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Beyond Capital
vol lI no 34
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Goodwin (from the US, who was President John F Kennedys speechwriter),
Joan Robinson (eminent British economist renowned for her growth model)
and Nicholas Kaldor (another prominent
British economist). Other visitors to the
ISI included Paul Baran, the American
economist who edited the path-breaking
work on creative destruction by Joseph
Schumpeter, and Abba Lerner, a Russian-born British economist, who was
one of the earliest to speculate on what
should constitute welfare economics.
(There was a general expectation that
Lerner would emerge as a major persona
in the academic world but that did not
happen; he withered away by the 1940s.)
Charles Bettelheim, one of the leading
French Marxist economists also came to
the ISI. Mahalanobis had the foresight to
accord an invitation to Milton Friedman
as well and politely listened to what this
extremely conservative Chicago-school
economist suggested.
I might have missed a few names. But
each of these visiting scholars would be
trapped by Sachin. They fell in love with
the EW and contributed more than once
to it. The EW was tremendously appreciated by historians and American sociologists, particularly because of a series of
village studies which Sachin had published on different occasions. Many of
these economists such as Bert Hoselitz,
when visiting India, would spend hours
enjoying Sachins company and were
regular contributors to the journal.
George Rosen was an American scholar
who arrived in Bombay in the early-1950s
for conducting research on issues related
to public finance. He was passionately
attracted to both the EW and to the
Churchill Chambers flat. He regularly
wrote for the EW and later, for the
EPW. He retired to Chicago. Frank Harris, the British teacher of sociology
would also write frequently on issues related to the sociology of education for
both the EW and the EPW. I had been in
touch with both of them for a very long
time until a couple of years ago.
Daniel Thorner, the celebrated agricultural economist, and his wife Alice, a
sociologist, had an interesting past. They
were very close to V K Krishna Menon, who
had led the overseas wing of the Indian
14
relatively loud tone that the then Defence Minister of India Krishna Menon
was the main culprit preventing the development of friendly relations between
India and the US. He added that plans
were afoot to expel Krishna Menon from
the government. Sachin had insisted
that I must send a couple of articles for
the EW on whichever subject I thought fit.
I sent a note on what had transpired at
the Independence Day reception. It
raised a furore in Parliament and Nehru
himself had to intervene to pacify the
upset MPs. Besides me, among the anonymous contributors to the EW were two
persons with the same name, Samar
Ranjan Sen, a diplomat who was stationed in Moscow and Samar Ranjan
Sen, an economist and civil servant.
By then, the EW had been recognised
as the foremost social sciences journal to
be published from Asia. Contributions
from scholars from different countries
helped EW achieve international recognition. These writers not only enjoyed
writing for Sachins journal, when they
visited Bombay, they equally enjoyed the
long hours of intimate conversations they
had with him at his Churchill Chambers
flat. Sachin came to be known across the
world for his laughter, which would start
as a gentle cackle and its finale would
be a full-throated roarwhich, rumour
would have, could be heard from the
Gateway of India.
Naipaul at Churchill Chambers
Let me mention an episode from the
late-1950s concerning Vidiadhar Surajprasad (VS) Naipaul that may seem quite
incredible. Naipaul had met Sachin accidently and was captivated by his personality. He insisted on spending a full week
in his flat in Churchill Chambers.
Sachins cook and all-round help, Paresh,
would take care of Naipaul. Those days
Paresh had time to have romantic involvements with the female helpers who
worked in several other apartments in
the same building. Naipaul was fascinated by Pareshs versatility and wrote a
story in which the central figure was none
other than Sachins valet. After Sachin
passed away, Paresh managed through
some stratagem or the other to arrive in
Los Angeles where he set up an Indian
vol lI no 34
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COMMENTARY
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There are activists, who place themselves inside the academy but they are
not from the academy. Theirs is not the
need academics have felt for an active
involvement, but rather the need activists
have experienced for a deeper reflection. Hence, they are turned towards the
field, to the people and the problems
there. These must be their point of reference and their source of legitimation
and affirmation, through which their
axis of integration must run. Obviously,
there will be ambiguities and anomalies
here, but the orientation and intent must
be clear.
The consonance of action and reflection is a difficult and arduous praxis, but
not an impossible one. An insiders
access to the field is often not available
to an outsider, who might actually at
times bring a more resourceful and
insightful reflection, though the outsider
may well not have the rich experience of
the insider. But, this is not in itself an
unbridgeable divide.
By way of illustration, such praxis can
be collaborative at three levels. First,
with an action agency in the field that
requests the study and must undertake
to act on its findings and implement its
recommendations. This provides an
insiders access to the field with which the
agency is directly involved and eschews
an instrumental use of the data provider. Second, through this agency the NGO
reaches out to the people at the grassroots, who with the agency participate
in the study and in its later implementation. And third, the research agency
reports and publicises its work to other
constituencies, professional and nonprofessional for a wider response and
critique. The first is geared to real needs
in the field, the second to peoples participation in responding to these needs,
and the third to credible accountability.
Obviously, legitimation and affirmation
will be sought at all these three levels,
but insofar that this is an action-focused
involvement and not a theory-centred
reflection, the axis of integration for this
praxis will be the people, though the
professionals will not completely be
excluded.
What this adds up to is a participatory
praxis, that is, the active participation of
vol lI no 34
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COMMENTARY
EPW
Attention ContributorsI
COMMENTARY
Digitalisation of TV Distribution
Affordability and Availability
Vibodh Parthasarathi, Arshad Amanullah, Susan Koshy
EPW
COMMENTARY
vol lI no 34
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COMMENTARY
Figure 1: Delhi: Dispersion of Households Based on Monthly Cable TV Rents
(i n %)
70
60
50
40
Upper Middle
Lower Middle
30
Low
Upper Class
20
10
0
`150`209
>`150
`210`269
`270`299
Above `300
(in %)
80
70
60
50
40
Upper Middle
30
20
Lower Middle
Low
Upper Class
10
0
`150`209
>`150
`210`269
`270`299
Above `300
(in %)
30
25
20
15
Patna
5
Delhi
0
Availed with the house
Bundled with TV
EPW
and within each was relatively pronounced for lower SECs, that is, precisely
among those households in whose interest price regulation of the basic package
was introduced. The conversion of popular channels into pay channels is one of
the primary reasons for this, though it
requires further investigations on both
the demand (subscribing household)
side and supply (cable operator) side.
In both cities, the selection of channels to be subscribed seems a collective
vol lI no 34
COMMENTARY
26
reflect the necessity for statutory protocols that focus on designing the terms of
digital distribution rather than merely
increasing the number of channels.
Notes
1
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law, and the very approach and rationale behind the elucidation of such law.
It is necessary to acknowledge the
need to reflect the accurate real-time
spatial situation on the ground, and
work out mechanisms that improve coordination among people, institutions, and
databases. This goes beyond titling. Electronic linking of registration and titling
databases is necessary to avoid duplication. The role of courts remains pertinent. Incremental measures to ensure an
updated, more comprehensive real-time
land record system, are arduous, need
effective coordination, make fewer headlines, but are eventually inevitable.
REFERENCES
Daksh (2016): Access to Justice Survey 201516,
Daksh India, http://dakshindia.org/access-tojustice-survey-results/index.html.
GoI (2012): Success Stories on National Land Records Modernization Programme, Department of Land Resources, Ministry of Rural Development, Government of India, New Delhi.
GoK (2014): City Survey, Urban Property Ownership Records, Revenue Department, Government of Karnataka, http://www.upor.karnataka.gov.in/Newfolder/CitySurvey.aspx.
GoR (2016): The Rajasthan Urban Land (Certification of Titles) Bill 2016, Bill No 9 of 2016.
Jog, Sanjay (2016): Maharashtra Plans Bill on Land
Titling, Business Standard, 10 April, http://
www.business-standard.com/article/economy-policy/maharashtra-plans-law-for-conclusive-land-titling-system-116041000398_1.html.
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vol lI no 34
29
COMMENTARY
Rejuvenating Tanks
in Telangana
M Dinesh Kumar, Nitin Bassi, K Sivarama Kishan, Shourjomoy Chattopadhyay,
Arijit Ganguly
Mission Kakatiya is an
ambitious project launched by
the Government of Telangana
to rejuvenate 47,000 tanks in
the state by 2020. This article
argues that it would be the
repetition of the old historical
mistake to approach the issue
without taking into consideration
the hydrological and ecological
aspects. Picking up only those
tanks which have water generated
in their catchments would save a
lot of precious money.
30
strengthening community-based irrigation management, and adopting a comprehensive programme for restoration of
tanks (GoT 2015). The government has
prioritised the restoration of minor irrigation tanks (Table 1) to restore and enhance their effective storage capacity to
255 TMC (7,225 MCM), so as to fully utilise Telanganas allocation of 255 TMC of
water from the Godavari and Krishna
rivers. The restoration works sanctioned
involve de-silting of tank beds, repair of
sluices, feeder channels, etc, and are to
be completed in five years.
Table 1: Distribution of Tanks in Telangana
Districts and No of Tanks Considered for Phase I
of Mission Kakatiya
S No District
Total Tanks
1
2
3
4
5
6
7
8
9
5,939
3,951
5,839
4,517
3,251
7,941
2,851
7,480
4,762
46,531
Karimnagar
Adilabad
Warangal
Khammam
Nizamabad
Medak
Rangareddy
Mehaboobnagar
Nalgonda
Total
Tanks in Phase I
1,188
790
1,168
903
650
1,588
570
1,496
952
9,306
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make after huge public expenditure. Already, there are reports on large-scale
corruption involving contractors and
some officials from the irrigation department, and poor implementation of the
scheme. In some cases, contractors are
charged with not having adequate resources to undertake de-silting, and, in
many other cases, deepening works.
