IGNOU BECC 113 Solved Assignment 2022-23

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Submission Date :

31st March 2033 (if enrolled in the July 2033 Session)
30th Sept, 2033 (if enrolled in the January 2033 session).

Answer the following Descriptive Category questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in case of numerical questions in Assignment One.

Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in case of numerical questions in Assignment Two.

Answer the following Short Category questions in about 100 words each. Each question carries 6 marks in Assignment Three.

Answer all the questions.

Assignment A

1. Explain the different instruments of Monetary Policy.

Monetary Policy of RBI: Monetary policy refers to the credit-control measures adopted by the central bank of a country. In the case of the Indian economy, RBI is the sole monetary authority that decides the supply of money in the economy.

The Chakravarty committee has emphasized that price stability, growth, equity, social justice, promoting and nurturing the new monetary and financial institutions have been important objectives of the monetary policy in India.

RBI Monetary Policy2022: Highlights

1- Repo Rate and Reverse Repo Rate will remain unchanged at 4% and 3.35% respectively.

2- The MPC is projecting GDP growth at 7.8% and inflation at 4.5% for FY23.

GDP growth rate:

Q1 growth at 17.2%
Q2 growth at 7%
Q3 growth at 4.3%
Q4 growth at 4.5%

Inflation rate:

Q1 inflation at 4.9%
Q2 inflation at 5%
Q3 inflation at 4%
Q4 inflation at 4.2%

3- 10-year bond yields plummeted over 5 basis points to 6.75%.

4- On Tap Liquidity Facility for Emergency Health Services of Rs. 50,000 crore and Contact Intensive Sectors of Rs. 15,000 crore announced in May and June 2021 respectively has been extended from March 31 till 30 June 2022 due to continued uncertainty following the third wave of Covid pandemic.

5- The cap under e-RUPI Prepaid Single-Use Digital Payment Voucher issued by Centre and States increased from Rs. 10,000 to Rs. 1 lakh per voucher. The vouchers can now be used until the amount is completely redeemed.

The instruments of monetary policy are of two types:

1. Quantitative: General or indirect (CRR, SLR, Open Market Operations, Bank Rate, Repo Rate, Reverse Repo Rate)

2. Qualitative: Selective or direct (change in the margin money, direct action, moral suasion)

Both methods affect the level of aggregate demand through the supply of money, cost of money and availability of credit. Of the two types of instruments, the first category includes bank rate variations, open market operations and changing reserve requirements (cash reserve ratio, statutory reserve ratio).

Monetary Policy is discussed under:

1. General Credit Controls:

These are designed to control and adjust the size of a volume of deposits created and the cost of bank credit in general without regard to the particular field of an enterprise or economic activity in which the credit is used.

a. Bank Rate Policy:

The bank rate is the minimum lending rate of the central bank at which it rediscounts first-class bills of exchange and government securities held by the commercial banks. When the central bank finds that inflation has been increasing continuously, it raises the bank rate so borrowing from the central bank becomes costly and commercial banks borrow less money from it (RBI).

The commercial banks, in reaction, raise their lending rates to the business community and borrowers who further borrow less from the commercial banks. There is a contraction of credit and prices are checked from rising further. On the contrary, when prices are depressed, the central bank lowers the bank rate.

It is cheap to borrow from the central bank on the part of commercial banks. The latter also lower their lending rates. Businessmen are encouraged to borrow more. Investment is encouraged and followed by rising output, employment, income and demand and the downward movement of prices is checked.

b. Open Market Operations:

Open market operations refer to the sale and purchase of securities in the money market by the central bank of the country. When prices start rising and there is a need to control them, the central bank sells securities. The reserves of commercial banks are reduced and they are not in a position to lend more to the business community or general public.

Further investment is discouraged and the rise in prices is checked. Contrariwise, when recessionary forces start in the economy, the central bank buys securities. The reserves of commercial banks are raised so they lend more to the business community and the general public. It further raises Investment, output, employment, income and demand in the economy hence the fall in price is checked.

c. Changes in Reserve Ratios:

Under this method, CRR and SLR are two main deposit ratios, which reduce or increase the idle cash balance of commercial banks. Every bank is required by law to keep a certain percentage of its total deposits in the form of a reserve fund in its vaults and also a certain percentage with the central bank.

When prices are rising, the central bank raises the reserve ratio. Banks are required to keep more with the central bank. Their reserves are reduced and they lend less. The volume of investment, output and employment are adversely affected. In the opposite case, when the reserve ratio is lowered, the reserves of commercial banks are raised. They lend more and the economic activity is favourably affected.

2. Selective Credit Controls:

Selective credit controls are used to influence specific types of credit for particular purposes. They usually take the form of changing margin requirements to control speculative activities within the economy. When there is a brisk speculative activity in the economy or in particular sectors in certain commodities and prices start rising, the central bank raises the margin requirement on them.

a. Change in Margin Money:

The result is that the borrowers are given less money in loans against specified securities. For instance, raising the margin requirement to 70% means that the pledger of securities of the value of Rs 10,000 will be given 30% of their value, i.e. Rs 3,000 as a loan. In case of a recession in a particular sector, the central bank encourages borrowing by lowering margin requirements.

b. Moral Suasion: Under this method, RBI urges commercial banks to help in controlling the supply of money in the economy.

