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Icrier News 2004-June-Final-Output-2.P65 ICRIERICRIER news VOL XI, JAN - JUNE, 2004 Letter from the Director Contents Dear Reader, The last few months were intellectually very vibrant for ICRIER. LETTER FROM THE DIRECTOR Apart from being actively involved in several research projects that were brought out as publications, ICRIERs activities also SEMINARS included public lectures, seminars, networking, and book Impact of Tariff Reforms on release. Indian Industry In an effort to better understand global developments and An Analysis of Retaliation Under the WTO experiences of other economies, which have bearing on our Global Development own policies and performance, ICRIER hosted a number of distinguished visitors to Finance deliver public lectures, including the World Banks Senior Vice President and Chief Economist, Dr. François Bourguignon, Prof. Benjamin M. Friedman, Professor of Political PUBLIC LECTURES Economy at Harvard University, Mr. Bijit Bora, Counsellor, Economic Research and Update on Indian Economy Statistics Division, World Trade Organization and Professor Robert Z. Lawrence, The Poverty Growth- Albert L. Williams, Professor of Trade and Investment, JFK School of Government, Inequality Triangle Harvard University. WTO Negotiations in NAMA Reality and Myths of Indias We also had the privilege of listening to Dr. Y. V. Reddys stimulating talk on Update Economic Growth on Indian Economy, on the occasion of the release of the book Accelerating Growth Income Inequality, and Poverty Reduction: A Policy Framework for India. Distributive Conflict and Economic Growth ICRIER continued to reach out to a wider circle of opinion makers, researchers, Why the Federal Reserve experts and policy makers through various seminars on issues relevant to economic should not adopt Inflation policy making. In the backdrop of the long standing problem of poor infrastructure, Targeting? ICRIER, in partnership with the World Bank, organised a Seminar on the changing BOOK RELEASE financial environment and the future of infrastructure finance in the developing world. ICRIER also organised a Seminar on the impact of tariff reforms on Indian industry RECENT ICRIER PUBLICATIONS drawing from ICRIERs comprehensive study to quantitatively assess and understand the economic implications of further tariff reductions on Indias Industrial sector. INTERNATIONAL NETWORKING In April this year, ICRIER completed its over five years stint as Coordinator, SANEI. SANEI NEWS The baton has now passed on to PIDE (Pakistan Institute of Development Economics). ICRIERs contribution and endeavour in building up the network and taking it forward ICRIER IN NEWS will continue to be a source of pride for us. PROUD MOMENTS FOR ICRIER With best wishes, ICRIER WELCOMES Arvind Virmani a forum for sharing information Seminars Impact of Tariff Reforms on Indian Industry June 25, 2004 ased on a comprehensive study undertaken by manufacturing sector. According to the ICRIER findings BICRIER titled Impact of Tariff Reforms on Indian shared at the Seminar, there would be no significant Industry: Assessment based on a Multi-Sector adverse impact on the domestic industrial sector from Econometric Model to quantify the impact of tariff the tariff cuts. Rather, a small increase in aggregate policy changes on Indias industrial sector, the focus industrial production and employment might occur of the Seminar was to debate and discuss how the emanating from the efficiency enhancing effects of tariff domestic industry in India would be impacted by the reform. substantial industrial tariff cuts expected to be made Prof. K. L. Krishna, chaired the session. Dr. Arvind by the Indian Government in the near future. The results Virmani, Director & Chief Executive, ICRIER, Prof. B. shared at the discussion, suggested that even a N. Goldar, (IFCI/IDBI) Chair Professor, ICRIER and substantial decline in tariff rates from an average of Dr. C. Veeramani, Fellow, ICRIER made presentations about 30% to about 10% (along with associated on the ICRIER study. The presentations were followed currency depreciation and increased market access) by a Q&A session with active participation of the would have only a marginal impact on net exports, audience, consisting of scholars, experts, researchers, value of production and employment in the organised ministry representatives and media. An Analysis of Retaliation Under the WTO March 25, 2004 Prof. Robert Z. Lawrence, Albert L. Williams, Professor member in advance. of Trade and Investment at the John F. Kennedy The discussions emphasised that the existing system School of Government, Harvard University, presented did not envisage that retaliation would be permanent. a study on the economics of retaliatory measures The aim was not to square the accounts. Although permitted