Earlier research by Institute for Resource
Analysis and Policy (IRAP) in undivided AP,
with detailed field surveys in Kurnool,
Nizamabad and Vizianagaram, had shown
that there has been an excessively high
degree of degradation of tanks in the
past four decades or so. Further, two important processes are altering the hydrology of these tanks. First is intensive
use of groundwater in the catchment
(through bore wells), which reduces the
base flows (or groundwater outflow into
the streams) that contribute to the tank
inflows. Second, the increased cultivation facilitated by access to wells for irrigation in the catchment, led to run-off
from the catchment getting captured by
the farm bunds and used in situ. In many
areas, like in northern Karnataka, there
is a lot of plantation of water guzzling
Figure 1: Gross Irrigated Area by Sources
(201213), Telangana
% Gross irrigated area
85.00
100.00
10.00
5.39
7.26
2.35
1.00
12,00,000
1,00,000
Irrigated
area (ha)
80,000
60,000
40,000
Number
20,000
0
Large Tanks
Small Tanks
Source: Authors own analysis using Season and Crop
Report, Andhra Pradesh 201213.
COMMENTARY
and rate of reduction in tank performance. The tanks whose catchments did
not experience cropping intensification
and increase in irrigation wells over time
continue to perform well (Kumar and
Vedantam 2016).
Impacts of Tank Restoration
The Government of Telangana ideates
the following gains due to the expansion
of irrigated area to cover the gap ayacut:
(i) impact of technology through adoption of resource conservation-cum-production technologies when the project is
fully implemented; (ii) diversification to
cover irrigated area under high-value
and low water-intensive crops such as
chillies, maize and vegetables; (iii) development of fisheries; (iv) improvement of
livestock; (v) reduction in waterlogged
area; (vi) increase in groundwater levels
and water quality, thereby getting lands
beyond the command area under bore
well irrigation; and (vii) power-savings
due to the reduced need for well irrigation that is currently used to supplement
the insufficient tank water. Some of
APPOINTMENTS/PROGRAMMES/ANNOUNCEMENTS
t Web Exclusives
t Featured themes articles on contemporary
issues from our archives
vol lI no 34
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COMMENTARY
EPW
The study of tanks where works were completed showed that the addition of tank silt by 50 to
375 tractor loads per hectare improved available water content by 0.002 to 0.032 g in the soil.
An increase in clay from 20% to 40% was noticed in the root zone. A decrease in coarse and
fine sand was also noticed, while there was no
change in pH, EC and organic carbon.
References
Batchelor, Charles, Ashok Singh, M S Rama Mohan
Rao and Johan Butterworth (2002): Mitigating the Potential Unintended Impacts of Water
Harvesting, paper presented at the IWRA
International Regional Symposium Water for
Human Survival, Hotel Taj Palace, New Delhi,
2629 November.
Deccan Chronicle (2015): Telangana State to Restore
46,000 Water Tanks, 22 January, www.deccanchronicle.com/150122/nation-current-affairs/article/telangana-state-restore-46000-water-tanks.
Directorate of Economics and Statistics (2015):
Statistical Yearbook 2015, Government of
Telangana, Hyderabad.
EDU (2016): IIT Hyderabad, BITS Pilani and
33
COMMENTARY
NABARD Sign Agreement with Telangana Irrigation Dept, EDU, 5 February.
Government of Telangana (2015): Mission Kakatiya,
viewed on 3 Jun 2016, https://missionkakatiya.
cgg.gov.in/homemission#.
Hindu (2016a): Mission Kakatiya Already Showing Positive Results, 5 January, http://www.
thehindu.com/news/national/telangana/
mission-kakatiya-already-showing-positiveresults/article8066433.ece.
34
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Geography of Capitalism
Byasdeb Dasgupta
book reviewS
Globalization Lived Locally: A Labour
Geography Perspective by Neethi P, New Delhi:
Oxford University Press, 2016; pp xvii+231, `795.
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neoclassical and orthodox Marxist literature. One significant point to note, which
is cultural in nature, is that the working
in these local manufacturing units renders some help to the girls for their marriage which is a social institution.
Home-based Production
Chapter 5 of the book dwells on the case
of a food-processing firm in Kerala
where home-based women workers are
engaged in the production vis--vis
labour process. These home-based workers work for a prominent food-processing
firm which serves both the domestic and
foreign markets. Women workers hail
from families that are mostly engaged in
agriculture and animal husbandry (economic) activities.
Here Kudumbashree plays an important role in labour management for the
firm. In fact, the firm decided to keep
Kudumbashree membership as a necessary criterion to be part of the home-based
production. This production policy is
adopted by the firms not just to employ
cheap labour but also to control labour
effectively without much transaction
cost. Furthermore, since most of these
women workers cannot go out of their
households for work due to social
restriction the firm found it profitable to
engage them inside their homes through
Kudumbashree, with the condition that
each female-head of a unit must be a
member of Kudumbashree.
The labour response in this production process is quite different from the
earlier two case studies. Here, the
Kudumbashree membership criterion
seems to be the best way to make full
use of the social capital that emerged as
a by-product of this womens group.
The home space here like elsewhere is
constrained with gendered identities
and set the stage for subtle responses
towards capital.
General Purpose Mazdoors
Chapter 6 of the book is about a case
study of Cochin Port in the context of
recent attempts at privatisation and
pertains to the workers spatial fix in this
regard. The case study is mainly concerned with the actions and reactions of
a section of workers affiliated to private
Economic & Political Weekly
EPW
References
Castree, Noel (2007): Labour Geography: A Work
in Progress, International Journal of Urban
and Regional Research, Vol 31, No 4.
Herod, A (1997): From a Geography of Labour to
Labour Geography: Laborers Spatial Fix and
the Geography of Capitalism, Antipode, Vol 29,
No 1, pp 131.
Sen, Sunanda and Byasdeb Dasgupta (2009):
Unfreedom and Waged WorkLabour in Indias
Manufacturing Industry, New Delhi: Sage.
NE
39
BOOK REVIEW
outside Bangladesh. Progressive intellectuals and the masses have often been
awkward bedfellows in the left-wing
revolutions and political movements of
the modern era, both in the West and
elsewhere. Arguably, this is particularly
true in many places in the world at the
moment. The gap described in The Spectral Wound by no means invalidates leftwing politics, but it must be addressed if
they are to be renewed.
Gifted Ethnographic Description
At the core of Mookherjees book is gifted ethnographic description, worthy of
a great 19th century novelist such as
Sarat Chandra Chattopadhyay, Balzac
or George Eliot. Her awareness of body
language, gesture and sudden emotional
moments is at times astonishing. She is
able to see the humiliation in the poses
of the birangonas in the photographs of
the public events where they were displayed, and she can also allow herself to
be surprised by an official helping her in
her work on the rehabilitation centres
turning out to be a product of them or a
prostitute having a daughter as welleducated as she is.
Traditional British ethnography, which
was of course a key influence on early
Indian ethnographers, emerged under
the Empire and tended at best to be conditioned by assumptions of the superiority of Western Enlightenment values, or
at worst a desire to understand and control the natives. The latter is particularly true in India after the Revolt of
1857. This does not mean there could not
be excellent work, but there was usually
a kind of glass window between the
researcher and her subjects. There is
plenty of theory which has dealt with
this, but it is rare to find the kind of
exceptionally sensitive interaction without loss of objectivity that one finds in
Mookherjee, who has consciously used
the insideroutsider quality of being an
Indian, middle class, Hindu Bengali very
well. This incidentally makes her very
aware of the ethnic narrative of the
1971 waran opposition between a macho, truly Islamic West Pakistani soldier
and effeminate, Hinduised East Pakistani Bengali men or women that has its
roots in earlier history.
vol lI no 34
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For decades after independence, Indian planning ignored the need for sustainability and equity in water resource
development and management. There was just one way forward, that of harnessing the bounty in our rivers and below
the ground. It was only in the 1990s that serious questions began to be raised on our understanding and approach to
rivers.
This collection of essays, all previously published in the Economic and Political Weekly between 1990 and 2014, reflects
the multi-dimensional, multi-disciplinary character of water and spans hydrogeology, sociology, economics, political
science, geography, history, meteorology, statistics, public policy, energy and ecology.
The essays are arranged thematically and chronologically: Water Resource Development and Management, Historical
Perspectives, Social and Political Dimensions, Economic Concerns, and Water Policy.
With detailing of the huge diversity of concerns and points of departure, Water: Growing Understanding, Emerging
Perspectives will be invaluable to students and scholars of sociology, economics, political science, geography, ecology
Pp xiii + 559 | Rs 895
ISBN 978-81-250-6292-9 and public policy.
2016
Authors: Baba Amte Suhas Paranjape K J Joy Jayesh Talati Tushaar Shah R Maria Saleth Dinesh K Marothia Marcus
Moench Navroz K Dubash Rahul Ranade P S Vijayshankar Himanshu Kulkarni Sunderrajan Krishnan David Gilmartin Margreet Zwarteveen
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1 Introduction
ndraprasad Gordhanbhai Patel (1924
2005) was one of the foremost economists of post-independent India. He
had a brilliant academic career, topping
in his Bachelors examination in the
University of Bombay, before going on to
Kings College, Cambridge, in 1944,
where he remained till 1949 to earn his
doctorate, barring a year, 194748,
which he spent at Harvard. IG, as he
was known, began his illustrious career
as an academic in Baroda College,
Bombay University (194950). He then
went on to work in the International
Monetary Fund (IMF) (195054) and
then much later for the United Nations
Development Programme (UNDP) (1972
77), and held some of the highest positions of economic decision-making in
the Indian government. He was the chief
economic adviser (196167), secretary,
economic affairs in the Ministry of
Finance (196772), and governor of the
Reserve Bank of India (197782). Subsequently, he served briefly as the director
of the Indian Institute of Management
Ahmedabad (IIM-A) during 198284 after
which he held the high profile position of
director of the London School of Economics (LSE) during 198490.
