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IGNOU MEC 205 Solved Assignment 2022-23
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Important Note – IGNOU MEC 205 Solved Assignment 2022-23 You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
SECTION – A
1. “India has the advantage of harnessing the benefits of demographic dividend but this is neither obvious nor guaranteed” Explain.
2. What do you mean by fiscal imbalance? What are the measures of fiscal imbalance? How far the FRBMA has been effective to correct fiscal imbalances?
Ans. Fiscal imbalance occurs when there is a mismatch between a government’s future debt obligations and future income streams. Vertical and horizontal fiscal imbalance are the two types of imbalance that can impact a government’s expenditures and revenues.
Vertical and horizontal fiscal imbalance are the two types of imbalance that can impact a government’s expenditures and revenues.
A vertical fiscal imbalance occurs when revenues do not match expenditures for different government levels.
A horizontal fiscal imbalance occurs when revenues do not match expenditures for different regions of the country.
Fiscal imbalance occurs when a government’s future debt obligations are not in balance with its future income streams. There are two types of imbalances that can impact a government’s expenditures and revenue: vertical fiscal imbalance and horizontal fiscal imbalance.
Obligations and income streams are measured at their respective present values and discounted at the risk-free rate plus a certain spread. If a government incurs a sustained fiscal imbalance, then tax burdens will likely increase in the future, causing current and future household consumption to fall.
Fiscal imbalance generally occurs when a government’s spending (and resulting debt) outstrips its long-term ability to raise revenue to finance its spending and debt. This often occurs when a government takes on long-term spending obligations based on overly optimistic estimates of the cost of the obligations, or the ability or willingness of taxpayers to finance them.
A horizontal fiscal imbalance describes a situation in which revenues do not match expenditures for different regions of the country. Horizontal fiscal imbalances are often used to justify equalization transfers or payments to a state or province from the federal government to offset monetary imbalances between different parts of the country.
A horizontal fiscal imbalance occurs when sub-national governments do not have the same capabilities in terms of raising funds from their tax bases to provide public services. This type of fiscal imbalance creates differences in net fiscal benefits, which are a combination of levels of taxation and public services. These benefits are also often used as part of the justification to require transfer payments and redistribution of wealth from some regions to others.
A vertical fiscal imbalance describes a situation in which revenues do not match expenditures for different levels of government. A vertical fiscal imbalance is a structural issue that can be resolved if revenue and expenditure responsibilities can be reassigned. For example, if a state requires its towns and cities to provide educational services but leaves responsibility for funding up to local property or other taxes, this can create a vertical imbalance unless the state also contributes funding to help meet the fiscal obligation it created for its towns and cities.
The Greek debt crisis had its origins in the fiscal profligacy of previous governments. After Greece joined the European Community in 1981, its economy and finances were in good shape, but its financial situation deteriorated dramatically over the next 30 years.
Over the decades, control of the government went back and forth between the leftist Panhellenic Socialist Movement and the New Democracy Party. In an attempt to keep the populace happy, both parties enacted liberal welfare policies that created an inefficient economy. As a result of low productivity, eroding competitiveness, and rampant tax evasion, the government resorted to a massive debt binge to keep the government afloat.
SECTION – B
3. Discuss the challenges involved in meeting the stated aim of doubling farmer’s income. Briefly discuss the role of non-agricultural activities in this regard.
Ans. The Niti Aayog recently came out with its ‘Three Year Action Agenda’ – a plan that covers a time period that is politically crucial as it leads up to the 2019 Lok Sabha elections.
In its chapter on agriculture titled ‘Agriculture: Doubling Farmer’s Incomes’, the economic think-tank has put forth a four-point action plan to double the incomes of India’s farmers.
Although there is nothing radically new in what has been suggested by the Niti Aayog, the measures proposed are in the right direction if the farmers’ incomes have to be doubled. However, various experts have cast a pall of gloom over the claim that is indeed possible to double incomes by 2022-23. This is primarily because agricultural growth in the post-reform period, barring a few exceptional years, has been stagnant and has historically failed to meet the target set by the government. For example the average annual rate of growth in agriculture and allied sector during the period from (1991-92 to 2013-14) comes at 3.2% – lower than the targeted 4%.
The four point action plan includes the following measures: 1) Remunerative prices for farmers by reforming the existing marketing structure; 2) Raising productivity; 3) Reforming agriculture land policy; and 4) Relief measures. It is important to see how these actions will double the income of the farmers’ and to what extent the government is serious about it.
An intimate dissection
At the outset it is important to highlight the current state of Indian agriculture, thus setting the context for our quest to double farmer income.
