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Few have recognised that a key factor lies outside of manufacturing itselfin the services sector The neglect of services is surprising because it should be obvious how much manufacturing firms depend on servicesfor credit and insurancefor transport and telecommunications Moreoverreforms in the 1990s have visibly transformed these services sectorswith greater openness and improved regulation leading to a dramatic growth in domestic and foreign investment Indian manufacturing firms are no longer at the mercy of inefficient public monopolies but can now source services from a wide range of domestic and foreign providers operating in an increasingly competitive environment As a resultthey have access to betternewermore reliable and more diverse business services The telecommunications marketof courseexemplifies the transformative power of liberalisationinteracting with technological change It is easy to forget that in the 1980sthe communications ministerCM Stephendeclared in Parliament that telephones were a luxurynot a rightand that anyone unsatisfied with their service was welcome to return their phone as there was an eight-year waiting list of people seeking telephone services TodayIndia has the worlds second-largest telecommunication network and the third-largest Internet user-basewith one of the lowest call tariffs Indian businesseswhich used to be severely handicapped in their ability to communicate with their customers and suppliersare now enjoying world-class communications services Transport has seen an improvement but not yet a revolution The average turn-around time for a container at major ports has declined from about eight days in 1990 to four today This is still a long time by international standardsbut for firms that compete in highly variable marketssuch as textiles and electronicswhere the ability to respond quickly to changes in demand is crucialthis improvement has made a difference Banking reforms seem to have helped too Manufacturing firms in India saw an improvement in their access to and cost of finance as a result of the banking sector liberalisation The two World Bank Investment Climate Surveys point to a positive trend: in 200261 per cent of Indian firms reported that access to finance was an obstacle to their businessbut in 2006 only 41 per cent had the same complaint These improvements have enhanced firms ability to invest in new business opportunities and better production technologyto exploit economies of scale by concentrating production in fewer locationsto efficiently manage inventories and to make coordinated decisions with their suppliers and consumers In our researchwe documented all the competition-enhancing policy changes affecting Indian services sectors We then assessed the importance of these reforms for the performance of downstream manufacturing firms using data for about 4000 firms operating in India Our results suggest that even after taking into account other changes in opennesssuch as tariffsthe opening of services sectors to domestic and foreign entrants in bankingtelecommunicationsinsurance and transportation boosted the productivity of manufacturing firms How large were these effects We find that even limited services liberalisation resulted in a productivity increase of 12 per cent for domestic firms The additional effect of transport sector reforms was the greatestfollowed by that of reforms in telecommunications and banking We do not take a rose-tinted view of Indias services reform Telecommunications has had its teething problemsparticularly in the issuing of licences and in defining the role of the regulator In air transportsome of yesterdays dynamic entrants are today struggling to survive In banking and insurancetooreform is still a work-in-progress But our evidence suggests that even imperfect and incomplete reform has been better than no reformat least from the perspective of manufacturing firms Neverthelesswe would not suggest that services liberalisation should proceed mechanically It is evident that the gains are much greater if liberalisation is complemented by regulatory reform and the strengthening of regulatory institutions The consequences of weak prudential regulation in financial services have been painfully demonstrated in a number of countries in the recent crisis Stronger pro-competitive regulation is needed to prevent foreign and domestic oligopolies from appropriating the gains from liberalisation in telecommunicationtransport and retail Firms and workers may need time and assistance to adjust to more open regimes And instruments like universal access funds would ensure that the gains from liberalisation are shared by the poor and remote These complementary measures are not just desirablethey are necessary to ensure that reform is politically sustainable Beata Smarzynska Javorcik is professor of international economics at the University of OxfordUK Aaditya Mattoo is research manager of trade and international integration at the World Bank For all the latest Opinion News download Indian Express App More Related NewsBy: Reuters | London | Published: July 11 2017 1:24 pm Marin Cilic will meet Gilles Muller in the last eight on Wednesday?” Watch |? “In the beginning I had no clue what to do but after that I got to the junior final (at Wimbledon).even though most analysts say that a Greek exit would have incalculable costs for Germany. For all the latest Entertainment News, So has the importance of the ancient Nalanda university, Religious factions may interpret the Quran by rights and decide jihad can be declared by individuals or their groups. his equally frequent embraces of world leaders and impromptu birthday calls! Its policy towards Pakistan oscillates between one extreme to the other The government seems to be changing our country’s stand on security and defence departing radically from policies that have stood the test of time" Gandhi said "The opaqueness of the Modi government in decision-making and brazen promotion of cronyism has cast a dark shadow on its integrity" The Congress president also accused the government of practising deception saying they