IG was known for his formidable intellectual powers, sharp wit and quick
repartee, and in his long career had mingled with some of the finest economic
minds across the world. Austin Robinson
of Cambridge thought of IG as his best
tutee over his (Robinsons) entire tenure
as fellow of Kings. IG put down some of
his experiences in his Glimpses of Indian
Economic Policy: An Insiders View published in 2002, in the twilight years of
his life. The book was written entirely
from memory, without any access to official documents. It provides interesting
and some fascinating vignettes of several
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key events of his life in the highest echelons of the Indian bureaucracy. IG had
worked quite closely with finance ministers C D Deshmukh, T T Krishnamachari
and Morarji Desai, and also with Sachin
Chaudhuri, Y B Chavan, H M Patel,
Charan Singh, H N Bahuguna, R Venkataraman and Pranab Mukherjee, all of
whom, he gratefully acknowledges, gave
him his due and a great deal of affection
over the years. IG also had personal acquaintance with Jawaharlal Nehru, Lal
Bahadur Shastri and Indira Gandhi.
That IG was a consummate civil servant
and policymaker was well recognised by
all. But where was he in terms of his ideology? He describes how he was pressed
by a journalist to answer this when he
was at the LSE. He puts it thus:
I said that if I had to describe myself, I would
call myself an old-fashioned socialist. I could
as well have said that I was an old fashioned
liberal. What I meant was that I was not a
Marxist socialist opposed to markets and
private property. But I was not a card-carrying capitalist either, and was supportive of
certain values like compassion and justice in
all social and economic arrangements. (Patel 2002: 19394)
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after, say, thirty or forty years? Everyone
laughed. But I was told many years later that
I had in fact anticipated John Rawlss argument for altruism. (Patel 2002)
the two top names that were in contention were those of IG and Manmohan
Singh, in that order. IG had settled down
in Vadodara to a retired life after his sixyear stint as director of LSE, and Manmohan Singh had taken up the position
of chairman of the University Grants
Commission (UGC). IG declined the offer,
and the job went to Manmohan Singh.
The post-Rajiv Gandhi phase of the
Indian government under V P Singh and
Chandra Shekhar was marked by unprecedented political turmoil owing to the
twin issues surrounding Mandal and
Mandir. V P Singh had not been able to
complete a full year in office, and Chandra
Shekhars government too had barely
lasted seven months. It is conceivable
that after such a long and illustrious
career in the highest realms of public
policy and academia, IG, at 65, was in no
mood to be tempted by Lutyens Delhi.
He well understood how fickle political
power could be. Narasimha Rao had taken
charge of an economy that could not possibly be in a worse shape. It is fair to say
that Narasimha Rao has not received the
credit that is his due for ushering in the
economic reforms that were introduced
in 1991. Rao most likely surmised that if
after more than four decades of economic
planning things had come to such a sorry
state, then perhaps the time had come to
check out a completely new track altogether, that is, to depart from the discredited licence permit raj and allow a
much greater play of market forces.
There do come moments in the lives of
individuals or institutions when one feels
that the time for drastic change has arrived.
This was such a moment. Narasimha Rao
was lucky to have the acquiescence of
Manmohan Singh to join as the finance
minister to carry out the reform agenda. Without any political base of his
own, Singh, in turn, was lucky to have
the full and unqualified political support
of the Prime Minister. One of the first
tasks that he addressed was to set up a
Tax Reforms Committee under the
chairmanship of Raja J Chelliah and another on Banking Sector Reforms under
M Narasimham. Both produced influential and useful set of recommendations.
There were other wide-ranging reforms
in the spheres of industry, agriculture
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and trade policy as well, with the general focus of allowing greater play of market forces. The overall growth rate of the
economy moved up to about 6% in the
decade of the 1990s.
It was in the first decade of the new
millennium that the growth rate of the
Indian economy moved up to an altogether new zone. Manmohan Singh was
now himself at the helm as the Prime
Minister. For three years, during 200508,
the growth rate of GDP tipped the 9%
mark. The only other major country
which had sustained a growth rate of
this magnitude and over a much longer
period was China. India and China both
had roughly the same level of per capita
income in terms of dollars around the
late 1970s. Mao, the great helmsman,
had passed away in 1976 and the new
dispensation, under the pragmatic Deng
Xiaoping, believed in the dictum that it
does not matter whether a cat is white or
black, as long as it catches mice. From the
early 1980s, for more than three decades, China maintained an uninterrupted
growth rate of around 9% to 10% per annum. The Chinese growth momentum
has admittedly weakened in the past
year or two, but one result of the sustained rapid growth rate over a period of
three and a half decades was that by
2015 the per capita income of China, in
nominal dollars, was nearly four times
that of Indias. This was a simple instance
of what John Maynard Keynes had referred
to as the power of compound interest.
A key reason for the high growth rate
was the high rate of savings and gross
fixed capital formation that India had
begun to record by the late 1990s. Around
200607 the savings rate was around
36% and the gross fixed capital formation was around 37%. With a capital output ratio of around 4, the crude HarrodDomar formulation would suggest that
an overall growth rate of around 9%
was perfectly feasible. Behind this high
growth rate was the rapid growth of the
service sector, driven by a boom in information technology. The share of agriculture in GDP continued to decline, and
from a figure of around 55% in 1950 it
had declined to around 13.7% by 2013.
This was matched by a steady rise in the
share of income originating in services.
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References
Atkinson, Anthony B (2015): Inequality: What Can
Be Done?, Cambridge, Mass: Harvard University Press.
Dreze, Jean and Amartya Sen (2013): An Uncertain
Glory: India and Its Contradictions, New Delhi:
Allen Lane.
Hardin, Garrett (1968): The Tragedy of the Commons, Science, 162, 124348.
Keynes, John Maynard (1924): Alfred Marshall
18421924, The Economic Journal 34 (135),
pp 31172.
Krishna, Raj (1980): The Economic Development
of India, Scientific American, 1 September.
Lewis, William Arthur (1954): Economic Development with Unlimited Supplies of Labour,
Manchester School of Economic and Social
Studies, 22, pp 13991.
Nurkse, Ragnar (1953): Problems of Capital Formation in Underdeveloped Countries, Oxford: Basil
Blackwell.
Patel, Alaknanda (ed) (2009): The Collected Works
of A K Dasgupta, Vols IIII, New Delhi: Oxford
University Press.
Patel, I G (1986): Essays in Economic Policy and Economic Growth, London: Macmillan.
(2002): Glimpses of Indian Economic Policy: An
Insiders View, New Delhi: Oxford University Press.
Pigou, A C (1920): The Economics of Welfare, London:
Macmillan.
Piketty, Thomas (2015): The Economics of Inequality,
Cambridge, Mass: Bellknap Press.
Rawls, John (1951): Outline of a Decision Procedure for Ethics, Philosophical Review, 60.
(1958): Justice as Fairness, Philosophical
Review, 67.
(1971): A Theory of Justice, Cambridge, MA:
Harvard University Press.
Schumpeter, Joseph (1911): The Theory of Economic
Development, Cambridge, MA: Harvard University Press.
Sen, Amartya (1986): The Concept of Well Being,
Essays on Economic Progress and Welfare: In
Honour of I G Patel, Guhan and Shroff (eds)
(1986), New Delhi: Oxford University Press.
Spears, Dean (2012): Policy Lessons from the
Implementation of Indias Total Sanitation
Campaign, India Policy Forum.
Stiglitz, Joseph (2012): The Price of Inequality: How
Todays Divided Society Endangers Our Future,
New York: W W Norton & Company.
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also accounted for, then in 201112 the total female work participation rate was as high as 86.2%, compared with 79.8%
for men.
Feminist economists in India and elsewhere have repeatedly
highlighted the need to account for womens invisible, unrecognised and unpaid work, but the accounting systems continue to elude the range of womens work (Elson 2002; Ghosh
2014; Hirway 2002). The failure to recognise the coexistence
of womens paid and unpaid work, and placing a higher value
on economic or productive work results in womens domestic and care work being marginalised and unrecognised. This
further constrains womens access to the paid work economy
(Lingam and Yelamanchili 2011).
IGMSY: Design-related Issues
Scheme/Policy Norm
4,000
8,160
8,400
17,136
9,800
19,992
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The data also shows that in the areas that have anganwadi
centres (AWCs), approximately 35% do not provide nutrition
and health education (NHE) (MoWCD 2015). Similarly, 39% of
the AWCs do not provide ANCs. Furthermore, only 17% of pregnant women are aware of such NHE being conducted at the
AWC and less than 33% knew that ANCs are supposed to be provided at the AWCs (MoWCD 2015).
Table 2 shows the extent of inadequate service provisioning.
These shortages in supply of immunisation, counselling and
antenatal care services, are beyond the control of women.
However, they still prevent women from fulfilling the IGMSY
conditions and receiving the cash entitlement.
There are also shortages in infrastructure and staffing. Only
61.8% of AWCs are run from own or rented buildings; the rest are
run in schools, the AWWs homes or the panchayat building. Data
published by the MoWCD shows that as of March 2014, there was a
shortage of nearly one-third of block-level staff, such as supervisors (30%) and child development project officers (31%). Such a
shortage is likely to result in existing staff being overworked,
and poor implementation and monitoring of the programme.
Findings from our study show that immunisation of the
mother and child, a condition to receive IGMSY benefits, often
does not get fulfilled due to limited access to AWCs and health
centres. In Bastanar block, Bastar district in Chhattisgarh,
women travelled up to 25 km, while crossing hills and thick
forest to reach the nearest government sub-centre. In MPs
Sagar district, the health sub-centres were 9 km away, but
crossing the forest and personal safety was a big concern for
women. Simultaneously, the cost of travelling to health centres
also deterred women from accessing the services.
