This volume presents selected papers on macroeconomics and welfare, presented at the 40th annual conference of the Indian Econometric Society in 2004. Collectively they cover a wide range of issues related to economic reform, growth and equity. In particular, the book contains studies on exchange rate, interest rate, money demand and supply and monetary and fiscal policies, inflation and its relationship with growth at aggregate and sectoral levels, growth and distribution, pollution, environment, rural poverty, health care and micro credit. The analysis is done mainly through macroeconometric and time-series techniques. The basic purpose of these studies has been to evaluate the ongoing economic reforms and its impact on economic growth and welfare with special focus for the vulnerable sections of the population. The volume is expected to be of special interest to those who are keen to learn the applications of econometric techniques in analysing economic growth, policy and welfare. It would also be useful to the policymakers for understanding the effectiveness of both macro and micro policies in the recent period.

The late eminent economist A.M. Khusro was a Professor at the Institute of Economic Growth right from its inception, and his association with the IEG continued till the end. As a token of gratitude, the members of the IEG family decided to pay an affectionate tribute to the departed colleague and teacher by bringing out a volume containing research papers pertaining to several themes that were cherished and valued by him. All the contributors to this volume have been members of IEG's faculty/alumnus and have made important contributions in the respective field during their affiliation to the IEG. The themes covered in this volume include topics on which Prof. Khusro had worked and also emerging research areas where he wished to see the involvement of IEG's faculty. The themes included in this volume cover both - established as well as new areas of research, and are presented together in six sections: Agriculture, Land Reforms and Anti-Poverty Programmes; Environment; Globalisation, Liberalisation and Trade; Macro Models and Growth; Population; and Secularism and Religion.