Impact of Monetary Policy on Indian Economy in the Post-Reform Period

The present study was an attempt to analyze systematically the techniques of monetary control measures with its relevance and changing importance and to find out their effectiveness in the Indian context especially to achieve the thriving objectives of price stability and economic growth.There is definite and remarkable economic impact of monetary policy on Indian economy in the post-reform period. The importance of monetary policy has been increasing year after year. Its role is very relevant in attaining monetary objectives, especially in managing price stability and achieving economic growth. Along that, the use and importance of monetary weapons like Bank rate, CRR, SLR, Repo rate and Reverse Rate have increased over the years. Repo and Reverse Repo rates are the most frequently used monetary techniques in recent years. The rates are varied mainly for curtailing inflation and absorb the excess liquidity and hence to maintain price stability in the economy. Thus, this short-time objective of price stability is more successful on Indian economy rather than other long-term objectives of development.Monetary policy rules can be active or passive. The passive rule is to keep the money supply constant, which is reminiscent of Milton Friedman’s money growth rule. The second, called a price stabilization rule, is to change the money supply in response to changes in aggregate supply or demand to keep the price level constant. The idea of an active rule is to keep the price level and hence inflation in check. In India, this rule dominates our monetary policy. A stable growth is healthy growth.

The Systematics, Distribution and Bionomics of Deep sea fishes beyond depth 200m along the South west coast of India

Reducing fishing pressure in coastal waters is the need of the day in the Indian marine fisheries sector of the country which is fast changing from a mere vocational activity to a capital intensive industry. It requires continuous monitoring of the resource exploitation through a scientifically acceptable methodology, data on production of each species stock, the number and characteristics of the fishing gears of the fleet, various biological characteristics of each stock, the impact of fishing on the environment and the role of fishery—independent on availability and abundance. Besides this, there are issues relating to capabilities in stock assessment, taxonomy research, biodiversity, conservation and fisheries management. Generation of reliable data base over a fixed time frame, their analysis and interpretation are necessary before drawing conclusions on the stock size, maximum sustainable yield, maximum economic yield and to further implement various fishing regulatory measures. India being a signatory to several treaties and conventions, is obliged to carry out assessments of the exploited stocks and manage them at sustainable levels. Besides, the nation is bound by its obligation of protein food security to people and livelihood security to those engaged in marine fishing related activities. Also, there are regional variabilities in fishing technology and fishery resources. All these make it mandatory for India to continue and strengthen its marine capture fisheries research in general and deep sea fisheries in particular. Against this background, an attempt is made to strengthen the deep sea fish biodiversity and also to generate data on the distribution, abundance, catch per unit effort of fishery resources available beyond 200 m in the EEZ of southwest coast ofIndia and also unravel some of the aspects of life history traits of potentially important non conventional fish species inhabiting in the depth beyond 200 m. This study was carried out as part of the Project on Stock Assessment and Biology of Deep Sea Fishes of Indian EEZ (MoES, Govt. of India).

Population characteristics and taxonomy of lantern fishes of genus Diaphus (Family Myctophidae) off south west coast of India

Globally most of the conventional fish stocks have reached a state of optimum exploitation or even over-exploitation; efficient utilization of non-conventional resources is necessary to meet the supply-demand gap for protein supply. Mesopelagic fishes can be considered as one such promising resource for the future, if appropriate harvest and post-harvest technologies are developed. Increasing human population and increasing demand for cheaper food fishes has made myctophids a possible potential resource for future exploitation and utilization. Earlier studies indicated the abundance of Diaphus spp. in the eastern and northeastern Arabian Sea. The present study also indicates the dominance of Diaphus spp. in the deep sea trawling grounds of south west coast of India. Commercial viability of the myctophid fishing in the Indian waters has to be worked out. The present catch estimation is based on the Stratified Random Sampling Method from the landing data. As the coverage of sampling area was limited and the gear efficiency was not standardized, the data generated are not precise. A counter check for the estimates is also not possible due to the absence of comparable works in the study area. Fish biomass estimation by acoustics survey coupled with direct fishing would only confirm the accuracy of estimates. Exploratory surveys for new fishing areas to be continued, for gathering the distribution, abundance, biological and ecological data and map the potential fishing ground on a GIS platform and the data should be provided to the commercial entrepreneurs. Generally non-conventional and non-targeted resources are under low fishing pressure and exploitation rates. Low values of fishing mortality and exploitation rates indicate that removal from the stock by fishing was only nominal from the present fishing grounds. The results indicate that the stock is almost at virgin state and remains grossly underexploited. Since the extent of distribution and abundance of the stock in the ecosystem remains to be ascertained, sustainable yield could not be estimated. Also the impact of myctophids harvest, on other commercially important fishes, has to be studied.