Table 2: Status of Supply of Nutrition and Health Services
IGMSY Conditionalties
RSOC Indicator*
Registration of pregnancy
at AWC/health centre
within four months
Two ANCs
Women who
registered
pregnancy
Received three or
more ANC
Received/purchased
100 or more
IFA tablets/syrup
during pregnancy
Received two
or more TT
Children aged below
five years whose birth
is registered
Received full
immunisation
Receive 2 Tetanus
Toxoid (TT) injections
Registration of childbirth
Immunisation of child
(BCG, DPT I, II & III, 3 OPV
doses
Attend 3 IYCF counselling
sessions within three months
of birth
Exclusive breastfeeding
for six months
Introduction of
complementary food
after six months
AWCs providing
nutrition and
health services
Children aged
05 months who
were exclusively
breastfed
Children introduced
complementary
feeding between
6 and 8 months
52
India
(%)*
Bihar Chhattisgarh
(%)*
(%)*
84.1
66.4
91.2
63.4
32.8
79.5
31.2
16.7
36.0
89.8
88.6
92.2
72.0
39.5
60.8
65.3
60.4
67.2
64.7
57.2
46.9
64.9
70.8
82.3
50.5
45.7
59.9
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account because she refused to pay a deposit. Aarti was eligible for the IGMSY cash benefit, but did not receive it as a result
of not having an account.
Except for a few women, all beneficiaries interviewed had to
pay a minimum deposit to open their account. In a number of
cases women reported that their account was not opened until
they paid a deposit. The front-line workers, block and district
officials also acknowledged that banks were not opening zerobalance accounts. The deposit demanded ranged from `50 to
`200 in post offices and `500 to `1,000 in banks.
Once an account is opened, there is no guarantee that
women will receive their entitlements on time. The IGMSY
guidelines require that the first instalment be paid in the third
trimester. In the four states, no woman received her first IGMSY
instalment before delivery. Women in the sample reported a
delay of five months to three years in receiving the IGMSY cash.
Such delays have existed since the scheme was launched.
The evaluation of the IGMSY conducted by the ASCI in 2012
found a delay of up to one to two years in receipt of IGMSY
cash by beneficiaries (ASCI 2013). Kumar et al (2015) found
that a majority of women do paid work till the last stages of
their pregnancy and return to work as early as possible due to
the increased expenditure, as a result of the newborn, combined with the low and delayed IGMSY cash benefit. An issue
of concern, which links to the poor monitoring of the IGMSY,
is that the data provided to the authors by the concerned
government departments of the four states did not reflect
these delays.
Issues with transfer of funds are not limited to only payment
of beneficiaries. Fund flow from the state to subsequent
administrative levels is also a lengthy and bureaucratic
process. The process begins with women registering at the
AWC. The AWW then compiles the data for the entire month
and gives it to the supervisor. The supervisor in turn collates
the data of her sector and submits it at the block office, where
it is entered into a computerised database. The block-level data
is then sent to the district level where yet again the data is
compiled and sent to the state level. Funds are released only
after state approval is obtained. This process takes approximately 45 days. The state releases funds to the districts or
blocks on a quarterly or half-yearly basis.
State officials reported that fund release from the central
government to the states is often delayed. Since the IGMSY is
entirely centrally sponsored, such a delay causes a complete
breakdown of the fund flow cycle and leads to extended delays
in fund allotment to districts and thereon.
In Bihar, we were informed that the first instalment of the
annual IGMSY budget is released by the Government of India
(GoI) only in September, that is, the middle of the second
quarter of the financial year. In Jharkhand, funds for 201415
had not been received till September 2014. An AWW informed
us that for this reason she had stopped enrolling women for
the IGMSY. Similar delays were found in Chhattisgarh and MP.
The most significant cost of such delays are borne by the
women and children, when their entitlements are delayed or
denied to them.
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scope of this paper. In the current context where the government has announced the amendment of the MBA, these issues
are significant. In particular, it is crucial to define coverage
while accounting for the continuum of womens paid and unpaid work; link the wage compensation to minimum wages;
define wage protection as a principle for those in paid employment; and account for the formal sector and the different
notes
1
References
Abraham, A, D Singh and P Pal (2014): Critical
Assessment of Labour Laws, Policies and Practices
through a Gender Lens, Dissussion Paper for
Economic & Political Weekly
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Swadhin/Paradhin (Freedom/Unfreedom)
A Working Class Analysis of the Indian Domestic Work Industry
Udbhav Agarwal
56
Long years ago we made a tryst with destiny, and now the time comes
when we shall redeem our pledge, not wholly or in full measure, but
very substantially. At the stroke of the midnight hour, when the world
sleeps, India will awake to light and freedom [] when the soul of a
nation, long suppressed, finds utterance.
Jawaharlal Nehru, on 14 August 1947, approaching the first dawn of
an independent India. (Collins and Lapierre 1975)
iberalised for private investment in 1991, the modernday Indian economy functions on a strict adherence to
neo-liberal idealsa melting pot for private accumulation and class inequalities (Roy 2014: 747). Agriculture in
India, an industry that once made up the majority of Indias
workforce now contributes 13.7% to Indias gross domestic
product (GDP) (Economic Times 2013), while farmers continue
to commit suicide at an all-time high rate of 11.2% (National
Crime Records Bureau 2012: 182). The memories of small
towns that once decorated their body and borders have become reduced to mere vestiges, as rural populations make way
for industry and big cities; and the big cities become idiosyncratic of each other. Indeed, India today is more developed
than it has ever been, if development was measured by concrete and hegemony. Perhaps, at the stroke of the midnight
hour, only a few souls of this nation, long suppressed, have
found utterance.
Class inequalities come face-to-face in almost every juncture of ordinary life in India. As chartered planes touch down
on the granite runways of Chhatrapati Shivaji airport at Indias
financial capital, Mumbai, passengers overlook the cluttered
nooks of Dharavi, the worlds biggest slum. Not far off, surmounted like a mammoth effigy of a feudal lord, stands Antilla
the 27-storey skyscraper residence of Mukesh Ambani and his
family of four costing nearly $2 billion (Woolsey 2008). In a
nation of 1.25 billion, the richest 100 own assets worth onefourth of its GDP (Roy 2014: 7). The middle and upper classes,
making up only 23.3% of Indias population, take over the top
15% of the income bracket, while the working and poor classes
make up the rest of it: 76.7% (National Commission for Enterprises in the Unorganized SectorNCEUS 2007: 6). Tantamount to that figure, around 75% of Indians in the unorganised sector make less than `20 a day (NCEUS 2007: 1), while the
National Minimum Wage (NMW) is set at `66 per day depending on occupation and residence (NCEUS 2007: 46). Additional
data shows that regulations for a government-mandated work
week (not more than 9 hours a day with 48 hours a week) are
rarely followed. Thus, the average week becomes 10 hours a
day and 60 hours a week (maybe even more, depending on
august 20, 2016
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which industry you find yourself in) (NCEUS 2007: 3538). Essentially, in the worlds biggest democracy, the majority of citizens belong to the working class, earn an average income that
is 50% below the mandated minimum wage and work 20%
more hours than permitted by the government.
Within this context, thrives the Indian domestic work industryan institution entrenched in politics of class, caste and
gender. Around 2.7%1 of working Indians (Economist 2012), including the 600 naukars and naukranis2 that work at Ambanis
Antilla (Woolsey 2008) and 57% migrants that move from
small towns to the big cities looking for employment (NCEUS
2007: 95), find themselves as a part of this undocumented,
unregulated and often, intrusive work culture (HondagneuSotelo 2007; Ray and Qayum 2009; Dickey 2000). By focusing
on the predicaments and tribulations of the domestic worker
in specific, this research paper will attempt to create a generic analysis of the working class in India. Given both the multiple intersectional oppressions that govern the domestic
worker and the immense number of employers that are implicitly involved in their oppression, the analysis becomes an
exemplar case study of what it means to be Indian and working class, in a nation that woke up to light and freedom
70 years ago.
This article would consider three interrelated aspects of the
domestic work industry. Section 1 would focus on the identity
of the Indian naukar. By focusing on daily narratives of domestic workers, the section would observe how domestic work
encroaches upon the identity of the naukar, burdening them
under a constant state of oppression and creating a structure
of feeling (Williams 1973: 1-16) that dictates their class position. Section 2 would begin to unearth the unnerving ways
in which seemingly ordinary people become bystanders
(Cohen 2000: 143) if not perpetrators of this oppression. By
focusing on the paradoxical defence mechanisms utilised by
employers to maintain their power, the section would reveal
the structural impediments that stagnate the naukar in his
class position, forming a larger critique of neo-liberal (Harvey
2007), socio-economic policies of an economically liberal
India. Section 3 and the conclusion briefly addresses the question of what considerations may guide an attempt to restructure the Indian domestic work industry, highlighting crucial
changes needed in both government mandates and employer
employee relationships.3
1 The Identity of the Naukar
They think of us as slaves. Just as slaves.
Mutthammal, a domestic worker in Madurai. (Dickey 2000: 40)
A servant is not really a human; a servant is a servant.
Mila, an employer in Kolkata. (Ray and Qayum 2009: 136)
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works not for the money, she is not given the same respect or
privilege that such a role would otherwise command. Sadna
has to struggle with the dichotomy that no matter how invested she becomes in her relationship with my cousin, her motherhood is the other end of a business transaction (Sotelo 2007:
172) and she shall never get the same respect or privilege that
such a role deserves. Again, as was seen in the case of Ram
Lakhan, Sadnas employment abuses her emotional vulnerability, organising contradictions with other salient aspects of
her identity.
