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Revisiting Strategies of Growth and Sustainable Development

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Revisiting Strategies of Growth and Sustainable Development Vol. 6 Special Issue 1 November, 2018 Impact Factor: 4.005 ISSN: 2319-961X Two Day National Seminar on REVISITING STRATEGIES OF GROWTH AND SUSTAINABLE DEVELOPMENT 21 & 22 November 2018 Sponsored by The Directorate of Collegiate Education, Government of Kerala Department of Economics GOVERNMENT ARTS AND SCIENCE COLLEGE, AMBALAPUZHA NH-47, Ambalapuzha, Alappuzha, Kerala - 688 561 CHIEF PATRON Dr.V.Gopakumar Principal Government Arts and Science College, Ambalapuzh Alappuzha Kerala CHIEF EDITORS Dr.B.Pradeep Kumar Assistant Professor of Economics & HOD Department of Economics, Government Arts and Science College Ambalapuzha Dr.Mothi George Assistant Professor of Economics & Coordinator of the Seminar Department of Economics, Government Arts and Science College Ambalapuzha EDITORS Dr.R.Sreekumar Associate Professor of History Government College, Ambalapuzha Prof.A.Abdul Manaf Assistant Professor of Political Science Government College. Ambalapuzha Prof.S.Swaroopjith Assistant Professor of Economics (Guest Faculty) Government College, Ambalapuzha Contents 1 Revisiting the Growth and Development Strategies in the Context of 01 Environmental Issues Dr.B.Pradeep Kumar & Dr.Mothi George 2 Green Plastics: A Necessity towards Sustainable Environment 05 Dr.R.Ramya 3 Impact of Natural Disasters on Common Man – A Case Study of Coorg 14 District (Karnataka) Gurudath Shenoy & Suresh Babu 4 Population Ageing and Work Participation in Kerala 20 Ms.Rinu Jose 5 Determinants of Solid Waste Segregation among Households in 26 Calicut City Corporation C.A.Rejuna 6 Development Issues of Tribal Population: A Study among Paniya and 32 Kurichiya Tribal Communities K.T.Sony Thilakan 7 Coir Industry: Trade Reforms and The Export Performance 36 K.K.Raseena 8 Development Strategies in India Concerning Education and 43 Healthcare Corporation B.Kalaiyarasan 9 Socio - Economic Impact of Female Emigration from Kerala - A Case 46 Study of Mallappally and Kumbanad Panchayats J.Priyadarsini 10 Convergence in Diet Pattern, Food Diversity and Calorie Intake: An 53 Analysis of Two Southern States of India Dr.R.Santhosh 11 Integrated Farming with Special Reference to Summarland Farm 61 Veliyam, Kollam Soumya Viswambharan & S.Swaroopjith 12 A Study on the Effects of Flood 2018 on Public Education with 67 Special Reference to Ernakulam District Veena Jayan 13 Rejuvenation of Water Bodies in Kerala-A Case Study of Kanampuzha 70 River at Kannur District Dr.T.Jijikumari 14 Domestic Migrant Workers in Kerala and their Socio Economic Condition 74 S.Arya 15 Role of Ecofeminism in Environmental Protection 78 S.Saleena Beevi 16 Demographic Changes and Replacement Migration in Kerala 82 P.Praveenkumar 17 Health Care Challenges in Kerala 89 P.S.Anumol 18 ‘Digital Revolution’- A Re-Structured Banking System 93 C.P.Resmi 19 Emigration to South Africa: A Recent Hub for Opportunities to 97 Indian Youth Mr.A.S.Anishkumar SHANLAX s han lax International Journal of Economics # S I N C E 1 9 9 0 Revisiting the Growth and Development Strategies in the Context of Environmental Issues Dr.B.Pradeep Kumar OPEN ACCESS Assistant Professor of Economics,Government Arts & Science College Ambalapuzha, Kerala Volume: 6 Dr.Mothi George Special Issue: 1 Assistant Professor of Economics Government Arts & Science College, Ambalapuzha, Kerala Month: November The central question that the economic theories and models Year: 2018 attempt to answer is: how development and growth materialise so as to uplift the living conditions of people at large. Indeed the pathway ISSN: 2319-961X of growth and development is laid in accordance with the principles and theories that have been evolved over years thanks to illustrious Impact Factor: 4.005 descriptions of growth strategies by economists and the consequent academic discussions based on such theories. Broadly speaking, Citation: theories of growth and development formulated hitherto have been Pradeep Kumar, B., precisely premised on two theoretical foundations viz. Keynesian and and Mothi George. Neo-classical frameworks, the former advocating the intervention of “Revisiting the Growth government policies while the latter reaffirming its faith in the automatic and Development readjustment being brought about by the market forces. For instance, Strategies in the Context while the Harrod Model was premised on the Keynesian principle of of Environmental demand management, Solow, on the other hand, was taking inspiration Issues.” Shanlax from the Neo-Classical idea of market clearing and the forces of market International Journal of orienting and reorienting towards the equilibrium conditions. These Economics, vol. 6, no. poles-apart approaches and discussions