It must be noted that agriculture and allied activities remains the main livelihood for more than half of the Indian population. The Socio-Economic and Caste Census (SECC) 2011, released in 2015, also indicates that out of 24.39 crore households in the country, 17.91 crore lived in villages and are more or less dependent on agriculture. Further, the Economic Survey of 2015-16 highlights that the share of agriculture in employment was 48.9% of the workforce while its share in gross domestic product (GDP) was 17.4% in 2014-15 at constant (2011-12) prices. Additionally this year’s Economic Survey projects the growth rate for the agriculture and allied sector for 2016-17 to be 4.1% on the basis of the first advance estimates of the Central Statistics Office. With this backdrop it is interesting to dissect the Niti Aayog’s four point action plan.
Point 1: Remunerative prices
Under this point, the Niti Aayog has suggested reforms in two areas: marketing reforms and minimum support price (MSP) reform. However it must be noted here that since agriculture is a state subject, the central government cannot do much here apart from facilitating the reform process.
Under marketing reforms, the think-tank has highlighted as to how currently existing agricultural marketing – under the Agricultural Produce Market Committees (APMC) acts in various states – has led to policy distortions and fragmentation, largely as a result of a huge number of intermediaries and poor infrastructure. The plan highlights that because of the APMC acts, farmers are required to sell a large number of commodities in local mandis where different layers of intermediaries often manipulate the price, thus depriving them of their fair share.
Sukhpal Singh and Shruti Bhogal in their analysis in Economic and Political Weekly, highlight how farmers have become dependent on commission agents because of the intermediary culture propagated by the present APMC acts. They further, using the data from their field study, highlighted how these intermediaries trap the farmers in a vicious circle of indebtedness. The impact of these intermediaries can be gauged from their study that reveals that almost 38% of Punjab’s total agricultural debt was channelled through non-institutional sources, the majority of which is usually financed by intermediaries to the farmers. Not only is the interest rate charged by the intermediaries exorbitantly high (sometimes even 20%) but they also force the farmers to sell his produce to them only.
In order to address the shortcomings of the APMC acts, the central government circulated a model Agricultural Produce Marketing Committees (Development and Regulation) Act of 2003. However, as the Economic Survey of 2013-14 observes that despite this, states have failed to address monopolistic and uncompetitive practices in the inter-state trading of agricultural products. Further, the Committee on Agricultural Reforms (2013) noted that, “By and large, the APMCs have emerged as some sort of Government sponsored monopolies in supply of marketing services/ facilities, with all drawbacks and inefficiency associated with a monopoly”.
In this background, it will be interesting to see how new reforms – with regard to empowering farmers to sell their produce to whomever they wish and allowing actors other than APMC mandis to buy produce – are embraced by India’s states.
If one goes by past experience, it is not a rosy picture. For example as of February 2, 2016, only 21 states and union territories have allowed the establishment of private market yards/ private markets managed by a person other than a market committee and this is only one of the numerous proposed reforms. On other reforms the number of states which have reformed the act is much less.
MSP reform
The MSP regime in India has been a subject of heated debate in recent years. MSP is not only increasing year by year but since the mid-1990s the rise in the MSP has been sharper than the rise in consumer and wholesale price indices. The major disadvantage of MSP regime is that it totally ignores the demand dimension, thereby resulting in not only an inefficient use of resources but also accumulation of unwarranted stocks of cereals. Since resources for agriculture – water and land – are scarce, it is very important to use the resources efficiently if our aim is to double the income of the farmers.
The Niti Aayog has aptly highlighted the distortion in cropping patterns caused by MSP regime. Since the MSP regime favours cultivation of wheat, rice and sugarcane, not only has it led to reduction in the area under acreage of other crops like pulses, oil seed and coarse grains but it has also led to, as highlighted above, accumulation of unwarranted stocks of cereals. While the Economic Survey of 2015-16 pitched for replacement of SP/procurement based PDS with DBT and freeing the market control on domestic movement and imports, the Niti Aayog, on the other hand, has suggested a system of “price deficiency payments” to cure the distortion caused by the MSP regime.
Under this system a subsidy would be provided on targeted produce in case the price falls below MSP-linked threshold. One advantage of this, as highlighted by the action plan, is that it would spread price incentives to producers in all the regions and all the crops considered important for providing price support.
4. Compare and contrast the positive and negative effects of liberalization on the Indian Industrial sector during post 1991 reforms.
5. State the various dimensions of deterioration in the quality of employment in India. Also examine the policy implications of slowdown in women’ workforce participation rate.
6. What is the distinction between social security and social protection? Why social security has become the need of the hour?
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IGNOU MEC 205 Solved Assignment 2022-23
7. ‘The quality of life in India is far from satisfactory’ – Comment.
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MEC 205 Handwritten Assignment 2022-23
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