Tandel V.,IDFC Institute |
Gandhi S.,Indian Council for Research on International Economic Relations ICRIER |
Pethe A.,University of Mumbai |
Agarwal K.,University of Mumbai
Environment and Urbanization | Year: 2016
The amount of rental housing in India has declined significantly over the years for various reasons, including the nature of the rent control laws. This paper assesses the impact of rent control for Mumbai, where it has created a shortfall in formal, affordable rental housing and contributed to distortions in the land market. The paper describes how “first-generation” rent control in Mumbai has led to deterioration of the existing rental housing stock, virtually halted the construction of new housing for rental in the city, and given rise to informal practices such as pagdi or key money. It also analyses the spatial concentration and composition of rent-controlled tenements in the city. It proposes reforms that would allow a gradual move towards rationalized rent controls, arguing that such second-generation controls will help incentivize investments in the rental sector and reduce the demand in the housing market at large, with implications for prices and affordable housing in particular. © 2015, © 2015 International Institute for Environment and Development (IIED).
Goldar A.,Indian Council for Research on International Economic Relations ICRIER |
Bhanot J.,TERI University |
Shimpo K.,Keio University
Energy Policy | Year: 2011
Proponents of free trade have often hailed international trade as an engine of economic growth. However, the foreign trade sector, like many other sectors in developing countries, frequently involves these countries walking a tightrope between their developmental objectives and environmental goals. In this regard, prioritizing for developing a 'green' yet internationally competitive export portfolio provides a quintessential win-win solution to the problem. This study factors in both environmental benignity (indicated by total CO2 emission intensity) as well as trade competitiveness (indicated by revealed comparative advantage index) in identifying the 'ideal' Indian export portfolio. The analysis calculates the level of direct and indirect emissions from the foreign trade sector (exports and imports) using the environmental input-output (EIO) matrix for 2003/04 for India that has been jointly developed by researchers from Keio University, Japan, and The Energy and Resources Institute (TERI), New Delhi. The derived basket is compared to the current portfolio to estimate the potential saving from compositional changes and to suggest directions for policymaking to emphasize or de-emphasize the export of certain categories of exports. © 2011 Elsevier Ltd.
Shome P.,Indian Council for Research on International Economic Relations ICRIER
Oxford Review of Economic Policy | Year: 2013
The global economic crisis of 2008-9 followed by the euro area sovereign debt crisis of 2011-12 has revealed the need for global rebalancing. Economies with current account surpluses need to increase domestic demand, while deficit countries need to reduce their deficits by boosting exports through productivity gains. India falls within the deficit category, having suffered both current account and fiscal deficits that have persisted over recent years. A dearth of adequate structural reform underlies India's macroeconomic imbalances. Analysis reveals that current account surplus economies tend to experience comparative advantage in their goods sector while deficit countries have comparative advantage in the services sector. The question posed is whether liberalizing the services sector would reap dynamic benefits by enhancing services exports and containing India's deficit. Opening up the services sector could, however, have opposing effects. On the one hand, it would support greater export of services, thereby reducing the current account deficit. On the other, the probable rise in foreign participation would translate to an increase in imports. The paper argues that the former effect is likely to prevail since structural reform in the services sector has the potential to reduce inefficiencies created by trade and capital flow restrictions. Reform would improve resource allocation, increase investment opportunities and enhance economic growth. Further, while the initial phase of foreign entrants would imply increased imports, in the medium term, successful joint ventures are likely to spread out internationally with positive ramifications for exports. Solutions in India are to be found in liberalizing, among others, the financial-including banking and insurance-sector, as well as retail trade, though its achievement will not be easy. © The Author 2013. Published by Oxford University Press.