In many ways, these organised contradictions are exactly
what keep the domestic work industry afloat. If Sadna or Ram
Lakhan were defined using the same social labels as their employers, the hypocrisy of the system would be constantly
revealed. Acts such as asking a 70-year-old man to run and
deliver food or exploiting a parents vulnerability to take care
of ones own child would seem instantly unconscionable. To
ensure subservience, workers need to be constantly reminded
that they are unequal, that it is okay to treat them with disrespect. The hegemony of the ruling class needs to be maintained by forcefully and collectively asserting their superiority
over groups to be exploited. As Bhagat Singh, an upper-middle
class employer casually remarks, if the servants coalesce into
a real class, it is a real threat [] there is definitely a feeling in
employers of us against them (emphasis added) (Ray and
Qayum 2009: 147); he reveals the implicit oftentimes accidental agenda that is fulfilled by politics by exclusion.
The behaviours that demarcate this exclusion encroach
upon ordinary experiences of domestic workers, where simple
everyday actions resuscitate working-class inferiority. Consider, for example, the politics of sitting (Ray and Qayum 2009:
14852). In each household, workers are not allowed to sit on
furniture used by the employers. If an employer talks to them,
they are supposed to stand straight and listen, no matter how
the employer is positioned, reclining on a bed or sitting comfortably on a couch. In 16 years of work, Sadna, for instance,
has never been allowed to sit on any of the house chairs. In
winters, when the marble floors become too cold, she carries
around a mattress and sits on that, even when chairs around
the house remain unused. The politics extends to sanitary arrangements, stairwells and elevators, and use of appliances
(Ray and Qayum 2009: 14648), where different, more basic
arrangements are provided for the workers than their employers. By excluding the worker from provisions of personal comfort, employers establish that the workers are unfit to enjoy the
same lifestyle as themselvesthat they are ontologically inferior,7 so much so that anything that comes in physical contact
with them gets tainted.8
Consider, also, the act of cooking and consumption of food.
Domestic workers are prohibited from eating food at the same
time, or at the same place as their employees. They have different plates and spoons (Prem, our house-sweeper, has used a
metal can of frozen beans as a substitute for a glass for the past
14 years), ones which they are not allowed to wash with the
dishware used by their employers. They even have different
rations, like an inferior quality of rice or lentils which are
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2000: 42). Workers are considered material-minded (Padma, qtd in Dickey 2000: 47) or vulgar (Mutthammal, qtd in
Dickey 2000: 41) when they ask for food to take back home, or
a little extra money on the side. Raman, an upper-middle class
employer, highlights this vulgarity as an ordinary case of class
difference: upper-class people are supposed to be soft, tolerant, intelligent in approaching problems [] they [people belonging to lower classes] are rough, they are more impulsive,
they dont reason out things [] they cannot suddenly change
overnight (qtd in Dickey 2000: 36). His statement summarises the general sentiment of employers towards the biographies
of the workers. According to them, workers are performing domestic work because they belong to a class not evolved
enough to do anything else. Raman, like many other employers, assumes that behavioural differences among classes are
economically based and within that assumption makes a narrative where he is able to blame workers for their working class
position. What he misses is the other cyclical end of the
statement: workers perform domestic work because they belong to a class not evolved enough to do anything else, and
because they perform domestic work they will never be able to
belong to a class where they could do anything else. In
other words, the employers use the same structural impediments that hinder domestic workers from rising up to put
them down.
You dont know, and you dont know what you dont know [] one
must never look precisely because to see was [is] to raise unwanted
questions of choice and action. Cohen (2000: 145)
Implicit within the defence mechanisms used by the employers to justify their position is a purposeful obliviousness
towards workers biographies. For them, a workers demands
for more wages or better working hours suggest lumpiness or
lethargy; that the workers are trying to substitute hard work
with an easy way out. Consider the narrative of Vasanthi, a
Tamil domestic worker:
Look at me. I have nothing at all. But they are loaded. If I go to them
and say, Please give me ten rupees. Ill give it back to you in the evening, they will say, Would you give me a rupee as interest? If I say give
me ten rupees, Ill return it in the evening, they will say [] Why do
you pawn? Why do you borrow money? How can I do otherwise! []
The employer is [] blind: she does not understand the circumstances
of the poor, so she criticises; she does not see need, so she does not
give. (qtd in Dickey 2000: 43)
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Vasanthis comment illustrates the vicious cycle that domestic workers find themselves in. For all Vasanthis and Gurus out
there, the current state of the domestic work industry leaves
their chances of advancement bleaka fate which only compounds from one generation to the other. As employers choose
to stay uninformed, they only perpetuate the systemic
inequalities that work against the domestic workers.
In many ways, the employers decision to stay uninformed
can be understood as a consequence of living in a society led
by neo-liberal ideals of privatised citizenship11 (Shapiro
2005: 13) and free enterprise (Harvey 2007: 37). As government policy in India aims to deregulate its control over the
industry, it gives unprecedented agency to capitalists and individuals. The employers apathy towards the domestic worker
precipitates from a growing awareness of this brutal individualism, where each person assumes responsibility for his or
her own success. As the employer becomes responsible for his
or her own doing, so must be the workera logic that directly
undermines the importance of the ovarian roulette game12
(Collins et al 2014) in dictating success and failure of the
average Indian.
59
SPECIAL ARTICLE
The ways in which the Indian upper and middle classes choose
to treat domestic workers speaks volumes about the society we
are all part of. As domestic workers are subjected to increasing
oppression, they are forced to lose their sense of agency and
purpose. Each and every time, when an employer questions a
workers integrity, they ignore the various structural impediments that feed her (the workers) perseverance and ambition.
The social forces that stagnate the domestic worker in her
socio-economic position are the same as those that adversely
affect the Indian working class in general. Working-class people go to unkempt government schools and do low-paying unskilled jobs because they belong to the working class; and because they go to unkempt government schools and do low-paying unskilled jobs they will remain working class. Granted, not
every employer and domestic worker is the same; and narratives of unsuspecting employer generosity and exploitative domestic worker accounts do exist (Ray and Qayum 2009: 113
16). However, given the decades of suppression and social
backlog that burden the domestic worker, these narratives can
be seen as mere rarities. The draft legislation that ultimately
hopes to restitute agency to the domestic worker, has been
stalled three times in the Parliament in the past 25 years14
(NCEUS 2007: 86). There is something ironically uncanny
about the fact that the very people who use and abuse domestic workers will fill the final ballot on how these workers
should lead their lives. It is crucial to observe that the rights of
the domestic worker are rights that affect each and every
one of us. If a society could collectively take themselves in
(Cohen 2000: 141) into systematically abusing its most vulnerable group of people, it is only a matter of time before the most
vulnerable group includes oneself. In many ways, the domestic
workeremployer relationship provides a disturbing parallel
to the zamindartenant relationship or even the masterslave
relationship observed under the British Raj: social orders that
have taken centuries to revolt against. In conclusion, the words
of Anna Julia Cooper provide a much needed sense of humanity: lessening the interest in ones self [] being polite []
induces one to take an interest in others (1892).
Domestic helpers in India are not identified as individuals. It
is a disconcerting realisation, that in the country which gained
freedom 70 years ago, the increasing distance from that very
freedom has become the domestic workers tryst with destiny.
Notes
1 The accuracy of the figure mentioned is questioned in the source article.
The authors believe that the percentage can be severely undercounted
given that employers and workers both may withhold information from
official census officers.
2 North Indian dialectic for manservant and maidservant. The word naukar
is often used a pejorative to describe people whose livelihoods are dependent on their masters. The word, as mentioned above, has come into common use to refer to the domestic help.
3 A note on research: given the proximate nature of the subject (and the lack
of research available on it) a major component of the essay would focus on
my practical sociology, my experiences and conversations with domestic
august 20, 2016
vol lI no 34
EPW
SPECIAL ARTICLE
10
11
EPW
in which communities, families, and individuals try to capture or purchase resources and
services for their own benefit rather than in investments that would help everyone. The
mindset resonates deeply with that of the employer of the domestic worker, where he prefers to accumulate wealth rather than use it to
solve social problems that may or may not relate to him (Shapiro 2005: 13).
12 Sociologist Chuck Collins uses the term ovarian roulette game to describe the omnipotent
role that ones birth (in a rich or a poor family,
in a racially superior or a racially inferior family,
etc) plays in deciding ones biography. The
term gains special significance when it comes
to the domestic work industry, given that the
only difference between the employers and the
workers are the places of their births and everything that comes thereafter.
13 Herbert J Gans, in his paper The Uses of Poverty: The Poor Pay All lists 13 uses that the
poor serve in society, including provision of
low-wage labour that is willing- or rather, unable to be unwilling to perform dirty work,
their use as a reliable and relatively permanent measuring rod for status comparison:
both of which apply widely to the Indian domestic work industry (Gans 1971).
14 The bill was unsuccessfully tabled in the Lok
Sabha in 1990, 1996 and 2011 (NCEUS 86).
References
Abrams, M, Kathleen and Sara Dickey (eds) (2000):
Home and Hegemony: Domestic Service and
Identity Politics in South and Southeast Asia.
Ann Arbor: The University of Michigan Press.
Bobo, Kim (2011): Wage Theft in America, New
York: The New Press.
Cohen, Stanley (2000): States of Denial: Knowing
About Atrocities and Suffering, Great Britain: Polity.
Collins, Chuck, Jennifer Ladd, Maynard Seider and
Felice Yesekel (eds) (2014): Class Lives: Stories
from Across our Economic Divide, Ithaca: Cornell University Press.
