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India's Electronics Manufacturing Sector: Getting the Diagnosis Right
07 September, 2018, Smitha Francis
The Indian electronics industry’s high dependence on imports is a direct outcome of the trade and investment liberalisation that was carried out by successive governments without putting in place the necessary industrial policy support for maintaining and improving domestic linkages and indigenous capabilities.
India's Proposed FTAs with EFTA and the EU: Complicating a myopic policy regime
31 January, 2014, Smitha Francis
India should put on hold the signing of further bilateral and regional trade agreements and strive for a trade policy compatible with a strategic industrial policy.
National FDI Concepts: Implications for investment negotiations
04 June, 2010, Smitha Francis
Free trade agreements and bilateral investment treaties make privileges for and treatment of foreign direct investors legally binding. Thus, apart from the concerns of being able to capture the ''real'' financial and economic contribution of foreign direct investment inflows, FDI definitions are also about protecting the ''rights'' of the so-defined investors in the host country. Keeping this in mind, the article analyses India's current FDI policy and warns that if we define FDI within our national regulatory framework too broadly to allow instruments and flexibility that were earlier resisted, we would have already lost most of the leverage in investment negotiations at the regional and multilateral levels.
The Revised Basel Capital Accord: The Logic, Content and Potential Impact for Developing Countries
31 August, 2006, Smitha Francis
Basel II is the modified framework of supervisory regulations governing capital adequacy for internationally active banks, published by the Basel Committee of Banking Supervision. This paper argues that while the Revised Accord is yet another attempt by the global financial community to remedy the woes associated with unhindered financial liberalization, it will only serve to exacerbate the already existing conflicts between the objectives of financial stability and economic development facing developing countries under the present paradigm.
Sub-Federal Governance and Global Harmonisation of Policies: Some Issues for Consideration
19 February, 2005, Murali Kallummal & Smitha Francis
Providing an overview of the trends towards the global harmonisation of economic policies, this paper argues that the challenges faced by developing countries in addressing their local developmental concerns call for sub-federal governance structures and strategic re-engineering of federal finances.
Budget 2004-05: Solace in Sight for Federal Debt Woes?
15 July, 2004, Smitha Francis
A decade and more of liberal market-oriented economic policies have seen increasing stress on Indian federal finances. As has been highlighted by many economists recently, the higher than market interest rates paid by the States on their borrowings from the Centre has been a significant contributor to States' financing worries.
SDRM: Debt Restructuring or Liquidation?
02 January, 2003, C.P. Chandrasekhar, Jayati Ghosh & Smitha Francis
Even as the Bretton Woods Institutions are opposed to reform of the international financial architecture to prevent crises, they are ardently searching for ways to deal with the fallout of crises on sovereign debt. C.P. Chandrasekhar, Jayati Ghosh and Smitha Francis examine the Sovereign Debt Restructuring Mechanism (SDRM) advocated by the IMF, discuss the factors that motivate those advocating it and assess the likely consequences of its implementation.

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