“Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family.”



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2013

Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family.”



  • Kofi Annan

Arthashastra, The Economics Society of Miranda House

HEAD OF DEPARTMENT’S NOTE

The response we got for Aapoorti, 2012 has encouraged us to be more ambitious and take a leap forward. This year, the journal, which is a product entirely of the efforts of students, has not only continued its outreach outside Miranda House with articles from Lady Shri Ram College for Women, Indraprastha College, Department of East Asian Studies, Delhi University, but also outside Delhi University like Jadavpur University and Presidency University, Kolkata. We continued to reach out to students from the sub-continent with contributions from the Lahore School of Management Studies, Pakistan. This year we have moved a step ahead and included conversations with two eminent economists who are at the helm of policy making - Dr. C. Rangarajan and Dr. Isher Judge Ahluwalia. Our students have been reading their articles as part of the undergraduate courses; to be able to have a face-to-face conversation with them and bring to our readers their thoughts is clearly an exhilarating experience for such young and enquiring minds.

The distinctive feature of this year’s presentation is the diversity of topics that have been included and the clarity with which they have been categorized. Although there is a major preoccupation with analyzing what is going on within the country ranging from the hotly debated issue of cash transfers to rural credit and relevance of cooperatives, the international economy also finds its due recognition. Whether it is the contribution on the macroeconomic comparison of India and China or the strategic implications of Obama’s second term for India, all the articles reflect the concern students have about the present international political and economic environment. The interesting inclusion “Unconventionally Yours” has continued in this year’s Aapoorti, showing that students are able to apply their understanding of economics to new areas and widen the frontiers of enquiry. A new section on “Green Economics” has been added this year. The concerns are not confined to the realm of what is sometimes called “an economic issue” but encompass political, social, psychological aspects so intimately inter-wined that one cannot really term this journal as a strictly economics one. We would be happy if students from other disciplines also start taking an interest in our effort and then we can put together a truly inter-disciplinary perspective on the important issues of the day.

It is indeed an experience to be able to witness the enormous energy and enthusiasm among the students. Undaunted by the pace of their exam schedule, they continue to find ways to participate in events outside college, delve deep into current issues, armed with the tools they are learning and finally through their superb co-ordination are able to bring to the readers such a well-compiled collection. I congratulate the entire editorial team, Vatsala, Bhavyaa, Aditi, Amrita, Deeksha, Stuti and Swaril for their excellent work showing their ability not only to carry forward the standards their seniors have set for them but also to move towards higher levels of excellence. We are fortunate to have the support of our principal, Dr. Pratibha Jolly, who encourages us to forge ahead and not let any constraints stop us from reaching our potential.



Malabika Pal
Teacher-in-Charge, Department of Economics
Miranda House, University of Delhi, Delhi.



ACKNOWLEDGMENT



We are highly indebted to the faculty of the Economics Department, Miranda House for the immense support provided to us in the making of the journal. Our special thanks to Mrs. Malabika Pal, the head of the department, for extending financial and motivational support. We are grateful to authors from and outside Miranda House who made this edition of the journal possible. We are thankful to Sijya Gupta of NID, for her indispensable contribution towards the cover page and to Manisha Jain who was of immense help in getting remarkable articles from undergraduate economics students not only from India but other South-Asian countries, such as Pakistan. We are grateful to Dr. C Rangarajan and Dr. Isher Judge Ahluwalia for lending us time out of their busy schedules. We also thank the Arthashastra president, Natasha Sahoo and her team.

Most importantly we are highly grateful to our principal Dr. Pratibha Jolly for always being encouraging and lending support.