Dickey, Sara (2000): Mutual Exclusions: Domestic
Workers and Employers on Labor, Class and
Character in South India, Home and Hegemony:
Domestic Service and Identity Politics in South
and Souteast Asia, M Abrams and Dickey (eds),
pp 3162.
Economic Times (2013): Agricultures Share in GDP
Declines to 13.7% in 201213, accessed on 28
Nov 2015, http://articles.economictimes.indiatimes.com/2013-08-30/news/41618996_1_gdpfoodgrains-allied-sectors.
EPW E-books
Select EPW books are now available as e-books in Kindle and iBook (Apple) formats.
The titles are
1. Village Society (ED. SURINDER JODHKA)
(http://www.amazon.com/dp/B00CS62AAW ;
https://itunes.apple.com/us/book/village-society/id640486715?mt=11)
2. Environment, Technology and Development (ED. ROHAN DSOUZA)
(http://www.amazon.com/dp/B00CS624E4 ;
https://itunes.apple.com/us/book/environment-technology-development/
id641419331?mt=11)
3. Windows of Opportunity: Memoirs of an Economic Adviser (BY K S KRISHNASWAMY)
(http://www.amazon.com/dp/B00CS622GY ;
https://itunes.apple.com/us/book/windows-of-opportunity/id640490173?mt=11)
Please visit the respective sites for prices of the e-books. More titles will be added gradually.
vol lI no 34
61
NOTES
62
vol lI no 34
EPW
NOTES
EPW
a distinct impression that the JNU students were arrested for their involvement
in the widespread protests surrounding
Vemulas suicide.
Many writers and speakers have so
depicted these events. For example,
Kanhaiya Kumar, the president of the
JNU Students Union (JNUSU), repeatedly
asserted after his release that JNU students were targeted by the government for protesting against Vemulas suicide and for their sustained agitationthe
Occupy UGC movementagainst the
withdrawal of non-NET (National Eligibility Test) fellowships by the University
Grants Commission (UGC). In his fiery
speeches in Parliament, Sitaram Yechury,
on more than one occasion, directly
linked the students arrest with Vemulas
suicide to illustrate how repressive the
governments policies were towards the
student community.
Neither the Hindu piece under discussion (Vajpeyi 2016), nor Kanhaiya Kumar,
nor Sitaram Yechury in Parliament ever
mentioned Geelanis name while commenting on the arrest of JNU students. It
was interesting to observe the leader of a
Communist Party, wedded to the ideas of
justice and equality, maintaining a deafening silence on the arrest of a university
teacher while loudly protesting the arrest of
JNU students for exactly the same crime.
Geelanis case was also systematically
ignored in the dozens of teach-in lectures on the JNU campus that continued
for many weeks, apparently as a form of
protest against the arrests of students.
These were organised in the evenings in
the open area in front of the administration block. The area was temporarily
designated as freedom square. The
topics discussed included concepts of
nationalism, theory of Aryan invasion,
M K Gandhi on Swaraj, Rabindranath
Tagore on humanism, B R Ambedkars
vision of an inclusive India, lessons from
Jawaharlal Nehrus Discovery of India,
the contribution of Bhagat Singh and
others to the Indian freedom movement,
the history of fascism in Europe, the
linguistic diversity of India, the history
of the Hindu right, the neo-liberal world
order, the political economy of communalism, feminism and the caste system,
and much more. There was much fanfare,
vol lI no 34
NOTES
NEW
Social Policy
Edited by
Jean Drze
The reach of social policy in India has expanded significantly in recent years. Facilities such as schools and anganwadis,
health centres, nutrition programmes, public works and social security pensions are reaching larger numbers of people
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Yet the performance of these social programmes is far from ideal. Most Indian states still have a long way to go in
putting in place effective social policies that directly address the interests, demands and rights of the unprivileged.
This collection of essays, previously published in the Economic and Political Weekly, has been clustered around six major
themes: health, education, food security, employment guarantee, pensions and cash transfers, and inequality and
Pp xiv + 478 | Rs 795 social exclusion. With wide-ranging analyses by distinguished scholars brought together in a single volume, and an
ISBN 978-81-250-6284-4 introduction by Jean Drze, Social Policy will be an indispensible read for students and scholars of sociology, economics,
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Authors: Monica Das Gupta Abhijit Banerjee Angus Deaton Esther Duflo Jishnu Das Jeffrey Hammer Diane Coffey Aashish Gupta
Payal Hathi Nidhi Khurana Dean Spears Nikhil Srivastav Sangita Vyas Rukmini Banerji Rachel Glennerster Daniel Keniston Stuti Khemani
Marc Shotland D D Karopady Geeta Gandhi Kingdon Vandana Sipahimalani-Rao Vimala Ramachandran Taramani Naorem Jean Drze
Dipa Sinha Reetika Khera Puja Dutta Rinku Murgai Martin Ravallion Dominique van de Walle Yanyan Liu Christopher B Barrett Nandini
Nayak Krushna Ranaware Upasak Das Ashwini Kulkarni Sudha Narayanan Saloni Chopra Jessica Pudussery Shrayana Bhattacharya
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64
NOTES
killed. It was a frame-up like the famous Birmingham Six and the Guildford Four. Only
this time, there was no judicial redress.
EPW
The 2015 meeting was attacked by a rival student group in the JNU. We may
presume that instructions were conveyed in advance in 2016 to make sure
the parties concerned took appropriate
action. The threat of tough measures
from the highest authorities signalled
the determination of the regime to make
full use of the opportunity.
If the commemoration of the death of
a terrorist convict is an opportunity
for the right-wing regime, it is a difficult
problem for the mainstream leftliberal
opposition. The mainstream left did not
cover itself with glory during the entire
political process leading to conviction
and execution of Afzal and the subsequent ferocity of the reaction in
Kashmir. To my knowledge, with notable
individual exceptions, the mainstream
left as a whole never gave any definite
support either to the Kashmiri freedom
struggle or the protest on the great miscarriage of justice regarding Afzal. This
is because, within a statist framework,
each of these causes tests the idea of
democratic dissent at the extremities of
the framework. These causes challenge
the otherwise progressive left to face
two sharp issues:
(i) Do the people of Kashmir have a right
to self-determination even after Indias
Parliament unanimously resolved to include Kashmir in the union of India?
(ii) Is it legitimate to protest against the judgment of the Supreme Court after all legal
avenues have been duly exhausted and
the President has given his seal of approval?
The dilemma is difficult. While affirmative answers to these questions appear
to challenge the supremacy of Parliament
and the apex court, negative answers
appear to curtail the fundamental right
of democratic dissent. Dilemmas often
induce silence. The strategic statist silence
worked well as long as Kashmir remained
a distant problem in the Himalayas.
Masked Outsiders
The silence was seriously breached with
the arrest of the JNU students, especially
the student union president, who also was
affiliated with the mainstream left. The
leftist teachers of JNU were faced with
the difficult task of adhering to the party
line on Kashmir while finding convincing
vol lI no 34
NOTES
Elsewhere, he stated that what happened on 9 February was most objectionable, warranting judicial action.
JNUSU vice-president Shehla Rashid said:
We condemn the undemocratic slogans that
were raised by some people on that day. In
fact, when the sloganeering had been taking
place, it was the Left-progressive organisations and students, including JNUSU officebearers, who asked the organisers to stop the
slogans, which were regressive. (Ghose 2016)
email: circulation@epw.in
66
vol lI no 34
EPW
DISCUSSION
Maoist Movement
ClassCulture Entanglement and Beyond
Babika Khawas
EPW
DISCUSSION
EPW
References
Adhikari, Aditya (2014): The Bullet and the Ballot
Box: The Story of Nepals Maoist Revolution,
New Delhi: Aleph Book Company.
Alpa, Shah and Feyzi Ismail (2015): Class Struggle,
the Maoists and the Indigenous Question in
Nepal and India, Economic & Political Weekly,
50 (35): 11223.
Shah, Alpa and Judith Pettigrew (eds) (2012):
Windows into a Revolution: Ethnographies of
Maoism in India and Nepal, New Delhi: Social
Science Press/Orient Blackswan.
69
CURRENT STATISTICS
Foreign TradeMerchandise
The year-on-year (y-o-y) inflation rate based on WPI rose to a 23-month high of
3.6% in July 2016 from (-)4.0%, a year ago. The index for primary articles grew
substantially by 9.4% in July 2016 against (-)4.0% in July 2015, as the index for
food articles increased sharply by 11.8% against (-)1.2% in the corresponding
period last year. The index for fuel and power continued to decline for 21st
month in a row, but, at a decelerated rate of (-)1.0% in July 2016 from (-)11.6%, a
year ago. The index for manufactured products rose by 1.8% in July 2016 against
(-)1.5% in July 2015.
The merchandise trade deficit narrowed to $7.8 billion (bn) in July 2016
compared to $13.1 bn, a year ago. Exports fell by (-)6.8% to $21.7 bn in July 2016,
compared to $23.3 bn in July 2015, and imports declined by (-)19.0% to $29.5 bn
from $36.4 bn in the respective month last year. During AprilJuly 201617, the
trade deficit narrowed to $27 bn compared to $46 bn, in the corresponding period
last year. Cumulative exports shrunk by (-)3.6% to $87.0 bn and imports by
(-) 16.3% to $114 bn, during AprilJuly 201617 from $90.3 bn and $136.3 bn,
respectively, in the same period last year.
The CPI inflation rate rose to a 23-month high of 6.1% in July 2016 from 3.7%, a
year ago, as the consumer food price index increased sharply by 8.4% compared
to 2.2% in the corresponding period last year. The CPI-rural and urban inflation
rate grew substantially by 6.7% and 5.4%, respectively, in July 2016 compared to
4.4% and 2.8%, respectively, in the same period last year. As per the Labour
Bureau data, the CPI inflation rate for agricultural labourers increased to 6.0% in
June 2016 from 4.5% in June 2015, and that for industrial workers remained same
at 6.1% in June 2016.
