21st Annual Report MADRAS SCHOOL OF ECONOMICS Chennai 01. Introduction ……. 01 02. Review of Major Developments ……. 02 03. Research Projects ……. 05 04. Workshops / Training Programmes …….. 08 05. Publications …….. 09 06. Invited Lectures / Seminars …….. 18 07. Cultural Events, Student Activities, Infrastructure Development …….. 20 08. Academic Activities 2012-13 …….. 24 09. Annexures ……... 56 10. Accounts 2012 – 13 ……… 74 MADRAS SCHOOL OF ECONOMICS Chennai Introduction TWENTY FIRST ANNUAL REPORT 2013-2014 1. INTRODUCTION With able guidance and leadership of our Chairman Dr. C. Rangarajan and other Board of Governors of Madras School of Economics (MSE), MSE completes its 21 years as on September 23, 2014. During these 21 years, MSE reached many mile stones and emerged as a leading centre of higher learning in Economics. It is the only center in the country offering five specialized Masters Courses in Economics namely M.Sc. General Economics, M.Sc. Financial Economics, M.Sc. Applied Quantitative Finance, M.Sc. Environmental Economics and M.Sc. Actuarial Economics. It also offers a 5 year Integrated M.Sc. Programme in Economics in collaboration with Central University of Tamil Nadu (CUTN). It has been affiliated with University of Madras and Central University of Tamil Nadu for Ph.D. programme. So far twelve Ph.Ds. and 640 M.Sc. students have been awarded. Currently six students are pursuing Ph.D. degree. The core areas of research of MSE are: Macro Econometric Modeling, Public Finance, Trade and Environment, Corporate Finance, Development, Insurance and Industrial Economics. MSE has been conducting research projects sponsored by leading national and international agencies. It has successfully completed more than 110 projects and currently undertakes more than 20 projects. MSE has published about 85 Working Papers and 30 Monographs in addition to the research articles contributed by MSE faculty in various national and international journals and edited volumes. MSE has been designated as a Centre of Excellence in Environmental Economics by Ministry of Environment and Forest. MSE has three prestigious Endowment Lecture Series: Dr. Raja J. Chelliah Endowment Lecture (delivered by Shri Montek Singh Ahluwalia), MSE-SAGE Endowment Lecture (delivered by Prof. Kaushik Basu, Ms. Roopa Purushottaman, Prof. Nirvikar Singh, Dr. Arvind Panagariya, Dr. Subir Gokarn and Dr Arvind Virmani), and Shri R.Venkataraman Endowment Lecture (delivered by Dr. R. K. Pachauri, Dr. L. Vijay Kelkar, Professor T.N. Srinivasan, Professor Parthasarathi Shome and Dr. D. Subbarao). So far about more than 200 eminent scholars delivered the invited lectures at MSE. Some of the prominent invitees are Dr. V.K. Chetty, Dr. Charles Perrings, Dr. Charles Kolstad, Dr. Ashok Lahiri, Prof. C.R. Rao, Prof. Kaushik Basu, Dr. K.P. Kalirajan, Dr. Y.V. Reddy, Dr. Arvind Panagariya, Dr. Govinda Rao, Dr. Parasarathi Shome and Dr. Sudipto Mundle. MSE has four prestigious Chairs: Hindustan Lever Ltd. Chair in Industrial Economics, T S Santhanam Chair in Financial Economics, Canara Bank Chair in Financial Economics and Union Bank Chair for Excellence in Banking. Ministry of Finance provided Rs. 6 crore Corpus Fund to meet salary expenses of few faculty. MADRAS SCHOOL OF ECONOMICS Chennai 1 Review of Major Developments MSE conducts regularly the training programs and the Workshops for Government Officials, Faculty, Research Scholars and Corporate and Bank Officers. So far, MSE had conducted more than 95 Conferences, Training Programmes and Workshops. For the last four years, MSE has been conducting Annual Faculty Seminar Retreat. 2. REVIEW OF MAJOR DEVELOPMENTS (2013-14) As usual, MSE made significant progress during the Academic Year 2013-14. After shifting courses from Anna University and IGNOU this was the first time that student from all Five Masters' Programmes jointly offered by MSE with CUTN were graduated. This was also the first time that CUTN recognized three Ph.D supervisors from MSE and two Ph.D. scholars were registered for their Ph.D. with CUTN. The academic performance of MSE students was maintained at a high level as usual. 48 per cent of them got job offers in the Campus Placement. After completion of construction works, flooring, wood works and electricity connection, the New Academic Block is now operational and classes are held in this block. MSE Annual Day was celebrated on September 20, 2013 with Dr. K. Ramasamy, Vice-Chancellor, Tamil Nadu Agricultural University, Coimbatore & Member, Tamil Nadu State Planning Commission as the Chief Guest. Dr. A.C. Muthiah, Chairman Emeritus, Southern Petrochemical Industries Corporation & Member, Tamil Nadu State Planning Commission presided over the function. Dr. D. Subbarao delivered the Fifth Shri R. Venkataraman Endowment Lecture on August 01, 2013 and Dr Arvind Virmani, President, Chintan Live and Former Executive Director, International Monetary Fund delivered the Sixth SAGE-MSE Endowment Lecture on November 28, 2013. The First Dr. Raja J. Chelliah Memorial Lecture was delivered by Shri Montek Singh Ahluwalia Deputy Chairman, Planning Commission, Government of India on December 26, 2013 and presided by Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister. MSE faculty published 28 research articles in various national / international journals, 20 articles in edited books/volumes and 5 MSE working papers and 3 MSE monographs during this academic year. They presented 19 research articles during the Fourth Faculty Seminar held at CUTN, Thiruvarur. 