To others without whom the journal would not have materialized, we extend our sincere gratitude.
Editorial Team, Aapoorti




EDITOR’S NOTE




“Choose a job you love, and you will never have to work a day in your life”
This quote by Confucius accurately describes our journey with Aapoorti. When we were handed over the responsibility of compiling the third edition of Aapoorti at the beginning of the year, the task at hand seemed intimidating yet quite exciting. Intimidating because the bar was set at a very high level by the second edition of the journal and exciting because the process of compiling the journal presented us with an unparalleled learning opportunity. Our experience as chief editors has been everything that we expected it to be and more. We have thoroughly enjoyed the responsibilities given to us and have tried to fulfil them in the best possible way.
Apart from giving our readers an opportunity to become acquainted with the ideas of undergraduate students of economics from all over the country as well as from outside the country; this year’s edition of Aapoorti gives its readers a peek into a wide range of topics in economics. The editorial board, after much deliberation, decided to do a detailed analysis of commodity taxes. This seemed to be a very pertinent topic at this point in time because there has been widespread concern over the rising fiscal deficit in the country and it is essential for us to revisit existing tax structures and taxable commodities, as well as explore new avenues for revenue generation. This section is intended to give the readers an insight into how consumers actually respond to commodity taxes and whether taxing the ‘traditional’ commodities is actually beneficial to the exchequer. There is also a focus on environmental economics and themes ranging from Green GDP and accounting to Green trade and commerce are explored. We believe that it is crucial to analyze ways in which economics can be made compatible with the environment and it is time to look beyond the conventional economy versus environment debate. Economics, as a discipline, cannot exist in isolation and the repercussions of economic activities on the environment must be taken into account by economists. This section is intended to make the readers aware of the interlinkages between economics and environment and how much greater attention needs to be paid to this issue.

This time, we have moved a step forward by including interviews with two eminent economists. It was a unique experience to interact with the greats of our field and we feel fortunate to able to present their views to our readers. As we have a long way to go in terms of knowing the depths of economics and our knowledge is restricted to the undergraduate level, any error on our part should be forgiven. We have had an enriching and enjoyable experience working for the journal and we sincerely hope the readers have the same experience reading it.



Vatsala Shreeti & Bhavyaa Sharma
(Chief Editors)



TABLE OF CONTENTS

Indianomics

S. No.

Article

Author

Pg.No

1.

Rural Credit Constraints in India

Bhavyaa Sharma

7

2.

A Tale of Two Transfers

Parnika Dar, Upasana Majumdar

9

3.

Indirect Taxation in India: GST, a must needed switch

Shivani Jain

13

4.

FDI in retail: Boon or Bane

Gaganjyot Kaur Narwal

15

5.

Understanding Direct Cash Transfers

Aditi Singh

17

6.

Rural-Urban Migration and Issues in Urbanization

Vatsala Shreeti

20

7.

The Importance of Cooperatives

Swaril Dania

22


World Affairs

8.

The pitfalls of generalized generosity

Sanchi Shaante

25

9.

Sovereign Wealth Funds

Sakshi Verma

28

10.

China and India: A macroeconomic comparison

Raj Hans

31

11.

Diminishing Relevance of WTO: structural or functional?

Deeksha Trehan

34

12.

Indo-American Economic Relations and the Impact of Obama’s Second Term

Stuti Oberoi

36

In conversation with

13.

Dr. C. Rangarajan

Editorial Board

40

14.

Dr. Isher Ahluwalia

Editorial Board

43

Unconventionally Yours

S. No.

Article

Author

Pg. No.

15.

Stirring the Pot

Surbhi Bhatia

47

16.

I predict a riot

Sonali Chowdhry

48

17.

Understanding ‘Gangnam Style’: Economics Style

Mahima Malik

50

18.

Applying Feminist Economics to the Education Sector

Amrita Garai

51


From the Editors’ Desk


19.

Taxes on Alcohol and Cigarettes

Aditi Singh and Deeksha Trehan

54

20.

Taxes on Petroleum and Plastic Bags

Stuti Oberoi and Amrita Garai

57

21.

Carbon Taxes

Bhavyaa Sharma and Vatsala Shreeti

60


Thinking Seeds: Green Economics


22.

Green Trade and Commerce

Manisha Jain

63

23.

Green accounting and GDP

Soumya Bhowmick

66

24.

Mitigation of Climate Change: A game theoretical approach

Osama Safeer

68

25.

Environmental Policies: A problem of Stragetic and Coordinated Implementation

Shomak Chakrabarty

72

26.

Plugging the demand supply gap Power Sector

Charvi Kain

78




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