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  • Distributional Effects of Trade Liberalisation on Wages in India

    There is a high level of policy interest on the effect of trade liberalisation on inequality, especially in developing countries, because of their large vulnerable populations. India also initiated the process of liberalisation as a response to the severe balance of payments crisis of 1991. However, both rural and urban inequality has been increasing since the period 1993–1994, with urban inequality increasing at a higher rate. This study empirically examines the impact of trade openness on wage inequality using panel data for Indian states (separately for rural and urban areas). The results of this study indicate that trade openness does not lead to decrease in the wage inequality in the states and their rural areas. However, urban wage inequality is found to be increasing due to trade openness. These results are analysed and explained by various factors present in the Indian economy such as, skill biased technological changes; trade in intermediate goods; barriers to domestic labour mobility; and pattern and composition of India’s exports. An interesting aspect emerging is that higher education levels lead to increase in wage inequality as returns to education and inequality are increasing and the increase is also attributed to liberalisation. JEL Codes: F16, O18, C23

  • Foreign Direct Investment and Technology Spillovers: An Analysis of Indian Manufacturing

    Using a rich firm-level panel dataset of Indian manufacturing over 2010–2018, this study aims to identify the spillover effects associated with foreign direct investment (FDI). To this end, we distinguish spillover effects into horizontal (Intra-industry linkage) and vertical (backward or downstream and forward or upstream Inter-industry linkages) FDI channels. We employ various semi-parametric methods to tackle the endogeneity issues in productivity estimation. We find that backward spillover from the downstream multinational enterprises is the only source of total factor productivity gains. However, the magnitude of negative forward–vertical linkage is larger than the positive backward–vertical effect. The analysis also broadly compares technology spillovers for domestic and all firms in the sector. Finally, we investigate productivity spillover across industries based on their technology intensity. Our findings suggest that industry heterogeneity is a key driver of FDI spillover. JEL Codes: F23, D24, O33, L1

  • The Potential Impact of Tariff Liberalisation on India’s Automobile Industry Global Value Chain Trade: Evidence From an Economy-Wide Model

    The impact of tariff barriers affecting participation in global value chain (GVC) trade has received attention in recent literature. However, the empirical evidence in the context of mega-regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP), from which India opted out recently, remains non-existent. Our study contributes to the empirical literature by undertaking an economy-wide modelling exercise, augmenting it to the automobile sector trade in GVC goods in the Indian context. We conduct two policy simulations with an aim to analyse how India’s auto-industry and auto-parts trade, involving forward and backward linkages in GVCs, have been affected by its decision to opt out of RCEP compared to a hypothetical scenario of not doing so. Our results suggest that a potential RCEP membership would have created net trade in both the finished automobile and intermediate auto-parts sectors, although imports would exceed exports. Further, we infer that both backward linkages and forward linkages in this industry will be adversely affected by opting out of RCEP, as there is export diversion in the auto-parts sectors globally, with India facing terms of trade losses due to higher import prices. This informs policymakers that developing domestic resilience and improving productivity are critical for India to improve its long-run export competitiveness while contemplating future trade agreements, including those with RCEP members. JEL Codes: F15, F61, O53

  • Book review: Rajib Bhattacharyya, Ramesh Chandra Das, and Achintya Ray (Eds.), COVID-19 Pandemic and Global Inequality: Reflections in Labour Market, Business and Social Sectors

    Rajib Bhattacharyya, Ramesh Chandra Das, and Achintya Ray (Eds.), COVID-19 Pandemic and Global Inequality: Reflections in Labour Market, Business and Social Sectors (Singapore: Springer Nature, 2023), 333 pp. €128.39 (Hardcover), ISBN 978-981-99-4404-0.

  • The Necessity of New Versions of Bilateral Trade Balances and COVID-19: The Nonlinear ARDL Approach for the USA and Japan

    This study aims to reveal the need to reformulate new forms of Bilateral Trade Balances (BTBs) for a country rather than a traditional BTB. This is because the traditional BTB ratio, based on total exports and defined as the total exports/total imports ratio, cannot classify and quantify a BTB based on its economic impact content. It fails to classify because countries also export goods already imported (denotes re-export) besides exporting their domestic goods produced within the country (denotes domestic export). It also fails to quantify because, while domestic goods undergo a value-added process within a country, re-exported goods do not. In this context, for the first time, this study attempts to reformulate/reinvestigate new forms of BTBs as production-related BTB, based on domestic export and non-production-related BTB, based on re-export for the USA with Japan. Empirical findings confirm the necessity and cruciality of the proposed methodology in this study. JEL Codes: F10, F14

  • Effect of Trade and Industrialisation on Environmental Sustainability: The Case of African Countries