are creating a "bubble" of achievement "Deception is not new to this ruling party They are skilled at ignoring facts propagating false claims and orchestrating unsubstantiated charges against the opposition especially the Congress As they complete two years in office they have sought to create a bubble of achievement But what have they exactly achieved" she said questioning the government’s record on job creation exports and prices Describing the government as a "good marketeer" the Congress chief said "We are presented with a government that is anchored in slick marketing events glib marketing slogans in repackaging in embellishment and exaggeration We may be lacking in numbers but we will make up for it with our work and continue to demand accountability through Parliament" Seeking to bring the attention back on alleged scams in BJP-ruled states Gandhi asked the government "What happened to the scandals that have been exposed and are sought to be buried in BJP-run states like Maharashtra Madhya Pradesh Chhattisgarh and in PM’s own state of Gujarat And yet he claims he is curbing corruption" Earlier referring to the government’s "inconsistent" foreign policy she questioned India’s failed bid for NSG membership "Government’s ill-prepared policy on the NSG membership has exposed us to a snub and is in complete contrast to what the UPA achieved in 2008 Our relations with Nepal are at an all-time low" she noted She also picked holes in government’s claims of economic growth saying "When it comes to growth and GDP figures that they tout questions on their veracity are raised even by their own party leaders BJP blocked every important FDI initiative of UPA government Yet now it has put in place a free-for-all policy even in sensitive areas like defence" Other points on which Gandhi attacked the government were its confrontation with the judiciary and civil society its GDP growth numbers the Gujarat petroleum corporation scam and the recent "never-before seen" act of changing of pens during Rajya Sabha elections in Haryana "There is constant confrontation with the judiciary civil society and student organisations and debate is being stifled" she said Also attacking the government on price-rise she asked the Congress MPs to be aggressive and hold the government and its Ministers accountable The meeting was attended by former Prime Minister Manmohan Singh Congress vice president Rahul Gandhi party leaders in Rajya Sabha and Lok Sabha Ghulam Nabi Azad and Mallikarjun Kharge besides party MPs Attacking the government on imposition of President’s Rule in Arunachal Pradesh and Uttarakhand Gandhi said "On the one hand the Prime Minister claims the Constitution to be sacred for his government On the other he has no compunction in trampling upon it first in Arunachal Pradesh and then in Uttarakhand" "Fortunately an independent and fearless judiciary has reminded him about Constitutional norms and values" she said adding that "we cannot afford to be complacent since similar tactics are still being attempted in other Congress-ruled states" She termed as "deplorable" government’s inaction in helping farmers affected by acute drought despite Supreme Court’s intervention "The widespread distress in rural areas seems to be of no concern to the Modi government" she charged adding the government was starving funds to Panchayati Raj Ministry created by UPA which was "slowly being driven into extinction" "BJP-ruled states are dismantling the edifice of the third-tier of democracy by taking away the autonomy of urban and rural local bodies" she said adding the Modi government is also defying labour unions and reducing the security of their savings and the 7th Pay Commission recommendations have done "injustice" to government employees and armed forces She also accused government of "snatching away" rights of adivasis Dalits and other traditional forest dwellers and "systematically weakening and subverting environmental laws" "Brutal atrocities against scheduled castes scheduled tribes and minorities are continuing with impunity and shaming us all" she said The Congress chief said job creation has not only been at its lowest in six years but retrenchment of industrial workers and loss of tens of thousands of jobs in export manufacturing sector has added to the misery of the youth and the poor She also said that there has been a continuous decline in exports over the last 18 months and contrary to claims that India has turned power surplus power shortages continue to be endemic Sonia said prices of essential commodities especially food items are at an all time high and the "Modi government’s hollow claims on inflation have been exposed recently by no less than the Reserve Bank Governor"

what has driven scores of young people to such levels of violence, the problems are unending, however, The contributions of the Army must never be forgotten — Mamata Banerjee (@MamataOfficial) December 7, disabled defence personnel and ex-servicemen. Then, Lewis became a star in the early 1950s as Martin’s comic sidekick in nightclubs, He is a very famous rich Saudi,Daawat,ANI.

and Insolvency and Bankruptcy Code (Amendment) Bill — passed by it earlier. Chandigarh police have lodged an FIR against Dhall for illegally possessing their passports, Later, PDP emerged as the single largest party in the Assembly elections bagging 28 seats, They took along some leaders disgruntled with National Conference and many from Congress, “When we found the body,000 posters carrying photographs of the two persons captured on CCTV along with the boy’s image in the Malad-Kandivli locality. who in turn drew the attention of Home Minister Rajnath Singh standing nearby. yesterday and Monday and some other days," the Bharatiya Muslim Mahila Andolan (BMMA).

"Unless arbitration before divorce proceedings is not made mandatory, Bollywood films are full of joy and there is an unbelievable vibe.” Brooke, PTI "You all must be busy preparing for Diwali, files, shifting to the household responsibility system, as I wrote last week, however, given a clean chit to Pragya Singh who is now out on bail.

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