for dispute resolution in the WTO in cases the implementation of retaliatory measures resulted where the complaining party is unable to comply with in contraction of trade and diminution of world the recommendations of the Disputes Settlement Body welfare, its ultimate objective was to put pressure on at a Seminar organised by ICRIER. the WTO member concerned to withdraw the In his view it would be preferable to have a provision offending measures. Members generally used those for compensation through liberalisation in areas of measurers for retaliation that had the maximum interest to the complaining party. Compensation as a potential to put political pressure for compliance. The substitute for retaliation is already provided for in the alternative proposed by Prof. Lawrence would deprive Dispute Settlement Understanding. The new proposal the complaining party of the possibility of applying made by Prof. Lawrence suggested that such pressure by retaliating where it hurt most. compensation would be available from a list of The Seminar was chaired by Dr. Arvind Virmani, compensatory measures already agreed by each Director & Chief Executive, ICRIER. ICRIER News 2 Global Development Finance June 10, 2004 ICRIER and the World Bank jointly organised a seminar on Global Development Finance: Harnessing Cyclical Gains for Development to understand the challenges and implications regarding the global financial conditions affecting developing countries and the future of infrastructure financing in the developing world. Drawing from World Banks report by Dr Mansoor Dailami, Lead Economist, World Bank, the objective of the Seminar was to focus on global financial conditions and the future of Infrastructure finance in developing From L to R: Dr. Sudipto Mundle, Deputy Country Director, ADB; countries. Dr. Dailami in his presentation emphasised Dr. Surjit Bhalla, Managing Director, Oxus Investments; Mr. Michael F. Carter, India Country Director, The World Bank; Dr. Arvind that the key challenge for policymakers in India is to Virmani, Director & Chief Executive, ICRIER; Dr. Mansoor Dailami, channel capital flows into areas, such as infrastructure, Lead Economist, The World Bank, at the seminar. where it can lay the foundations for sustained growth and poverty reduction. The Seminar comprised panel Deputy Country Director, ADB, Dr. Subhashish discussions on Indias position in context with the Gangopadhyay, Head, India Development Foundation, theme. Mr. T. C. A. Srinivas Raghavan, National Council for The Seminar was chaired by Dr. Arvind Virmani, Applied Economic Research (NCAER), and Dr. Saumitra Director & Chief Executive, ICRIER. The opening Chaudhuri, Economic Advisor, International Centre for remarks at the Seminar were made by Mr. Michael F. development oriented Research in Agriculture (ICRA). Carter, India Country Director, the World Bank. The The Seminar was attended by academicians, panel discussants included, Dr. Surjit Bhalla, Managing researchers, experts from financial institutes, senior Director, Oxus Investments, Dr. Sudipto Mundle, officials from the Ministry of Finance and media. Public Lectures Update on Indian Economy April 7, 2004 Dr. Y. V. Reddy, Governor, Reserve Bank of India development in three areas, viz. Money and Credit, delivered an illuminating talk on Update on Indian Financial Markets and External Sector, Dr. Reddy Economy on the occasion of the book release of stated that development of the government securities Accelerating Growth and Poverty Reduction: A Policy market is an integral part of the reform process and Framework for Indias Development authored by customer services, simplification of procedures and Dr. Arvind Virmani. Providing the low-down on practices are measures that cannot be overlooked. a forum for sharing information ICRIER News 3 The Poverty Growth-Inequality Triangle February 4, 2004 he World Banks Senior Vice President and Chief TEconomist, Dr. François Bourguignon, delivered a talk on Poverty-Growth-Inequality Triangle at a lecture organised jointly by ICRIER and the World Bank. The focus of his talk was on the age-old controversy whether the development strategy should lay emphasis on growth or poverty reduction or on addressing inequality. In his lecture he brought out the power of distributional changes for poverty reduction. He emphasised that for poverty reduction, it is not just growth in income that matters but also how the growth leads to changes in income distribution. In From L to R: Dr. Arvind Virmani, Director & Chief Executive, some cases the changes in distribution may even offset ICRIER; Prof. Deepak Nayyar, Vice Chancellor, Delhi University; the positive effects of growth on poverty, he stated. Dr. François Bourguignon, Senior Vice President and Chief Economist, The World
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