    This study explores the effect of trade and industrialisation on environmental sustainability in Africa. To achieve the study objective, the pooled mean group estimation strategy was employed on data from 1990 to 2019 for 38 selected African countries. Findings are indicative that trade has a negative and significant effect on ecological footprint in the long run. It is iemplied that trade enhancement has the tendency to enhance environmental sustainability in African countries. In addition, industrialisation has a positive and significant effect on ecological footprint. Implied is that industrialisation dampens environmental sustainability in African countries. Similarly, foreign direct investment inflows into African countries exert a positive but insignificant effect on ecological footprint. The result further depicts that economic growth positively and significantly impacts ecological footprints in African countries. Also, renewable energy consumption has a negative and significant effects on ecological footprint, suggesting that the adoption of renewable energy plays a crucial role in enhancing environmental sustainability in African countries. The short-run result reveals no significant relationship between trade, industrialisation, foreign direct investment and ecological footprints. Population growth has a positive effect on ecological footprint, albeit not a statistically significant effect. Furthermore, the result depicts that renewable energy consumption has a negative and significant effect on ecological footprints in African countries. On the strength of the findings, we recommend the stimulation of domestic trade and the strengthening of industrial policies to ensure environmental sustainability in African countries. JEL Codes: C33, F14, F18, R11

  • Are We Heading Towards a Changed Order of International Legal System? A Post-COVID-19 Approach

    The COVID-19 pandemic has significantly disrupted the global order, challenging long-standing assumptions about the North–South divide and the efficacy of international legal frameworks. This article argues that the pandemic has accelerated the emergence of a new international legal regime, one that moves away from the Western-centric approach that has historically dominated global governance. The first part critiques the North–South divide, demonstrating its diminishing relevance as nations in the Global South, including India and Vietnam, responded more effectively to the crisis compared to their First World counterparts. The paper also highlights the economic struggles of the Global North, challenging the traditional view of the divide. The second part examines the role of International Health Regulations and state responses during the pandemic, arguing that the current legal framework is inadequate to address the complexities of global health crises. Drawing on the theories of Vitoria and Grotius, the article explores the evolving concepts of sovereignty and freedom of movement in the context of isolation and quarantine measures. The article concludes that we are witnessing a shift towards a changed world order, where the old Western-centric legal regime is being replaced by a more inclusive and cooperative international system, driven by the need for greater coordination and transparency in the face of global challenges like pandemics.

  • Price Control Policies for Medicines: How Far the Accessibility Is Achieved by Patients?

    The price control legislations are the main policy tool used in India to make medicines accessible. It is important to understand the real impact of these interventionist policies on patients’ lives. The objective of the article is centred on understanding the effectiveness of price interventionist policy to reduce the out-of-pocket expenditure of patients. The article examines whether the ability to pay by patients is considered or linked while fixing the prices after regulation. The article focuses on the direct price control and trade margin rationalization imposed on drugs to increase accessibility. The article deliberates the drugs under both price regulations to check how significant are the price reduction and how it would reduce the inequity among the patients.

  • Integrating the Sustainable Development Goals into India’s Legal Education Landscape: The What, Why and How of a Reform Paradigm

    In this era of the Anthropocene, where four of the nine planetary boundaries have been crossed, the need for environmental stewardship, social equity and sustainability cannot be over-emphasized. So critical is the sustainability discourse that it has transcended disciplinary boundaries, permeating various aspects and sectors of human endeavour. A critical area where sustainability, as evidenced by the sustainable development goals (SDGs) framework, exerts influence is higher education and, more importantly, legal education. This article examines the intersection between sustainability (SDGs), human rights and legal education. It makes a case that if legal education, like other disciplines, has to propel the pursuit of a more liveable and equitable future, it is imperative to embed sustainability (SDGs) within legal education’s academic landscape. This central theme is examined against India’s legal education scenario. While there are a few isolated attempts to foster a culture of sustainability within the realm of legal academia in India, among these, the efforts of Jindal Global University and its law school, namely, Jindal Global Law School, stand out due to their steadfast commitment to this ideal. Jindal Global University (JGU) and Jindal Global Law School (JGLS) have strategically positioned sustainability as a foundational tenet of their institutional ethos, and their endeavours serve as a compelling example for institutions in India and elsewhere seeking to elevate their commitment to sustainability. Accordingly, based on the proactive initiatives of JGU and JGLS, this article develops a reform paradigm centred on what, why and how to revamp India’s legal education sector to infuse it with a sustainable culture.

  • The Case for Nurturing AI Literacy in Law Schools

    The debate surrounding the permissibility of generative artificial intelligence (AI) tools in legal education has garnered widespread attention. However, this discourse has largely oscillated between the advantages and disadvantages of generative AI usage whilst failing to fully consider how the uptake of these tools relates to the fundamental objectives of legal education. This article contributes to the current debate by positing that since the primary aim of legal education is the preparation of legal professionals and the development of legal research, generative AI must be holistically integrated into the dominant approaches to legal teaching. This stems from the fact that the legal profession will increasingly rely on generative AI in its daily work. Therefore, AI literacy will emerge as a critical professional skill in the legal realm. Against this background, this article further argues that the integration of AI into the legal curriculum should be addressed by diversifying assessment strategies, emphasizing the importance of academic integrity and making resources on the ethical use of AI available to both students and academic staff in law schools.

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