2. Discuss the policy initiatives of India during the period 2015-2020 for improving
the sectoral performance of the economy.

A globally competitive manufacturing sector is India’s greatest potential to drive economic growth and job creation this decade. Due to factors like power growth, long-term employment prospects, and skill routes for millions of people, India has a significant potential to engage in international markets. Several factors contribute to their potential. First off, these value chains are well positioned to benefit from India’s advantages in terms of raw materials, industrial expertise, and entrepreneurship. Second, they can take advantage of four market opportunities: expanding exports, localising imports, internal demand, and contract manufacturing.With digital transformation being a crucial component in achieving an advantage in this fiercely competitive industry, technology has today sparked creativity. Manufacturing sector in India is gradually shifting to a more automated and process driven manufacturing which is expected to increase the efficiency and boost production of the manufacturing industry. India is gradually progressing on the road to Industry 4.0 through the Government of India’s initiatives like the National Manufacturing Policy which aims to increase the share of manufacturing in GDP to 25 percent by 2025 and the PLI scheme for manufacturing which was launched in 2022 to develop the core manufacturing sector at par with global manufacturing standards.

Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr Narendra Modi, launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. Government aims to create 100 million new jobs in the sector by 2022.

India’s gross domestic product (GDP) at current prices stood at Rs. 51.23 lakh crore (US$ 694.93 billion) in the first quarter of FY22, as per the provisional estimates of gross domestic product for the first quarter of 2021-22. The manufacturing GVA at current prices was estimated at US$ 77.47 billion in the third quarter of FY22 and has contributed around 16.3% to the nominal GVA of during the past ten years. India has potential to become a global manufacturing hub and by 2030, it can add more than US$ 500 billion annually to the global economy. As per the economic survey reports, estimated employment in manufacturing sector in India was 5.7 crore in 2017-18, 6.12 crore in 2018-19 which was further increased to 6.24 crore in 2019-20. India’s display panel market is estimated to grow from ~US$ 7 billion in 2021 to US$ 15 billion in 2025. As per the survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI), capacity utilisation in India’s manufacturing sector stood at 72.0% in the second quarter of FY22, indicating significant recovery in the sector.

INVESTMENT

Some of the major investments and developments in this sector in the recent past are:

According to Department for Promotion of Industry and Internal Trade (DPIIT), India received a total foreign direct investment (FDI) inflow of US$ 58.77 billion in FY 2021-22.
Between April 2000-March 2022:
- The automobile sector received FDI inflows of US$ 32.84 billion.
- The chemical manufacturing sector (excluding fertilisers) received FDI inflows worth US$ 19.45 billion.
- The drug and pharmaceutical manufacturing sector received FDI inflows worth US$ 19.41 billion.
In June 2022, the combined index of eight core industries stood at 143.4 driven by production of coal, cement, electricity, refinery products, fertilizers, steel, and natural gas.
In June 2022, outputs increased for coal by 31.1%, electricity (15.5%), refinery products (15.1%), fertilizers (8.2%), cement (19.4%), natural gas (1.2%).
In June 2022, the Manufacturing Purchasing Managers’ Index (PMI) in India stood at 53.9
In January- June 2022, export of top 10 major commodities (Engineering goods, Petroleum products, Gems and Jewellery, Organic and Inorganic chemicals, Drugs and Pharmaceuticals, Electronic goods, RMG of all Textiles, Cotton Yarn/Fabs./Madeups, Rice, Plastic and Linoleum) stood at US$ 190.4 billion.
In May 2022, EPFO added 16.81 lakh net subscribers, an increase of 1.45 lakh net subscribers compared to April 2022.
In October 2021, information technology major Zoho, announced that it will invest Rs. 50–100 crore (US$ 6.7–13.4 million) and form a new company, that will focus on research and development (R&D) in the manufacturing sector.
In August 2021, Wistron Corp. collaborated with India’s Optiemus Electronics to manufacture products such as laptops and smartphones, giving a major boost to the ‘Make in India’ initiative and electronics manufacturing in the country.
In April 2021, Samsung started manufacturing mobile display panels at its Noida plant and plans to ramp up manufacturing IT display panels soon.
- Samsung Display Noida, which has invested Rs. 4,825 crore (US$ 650.42 million) to move its mobile and IT display manufacturing plant from China to Uttar Pradesh, has received special incentives from the state government.
In April 2021, Bharti Enterprises Ltd. and Dixon Technologies (India) Ltd., formed a joint venture to take advantage of the government’s PLI scheme for the manufacturing of telecom and networking products.

Assignment B

3) Outline the two major types of fiscal policy along with its implications.
4) Indicate the importance of agricultural sector in stimulating the overall economic
growth of an economy.
5) Analyse the trend in the industrial performance of India during the post-1991 phase.

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Assignment C

6) Differentiate between:
(a) Micro & Tiny Enterprises and Small Enterprises.
(b) Repo Rate and Reverse Repo Rate.
(c) Fiscal Deficit and Revenue Deficit.

7) Write short notes on the following.
(a) Export Led Growth.
(b) Multilateralism.
(c) Organised Sector Unit.

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