiving households. The analysis demonstrates the important role played by the internal migration and remittance receipts, along with its international counterpart in improving living standards, poverty alleviation and thereby overall development of urban households. The marginal spending behaviour of remittance-receiving households confirms with the Engel's law and the shift in budget share from food towards education, healthcare and consumer durables for such households proves the significant role played by remittances in human capital formation and asset accumulation.

Key words: Migration, Remittances, Engel's Law, Human Capital Formation, Urban Development

JEL Classification : F24, P46, O15, O18

  1. Corresponding Author - Pramod P. Dudhe, M. Sc. Economics (2016-18) Candidate, Gokhale Institute of Politics and Economics, BMCC Road, Deccan Gymkhana, Pune-411004. Phone No - 9958695933, Email:

    We express our sincere gratitude to Prof. Pulin Nayak, Retired Professor and Former Director, Delhi School of Economics, for his mentorship throughout the process. We also I thank Prof. Rudrani Bhattacharya, Assistant Professor at National Institute of Public Finance and Policy (NIPFP), New Delhi and Dr. Satadru Sikdar, Research Associate NIPFP New Delhi. for guiding us through the technical aspects related to the paper.

  2. M.Sc. Ecoonomics, Gokhale Institute of Politics and Economics Pune.

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Deja vu of Farmers Suicide: A Theoretical Insight from India  

Adnan Shakeel1
Faraz Hussain2
Syed Najmul Islam Hashmi

The article examines the causes behind the farmer's suicide in India from different perspective and tries to explore that how capitalist approach of development through globalisation is the key factor responsible for increasing agrarian crisis, Moreover, article examines that how these neo-liberal policies and the concept of free trade and open market put forwarded by unholy trinity that is the International Monetary Fund (IMF), World Bank and World Trade Organisation (WTO) leads to agricultural distress and farmer's suicide.

Keywords: India, World Trade Organisation, International Monetary Fund, Economic Reform, Liberalisation, Farmer's Suicide.

  1. Post Doctoral Fellow, Department of Geography, Aligarh Muslim University, Aligarh, Uttar Pradesh, India, Email:
  2. B.A., L.L.B., Department of Law, Aligarh Muslim University, Aligarh, Uttar Pradesh, India, Email:
  3. Professor, Department of Geography, Aligarh Muslim University, Aligarh, Uttar Pradesh, India, Email:

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Development of the Innovative Food Industry in the Conditions of Ensuring Food Security

Berdiev Samariddin Raxmatovich 1  

The purpose of this article is to ensure the safety of food and through the development of innovative food industry and learning to increase the production of food. Work to ensure food security of the Republic of Uzbekistan has its own characteristics and analysis of trends and problems identified in this area. As well as ensuring the safety of food and food industry offer based on the priority directions of scientific and practical recommendations developed.

Keywords: Food safety, food industry, innovative directions, technological, stimulation principles of innovations, innovation management, enterprises of food industry.

  1. Senior Scientific Researcher of the Tashkent State University of Economics, Email:

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Sources of Systemic Instability, Bailout Mechanism and Efficient Regulation  

T. V. S. Ramamohan Rao*

Instability of various forms of enterprises and organizations has generally been defined in terms of the losses that they experience. They tend to be rescued by others since they are embedded in a larger system. However, the above mentioned instability may result in welfare losses that can be designated as systemic instability. Self correcting actions by enterprises cannot bring the system back to stability. Bailouts should, at best, be over a short time to enable enterprises to correct their miscalculations about the markets and/or organizational efficiency. The efficacy of other regulatory mechanisms has also been highlighted..

Key Words:Systemic Instability, Bailout Mechanism, Efficient Regulation

JEL Classification : E44, G01, G28

Sources of Systemic Instability, Bailout Mechanism and Efficient Regulation
"Some changes can make a big difference for one fundamental reason. They are small. They fly under the radar. They rarely raise suspicion or attention. Instead, they go quietly about their business shaping our decisions and influencing our behaviors in largely automatic and unconscious ways." - Martin et al (2014, p.258).

  1. Indian Institute of Technology, Kanpur, 6-5-45/1 Type 1, Self Finance Colony, Vanastalipuram, Hyderabad 500 070

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