The IIP grew by 2.1% in July 2016, compared to 4.2% in July 2015. The index of eight
core industries rose by 5.2% in June 2016 compared to 3.1% in June 2015, with
growth in electricity generation, coal, fertilisers and cement production increasing
sharply to 8.1%, 12.0%, 9.8% and 10.3%, respectively, in June 2016 from 1.2%, 5.4%,
5.8%, and 2.9%, respectively, in June 2015. However, crude oil and natural gas
production continued to decline by (-)4.3% and (-)4.5% in June 2016 compared to
-0.7% and -6.0% June last year. Growth in refinery products and steel production
slowed to 3.5% and 2.4%, respectively, in June 2016 from 7.5% and 4.2%, a year ago.
Year-on-Year in %
12
9.4%
Primary Articles
6
1.8%
-1.0%
Manufactured Products
Exports
Imports
Trade deficit
July 2016
($ bn)
Over Month
(%)
21.7
29.5
7.8
-3.9
-4.0
-4.4
Over Year
(%)
(AprilJuly)
(201617 over 201516) (%)
-6.8
-19.0
-40.7
-3.6
-16.3
-41.3
-6
$ billion
-12
-3
-$3.4 bn
-18
January
2016
February
March
April
May
June*
July*
-$4.3 bn
-6
* Data is provisional.
-$7.8 bn
-9
Over Month
Over Year
100
20.1
14.3
14.9
65.0
1.0
2.6
2.4
0.8
0.3
3.6
9.4
11.8
-1.0
1.8
All commodities
Primary articles
Food articles
Fuel and power
Manufactured products
6.0
9.9
12.9
10.3
3.0
2.0
3.0
6.1
-0.9
2.4
-2.5
0.3
3.4
-11.7
-1.1
-12
-15
-18
April
2015
Jan
2016
July
Oil refers to crude petroleum and petroleum products, while non-oil refers to all other commodities.
16
Electricity
Year-on-Year in %
10
8.3%
4.7%
8
6
6.7%
6.1%
5.4%
Rural
Manufacturing
Mining
-8
CPI (Combined)
0.9%
April
2015
Jan
2016
June*
Urban
0
April
2015
Jan
2016
July*
* July 2016 is provisional. Source: Central Statistics Office (CSO); Base: 2012=100.
CPI combined
Consumer food
Miscellaneous
100 131.1
39.1 138.8
28.3 121.9
0.8
1.3
0.3
6.1
8.4
4.0
5.9
6.3
4.6
4.9
4.9
3.7
277
860
0.7
1.4
6.1
6.0
6.3
6.6
5.6
4.4
CPI: Occupation-wise #
Industrial workers (2001=100)
Agricultural labourers (198687=100)
* Provisional; # June 2016 Source: CSO (rural and urban); Labour Bureau (IW and AL).
Weights
General index
Infrastructure industries
Coal
Crude oil
Natural gas
Petroleum refinery products
Fertilisers
Steel
Cement
Electricity
100.0
37.9
4.4
5.2
1.7
5.9
1.3
6.7
2.4
10.3
Over Month
0.7
-1.8
-2.6
-0.1
-3.6
1.1
4.7
-5.3
-1.1
-2.2
Over Year
2.1
5.2
12.0
-4.3
-4.5
3.5
9.8
2.4
10.3
8.1
2.8
4.5
8.1
-0.9
-4.9
0.3
-0.1
4.7
5.6
8.4
2.4
2.7
4.6
-1.4
-4.2
3.8
11.3
-1.5
4.7
5.3
* Data is provisional; Base: 200405=100. Source: CSO and Ministry of Commerce and Industry.
Comprehensive current economic statistics with regular weekly updates are available at: http://www.epwrf.in/currentstat.aspx.
EPW
vol LI no 34
71
CURRENT STATISTICS
Q1
201516
Q2
1406817
294338
832420
48976
42871
-40831
620869
661700
-49687
2534903
(8.2)
(9.0)
(8.3)
(23.0)
(16.3)
Q3
1422029
322557
828754
48434
38194
-55355
625875
681230
-36835
2567778
(11.6)
(-0.6)
(7.5)
(9.2)
(15.4)
(2.2)
(20.6)
(0.3)
(1.1)
(4.6)
(8.3)
1495823
261886
843733
45077
37174
-45813
636468
682281
21305
2659185
Q4
(1.5)
(33.2)
(3.7)
(16.0)
(10.8)
(2.0)
(5.7)
(6.6)
1539614
223826
903344
52521
55036
-13988
625191
639179
29933
2790285
Q1
(6.6)
(-3.3)
(5.4)
(21.6)
(32.2)
1504442
293720
891627
50754
43138
-60253
585324
645577
761
2724188
(-6.3)
(-6.1)
(6.7)
Q2
(6.9)
(-0.2)
(7.1)
(3.6)
(0.6)
1511464
333116
909117
51068
42932
-78201
599264
677465
-7146
2762350
(-5.7)
(-2.4)
(7.5)
Q3
(6.3)
(3.3)
(9.7)
(5.4)
(12.4)
1618333
269808
853858
48547
42192
-59076
579684
638760
78020
2851682
(-4.3)
(-0.6)
(7.6)
Q4
(8.2)
(3.0)
(1.2)
(7.7)
(13.5)
(-8.9)
(-6.4)
(7.2)
1666888
230308
886147
55448
45549
-15520
613471
628991
143210
3012029
(8.3)
(2.9)
(-1.9)
(5.6)
(-17.2)
(-1.9)
(-1.6)
(7.9)
Current account
Merchandise
Invisibles
Services
of which: Software services
Transfers
of which: Private
Income
Capital account
of which: Foreign investment
Overall balance
201415 ($ mn)
Q4
-7721
-38635
30913
19982
17844
16428
16521
-5497
22864
13194
13182
Q1
-707
-31560
30854
20036
17382
16425
16600
-5607
30085
22993
30149
-6132
-34175
28043
17751
17512
16153
16267
-5861
18637
10226
11430
201516 ($ mn)
Q2
Q3
-8559
-37173
28614
17835
18058
16263
16421
-5484
8121
3150
-856
Q4
-7121
-33975
26854
18013
18556
15250
15305
-6408
10915
11256
4056
201415 (` bn)
Q4
Q3
-338
-24755
24417
16077
17328
14961
15146
-6621
3455
7259
3274
-478 [-1.5]
-2393
1915
1238
1105
1017
1023
-340
1416 [4.5]
817
816 [2.6]
Q1
-44 [-0.1]
-1964
1920
1247
1082
1022
1033
-349
1872 [5.6]
1431
1876 [5.6]
201516 (` bn)
Q3
Q2
-389 [-1.2]
-2169
1780
1127
1111
1025
1033
-372
1183 [3.7]
649
725 [2.3]
-556 [-1.7]
-2415
1859
1159
1173
1057
1067
-356
528 [1.6]
205
-56 [-0.2]
Q4
-469 [-1.4]
-2240
1770
1187
1223
1005
1009
-422
720 [2.1]
742
267 [0.8]
-23 [-0.1]
-1671
1648
1085
1170
1010
1022
-447
233 [0.6]
490
221 [0.6]
` crore
$ mn
Variation
5 Aug
2016
7 Aug
2015
31 Mar
2016
2271820
341767
2126100
333817
2229020
337605
Over
Month
Over
Year
-1530
2789
145720
7950
42800
4162
Monetary Aggregates
` crore
Over Year
Aggregate deposits
Demand
Time
Cash in hand
Balance with RBI
Investments
of which: Government securities
Bank credit
of which: Non-food credit
Capital Markets
S&P BSE SENSEX (Base: 197879=100)
S&P BSE-100 (Base: 198384=100)
S&P BSE-200 (198990=100)
CNX Nifty (Base: 3 Nov 1995=1000)
Net FII Investment in equities ($ Million)*
201213
108086
-14361
82800
-485
Variation
Financial Year So Far
201617
Financial Year
201314
251570
16769
201415
201516
322660
40486
218620
16297
Financial Year
201415
Outstanding
2016
Over Month
12043490
106890 (0.9)
1136130 (10.4)
357200 (3.4)
425880 (3.7)
1661140
982780
9385980
13590
4390
-10390
112560
340
(0.3)
(-1.0)
(1.2)
(2.6)
236440
95520
810650
-6480
(16.6)
(10.8)
(9.5)
(-32.3)
38520
-4370
317570
5480
(2.8)
(-0.5)
(3.8)
(37.6)
63890
-7060
370900
-1860
(4.0)
(-0.7)
(4.1)
(-12.0)
104760
58760
965330
-1270
(9.2)
(7.8)
(14.9)
(-39.2)
140360
79650
800140
12620
(11.3)
(9.8)
(10.7)
(640.6)
211070
98210
757320
860
(15.2)
(11.0)
(9.2)
(5.9)
3693120
7808130
2574950
2055320
2174510
96110
17290
29050
36270
-7240
(2.7)
(0.2)
(1.1)
(1.8)
(-0.3)
408600
656190
221220
152240
278760
(12.4)
(9.2)
(9.4)
(8.0)
(14.7)
277130
102220
103080
126040
-32720
(9.2)
(1.4)
(4.6)
(7.1)
(-1.7)
454640
5070
41220
75750
-6230
(14.0)
(0.1)
(1.6)
(3.8)
(-0.3)
335850
777430
287280
275010
217860
(12.4)
(13.7)
(17.6)
(16.8)
(14.4)
-37480
604430
326710
-137030
195720
(-1.2)
(9.4)
(17.0)
(-7.2)
(11.3)
231090
753340
283080
202530
252270
(7.7)
(10.7)
(12.6)
(11.4)
(13.1)
1733230
427320
13950
-20310 (-1.2)
12570 (3.0)
490 (3.6)
244810 (16.4)
35200 (9.0)
-1240 (-8.2)
756900
755770
-53870
2433680
22600
984820
50720
52060
-54850
3870
0
7000
208040
208850
-26320
190690
2360
96020
201516
(7.2)