96 students completed their M.Sc. dissertations, while one Ph.D. student was awarded Ph.D. degree by University of Madras. Details of other major developments are given below. Details of major developments are given below. Faculty and Visiting Faculty ·Dr. Sunil Paul and Dr. Santosh Kumar Sahu were promoted as Assistant Professors with effect from April, 2014. ·As per the recommendations of the Selection Committee which met on December 26, 2013, o Dr. Naveen Srinivasan joined as Professor on June 2014 o Dr. Shrabani Mukherjee joined as Assistant Professor on July 01, 2014 o Dr. Sartaj Rasool Rather joined as Lecturer on July 01, 2014 MADRAS SCHOOL OF ECONOMICS Chennai Review of Major Developments o Ds. Amrita Chatterjee joined as Lecturer on July 01, 2014 o Ms. Sowmya Dhanraj joined as Lecturer on August 01, 2014 ·Mr. Manas Ranjan Das joined on April 15, 2014 as the Consultant under the Union Bank Chair for Excellence in Banking. ·Dr. Kaushal Kishore and Dr. Madhuri Malhotra resigned due to personal reasons with effect from June 2014 and July 31, 2014 respectively. M.Sc. Programmes Number of students enrolled in first year and second year M.Sc. programmes and the number of students graduated in May 2014 are: No. of Students Enrolled in First Year Second Year No. of Students Course (2013-15) (2012-14) Graduated in 2014 M.Sc. General 41 33 33 Economics M.Sc. Financial 33 26 25 Economics M.Sc. Applied 25 17 16 Quantitative Finance M.Sc. Actuarial 16 12 09 Economics M.Sc. Environmental 14 10 10 Economics Total 129 98 93 Approximately 800 students wrote the entrance examination this year. Course wise the number of students admitted in the academic year 2014-15, the number of students from Integrated M.Sc Economics (IMSC) joined and the number of students in the second year are: No. of Students No. of Students No. of Students in Second Year Course (2014-16) from IMSC (2013-15) M.Sc. General Economics 36 3 38 M.Sc. Financial Economics 28 3 33 M.Sc. Applied Quantitative Finance 26 3 24 M.Sc. Actuarial Economics 15 3 15 M.Sc. Environmental Economics 14 3 13 Total 119 15 123 MADRAS SCHOOL OF ECONOMICS Chennai Review of Major Developments Placement (2012-2014 batch) 42 out of 87 students (48 percent) from all five courses of 2012 -14 batch who participated in the placement process got job offers through the recruitment process. The following companies visited MSE for campus recruitment: CITI Bank, Hewlett Packard (HP), HCL computers, CRISIL, Bridge i2i, TCS, 24*7, Blueocean Market Intelligence, Ford, India Infrastructure Pvt Ltd, WNS Global Services, TRAI, LatentView, Frost and Sullivan, Fractal, JPal. The highest compensation offered was Rs. 11.5 lakh per annum and the lowest was Rs. 4.5 lakh. The average compensation was Rs. 7.28 lakh. Ph.D. Programme MSE - University of Madras Three full time students and one part time student are pursuing their Ph.D. programme. Ms. J. Prachita was awarded Phd in December 2013. MSE provides scholarship of Rs. 8000/- p.m to full time research scholars without JRF. MSE – CUTN Ph.D. Programme Two Full time students are prusing their Ph.D Programme. The CUTN provides scholarship of Rs. 8000 p.m. to full time research scholars without JRF. Annual Day Celebrations The Seventh Annual Day function of MSE was held on September 20, 2013. Dr. A.C. Muthiah, Chairman Emeritus, Southern Petrochemical Industries Corporation & Member, Tamil Nadu State Planning Commission presided over the function and Dr. K. Ramasamy, Vice-Chancellor, Tamil Nadu Agricultural University, Coimbatore & Member, Tamil Nadu State Planning Commission was the chief guest. Certificates, prizes, Gold Medal and mementos were distributed to Masters' students who had recently completed their programs. “S. Boothalingam Gold Medal” was awarded to Ms. Sneha Mishra for M.Sc Environmental Economics. Dr. Raja J. Chelliah Memoral Lecture Madras School of Economics started a new Endowment Lecture Series in the name of Dr. Raja J. Chelliah, “Dr. Raja Chelliah Memorial Lecture Series” Founder Chairman of MSE and noted fiscal expert and economist with the support of Mrs. Chelliah and Southern Indian Chamber of Commerce and Industry to honour his services to the country in general and to MSE in particular. The First Dr. Raja J. Chelliah Memorial Lecture was delivered by Shri Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, Government of India on “Fiscal Policy in an Open Economy” on December 26, 2013 and presided by Dr.