surrounding such approaches S1, 2018, pp. 1–4. have become partially redundant in recent times with the emergence of universal issues pertaining to sustainable development which takes into DOI: account environment as an indispensable thing to be factored into the https://doi.org/10.5281/ growth models. Apart from this, the issues of inclusive growth aiming zenodo.1488495 at an all-encompassing growth process and climate change induced natural disasters like the one which hit Kerala, the southern edge of India, have added to the necessity of evolving new strategies of growth and development. Against this backdrop, this paper attempts to look into the growth and development strategies that India has embraced so far, besides presenting the need to redesign the policies in accordance with the emerging requirements of economies. Early Growth Theories A glance at the early growth theories brings us two interesting things: that there were both optimists and pessimists with respect to the extent to which an economy can grow. The pioneering optimist http://www.shanlaxjournals.in 1 Two Day National Seminar on Revisiting Strategies of Growth and Sustainable Development was, of course, none other than Adam Smith, the father of economics, who had strong and unquestionable faith in the increasing returns to scale that could happen especially in the industrial sector owing to what is normally called the division of labour. Smith was categorical in his emphasis on the efficacy and relevance of investment in accelerating the growth of an economy. He based investment on saving being generated out of profits by the enterprising class. Although profit drives up investment in an economy, Smith was aware of a falling rate of profit as competition tightened owing to unrestricted capital accumulation by the enterprising class. But newer investment and new technology could usher in a new positive wave of containing the imminent fall in investment, if not accelerating it to new highest. Further, it is interesting to note that increasing returns generally occur in the industrial sector while the agriculture sector is commonly subject to the diminishing returns. In fact, one of the basic reason for the poor-rich county divides lies here, that is the poor countries remain poor as they rely on farm sector where diminishing returns occur while the rich economies continues to rely more on the industrial activities where the increasing returns normally rule. India being agricultural centred especially in the early decades of her experiments with development process, she might have borne the brunt of being subject to the diminishing returns of the agricultural sector. However to some extent, she could prevent the spill over effects of such diminishing returns thanks to the stress laid on the heavy industrialization strategies of 50s, 60s and 70s at the behest of the interest of Jawaharlal Nehru, the architect of India’s tryst with the industrialization strategy. Turning to the pessimists, we see the pioneer, Thomas Malthus, a British Economist, who, in his work titled An Essay on the Principle of Population (1798), put a cautious note on the disastrous impact that population might produce on the growth stories of an economy. Along with population as a factor derailing development, he made reference to the possibility of dwindling rate of profit in the manufacturing sector caused by the operation of diminishing returns in the agriculture sector and raising cost of farm input. Malthus’ fear of population prompted many economies to adopt ‘preventive checks’ on population as a policy input. Ironically, today, the Malthusian fear seems to have disappeared, and, instead, today countries like India boasts of having been benefited by the possibility of what is referred to as ‘demographic dividend’. Assuming that by 2020, India will be the youngest country in the World, our strategy has been reoriented towards endowing the young people with necessary skills and quality to suit to the emerging requirements of the labour market. Unsurprisingly, David Ricardo shared the same pessimist view of Malthus albeit differently, asserting that a capitalist economy would end up in a stationary state with signs of no growth. Karl Marx went to the extreme of saying that a capitalist economy would ultimately collapse owing to its inner contradictions. In Marxian view ‘realization crisis would lead to the decline in the rate of profit of the capitalist and ultimately it would decay the system. None of the early growth theories narrated above does not appear to be fully explaining the kind of growth and development necessities in India. Nonetheless, a critical analysis of some of the theories may have led us to conclude that pessimism could have darkened our growth accomplishments but for the timely intervention made by the Nehruvain and Mahalanobis strategy of
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