Thursday, 29 October 2020

Sustainable development essential

Updated: January 14, 2018 11:41 am

 

Political economy belongs to no nation; no country has copyright on this. It is the science of the rules for the production, the growth, the distribution, and the consumption of the wealth. It will claim itself whenever you wish it or not. It is founded on the characteristic of human mind, and no power can change it. Rousseau argues in his “A Discourse on Political Economy” written in 1755 : “The word economy is derived from oikos, a house, and nomos, law, and meant originally only the wise and legitimate government for the welfare of the whole family.  At that time, the meaning of the terms was extended to the government of the great family, the state and this is called political economy.”

In the Indian context, the largest portion of the natural recourse of India consists of land and by far the largest number of its inhabitants is engaged in agriculture for their survival. Therefore, in any economic development, agriculture has a big role to pay for the country.  Though, after Indian independence, agriculture sector has passed through many developments, new crops have occupied a stages of significant position in the country’s production and trade.  Agriculture sector provides 55 per cent job to the working population of India. There is an argument given in this context, that, as the country moves towards economic development and high growth in manufacturing sector, agriculture would lose its significance. Unfortunately, in India the number of people depending on agriculture is decreasing slowly. A serious concern is the share of agriculture to GDP, which is decreasing very fast and as per reports it is well behind 19 per cent. This is a big threat for those people who are involved in agriculture.

Interventions in political economy

Prof. Manjappa D. Hosamane

Pages : 249

Price: `850

According to this book, on International labour migration in Indian context, India is the labour rich country. With improvement in education and skill, India is considered to be a country with a huge reservoir of both skill and semi-skilled labour force. This has improved the status of India at international level as it is being considered that India’s role in future will be major in providing workforce to those countries that are facing aging population. Since 1990, Indian has migrated to the US, the UK, France, Germany, Belgium Japan, Singapore, Middle East etc. According to a report, in 2015, of the 244 international migrants  worldwide, 104 million people were born in Asia and among those 16 million people were from Indian “Diaspora”- the highest number in the world. Therefore, migration of Indians is also a big issue to think on.

The book ‘Interventions in Political Economy,’ an explorative observation, has been written in honor of Prof. Manjappa D. Hosamane and has been edited by Muzaffar Assadi. It consists of various essays by renowned economists, political scientists and analysts from notable institutions, universities and industry. This book carries elaborate research on many issues like industry, finance, banking, agriculture, environment and labour.

This book provides well research and statistics on various concerns, which pave the way to understand the economic implications. The book has touched almost all economic and political sections. Therefore, for those who are willing to understand Indian and international economic scenario, this book will prove to be very useful.

By Ravi Mishra

 

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