The Planning Commission during the Eleventh Plan made a significant departure from the past practice. Instead of relying on a single in-house model it was decided to request some of the reputed institutes in the field of economic model building to carry out modelling exercises that could be used not only for the purpose of plan formulation but also could answer some of the questions that arise from time to time such as the impact of rising oil prices on the performance of Indian economy, the impact of global meltdown, etc.

The institutes that have worked in close coordination with the Planning Commission are the National Council of Applied Economic Research (NCAER), New Delhi, Institute of Economic Growth (IEG), Delhi, Indira Gandhi Institute of Development Research (IGIDR), Mumbai and Indian Statistical Institute (ISI), Bangalore.

This volume contains essays by the relevant model builders reporting on the various models used in the course of formulating the Eleventh Plan and an overview paper by Dr. Kirit S. Parikh.

List of Tables and Figures

Foreword

Preface

Background, Approach and Overview
— Kirit S. Parikh

2. A Macro Consistency Planning Model
— Arvinder S. Sachdeva and Probal P. Ghosh

3. Macroeconomic Simulations based on VEC Models
— N.S.S. Narayana and Probal P. Ghosh

4. Global Economic Shocks and Indian Policy Response: An Analysis Using a CGE Model — A. Ganesh Kumar and Manoj Panda

5. Shocks, Meltdowns, Policy Responses and Feasibility of High Growth in the Indian Economy: A Macroeconometric Approach
— Sabyasachi Kar and Basanta K. Pradhan

6. Impact of External Economic Environment: An Assessment Using a Macroeconometric Model
— Shashanka Bhide and Purna Chandra Parida

Appendix: Mathematical Models used in Indian Five Year Plans
— Kirit S. Parikh, K.L. Datta and Arvinder S. Sachdeva