(7.4)
(-5596.9)
(0.2)
(0.0)
(0.7)
(37.9)
(38.2)
(95.5)
(8.5)
(11.7)
(10.8)
40120 (2.8)
-73440 (-15.8)
600 (4.1)
184340
185880
-230060
115720
810
103530
Outstanding
2016
Over Month
201516
9674050
876520
8797540
65960
386740
2807070
2804490
7267670
7163160
12 August
2016
28152
8874
3700
8672
170998
Over Year
(2.3)
(4.7)
(5.0)
(3.9)
(0.8)
78520
-17430
95950
-2120
-7280
47640
46710
11720
7590
(0.8)
(-1.9)
(1.1)
(-3.1)
(-1.8)
(1.7)
(1.7)
(0.2)
(0.1)
Month
Ago
27808
8691
3621
8521
168746
842820
87880
754950
10410
17470
170020
169600
639690
643750
(9.5)
(11.1)
(9.4)
(18.7)
(4.7)
(6.4)
(6.4)
(9.7)
(9.9)
Year
Ago
27512
8479
3524
8349
169575
(6.3)
(8.7)
(12.1)
(8.1)
(7.2)
297940
-5390
303330
2200
-3800
145230
145140
91560
77410
201314
1127560 (13.4)
69770 (4.2)
-74510 (-14.8)
-1500 (-9.7)
(50.6)
(51.5)
(-113.6)
(5.4)
(4.2)
(13.2)
115700
12508
201112
331910
331210
-358410
50210
700
30640
(78.1)
(78.0)
(-117.7)
(2.1)
(3.2)
(3.2)
Variation
Financial Year So Far
201617
(3.5)
(-0.7)
(3.9)
(4.1)
(-1.0)
(5.8)
(5.8)
(1.4)
(1.2)
346760
-12480
359240
8520
-700
181570
180560
18050
18800
(3.7)
(-1.4)
(4.3)
(14.8)
(-0.2)
(6.9)
(6.9)
(0.2)
(0.3)
201516
Trough
Peak
24674
7656
3193
7546
-
22952
7051
2938
6971
-
147230 (11.3)
35860 (8.3)
12630 (644.4)
215160 (14.9)
36270 (7.8)
860 (5.9)
108120
107150
14070
244460
2000
150810
-334180
-336610
145030
324750
2090
-58050
60470
63520
102030
256200
2470
168910
955110
51620
903480
5380
34080
206720
207540
733640
731610
(18.3)
(18.1)
(32.4)
(15.7)
(13.0)
(21.8)
22386
6707
2681
6704
149745
(-47.8)
(-48.2)
(0.0)
(18.0)
(12.1)
(-6.9)
Financial Year
201415
(14.1)
(7.8)
(14.8)
(13.3)
(12.1)
(10.3)
(10.4)
(13.9)
(14.2)
827730
80110
747620
7480
56730
279000
278560
542320
546350
(10.7)
(11.2)
(10.7)
(16.3)
(17.9)
(12.6)
(12.6)
(9.0)
(9.3)
201314
29044
8980
3691
8834
-
201516
1067450 (10.1)
110090 (9.2)
109020 (34.0)
-1280 (-39.5)
201314
28209
8934
3726
8711
-
1032780 (10.9)
(18.8)
(18.1)
(17.2)
(18.0)
(9.9)
27957
8607
3538
8491
168116
(24.9)
(28.3)
(31.9)
(26.7)
(12.3)
(16.6)
(17.6)
(0.0)
(12.0)
(12.7)
(21.5)
201516
794000
94970
699040
4090
14370
133680
134180
713200
702360
(9.3)
(12.0)
(9.0)
(7.7)
(3.9)
(5.4)
(5.4)
(10.9)
(10.9)
201516
25342
7835
3259
7738
166107
(-9.4)
(-9.0)
(-7.9)
(-8.9)
(-1.2)
* = Cumulative total since November 1992 until period end | Figures in brackets are percentage variations over the specified or over the comparable period of the previous year | (-) = not relevant | - = not available | NS = new series | PE = provisional estimates
Comprehensive current economic statistics with regular weekly updates are available at: http://www.epwrf.in/currentstat.aspx.
72
vol LI no 34
EPW
CURRENT STATISTICS
Secondary Market Transactions in Government Securities and the Forex MarketWeeks Ending 5 and 12 August 2016
1 Settlement Volume of Government Securities (G-Sec) Transactions (Face Value in ` crore)
Week Ended
12 August 2016
Number
Volume
of Trades
Outright
Repo
CBLO
Total
Daily Avg Outright
Daily Avg Repo
Daily Avg CBLO
46911
1808
4936
53655
9382
301
823
589410
240386
482872
1312668
117882
40064
80479
5 August 2016
Number
Volume
of Trades
37690
1881
4438
44009
7538
314
740
Number
of Trades
467001
236828
378630
1082459
93400
39471
63105
14 August 2015
Volume
18472
1050
4510
24032
3694
175
752
195681
137296
406418
739395
39136
22883
67736
201617*
201516**
Number
of Trades
Volume
527621
31020
78957
637598
5862
310
790
6347866
4080628
7154164
17582657
70532
40806
71542
Number
of Trades
Volume
347574
23664
84335
455573
3778
215
767
3786597
3079705
7131034
13997336
41159
27997
64828
Outright
Repo
Outright
Repo
Outright
Repo
551987
22081
15342
589410
203392
13829
23165
240386
425669
17779
23553
467001
195059
18427
23342
236828
170317
6057
19307
195681
101832
5011
30453
137296
CBLO Lending
Buy Side
CBLO Borrowing
Sell Side
Security Description
Trades
Value (` Cr)
% Value to Total
7.59% GS 2026
7.59% GS 2029
7.88% GS 2030
7.61% GS 2030
7.68% GS 2023
12267
9681
6298
5212
2995
154141
111062
69013
63581
34971
27.92
20.12
12.50
11.52
6.34
Cooperative Banks
Financial Institutions
Foreign Banks
Insurance Companies
Mutual Funds
Others
Primary Dealers
Private Sector Banks
Public Sector Banks
Buy Side
Sell Side
5.39
0.21
25.71
1.10
7.52
0.93
16.97
13.78
28.38
5.48
0.30
25.90
0.76
6.70
0.72
17.54
12.31
30.30
Reverse Repo
Buy Side
Repo
Sell Side
2.09
0.09
26.58
3.34
12.31
0.00
3.11
15.55
36.93
0.10
0.00
28.29
0.00
0.00
3.91
36.29
21.77
9.64
7.24
4.50
3.38
7.57
41.06
7.45
0.08
7.92
20.81
NDS Call
0.73
5.71
11.25
0.05
26.05
12.27
3.65
22.81
17.48
Forex
Buy Side
Sell Side
Buy Side
Sell Side
45.78
3.96
0.00
12.08
38.18
1.02
14.79
34.10
36.32
13.77
0.17
0.00
39.12
26.04
34.67
0.17
0.00
40.16
26.32
33.35
5 Trading Platform AnalysisTrading Value (Face Value in ` Crore), (12 August 2016)
Week Ended
OTC
Volume
Number
of Trades
Central Government
State Government
Treasury Bills
Total
1774
535
150
2459
Market
Share (%)
Number
of Trades
7.47
61.04
54.04
10.90
40336
651
270
41257
38410.74
12443.66
9243.69
60098.09
NDS-OM
Volume
475709.31
7941.26
7860.46
491511.04
Market
Share (%)
Number
of Trades
92.53
38.96
45.96
89.10
182
62
15
259
Brokered Deals
Volume
Market
Share (%)
9388.53
1508.93
1355.00
12252.47
1.83
7.40
7.92
2.22
Cash
Tom
Spot
Forward
Total
Average
12 August 2016
5 August 2016
14 August 2015
201617*
Number
of Deals
Volume
($ mn)
Number
of Deals
Volume
($ mn)
Number
of Deals
Volume
($ mn)
1338
1938
67152
392
70820
14164
22336
26971
50686
2701
102694
20539
1568
2340
63302
562
67772
13554
28220
34975
55371
2179
120744
24149
1116
1622
69506
490
72734
14547
15176
17977
48935
2846
84933
16987
Number
of Deals
27410
39458
1282664
61172
1410704
16996
201516**
Volume
($ mn)
Number
of Deals
Volume
($ mn)
454596
544300
1034178
327329
2360403
28439
23018
35196
1219950
75876
1354040
14880
350513
427181
957615
376460
2111769
23206
% to Total
Value
Number
of Deals
14 August 2015
Value
($ mn)
% to Total
Value
32
33
11
21
4
100
71
93
38
29
14
245
1132
1232
297
165
19
2846
40
43
10
6
1
100
< 30 days
> 30 days & < = 90 days
> 90 days & < = 180 days
> 180 days & < =365 days
> 1 year
Total
Number
of Deals
12 August 2016
Value
($ mn)
% to Total
Value
Number
of Deals
49
61
38
27
21
196
966
694
450
456
136
2702
36
26
17
17
5
100
45
106
57
62
11
281
5 August 2016
Value
($ mn)
695
713
238
453
81
2179
* Data pertain to 1 April 201612 August 2016. ** Data pertain to 1 April 201514 August 2015.
(i) Tables 1 to 5 relate to Securities Segment, and (ii) Tables 6 and 7 relate to Forex Segment.
Source: Clearing Corporation of India Limited (CCIL).
Economic & Political Weekly
EPW
vol li no 34
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