Editorial

The present issue of the Indian Economic Journal brings together a collection of 14 scholarly contributions—12 full-length research articles, 1 research note and 1 insightful book review—covering a wide range of contemporary themes in economics and public policy. The contributions collectively underscore the discipline’s continuing engagement with the dynamics of sustainability, financial efficiency, inclusion and institutional responsiveness in the Indian context and beyond.

The lead article, ‘Assessing Farm-Income and Input Efficiency under Zero-Budget Natural Farming in India’ by Brajaraja Mishra, sets the tone for this issue by examining one of the most crucial transformations in Indian agriculture—the transition towards Zero-Budget Natural Farming (ZBNF). Using the political agroecology framework and robust econometric analysis, the study provides compelling evidence of lower input costs, higher farm incomes and greater input efficiency among ZBNF practitioners compared to chemical farmers. The findings, supported by region-specific variations, call for targeted policy interventions to address constraints faced by ZBNF farmers and to scale up this promising initiative. The article resonates strongly with the contemporary discourse on sustainable agriculture and the evolving balance between productivity and environmental stewardship.

The second contribution by Ramandeep Kaur offers a macroeconomic perspective through an article on ‘International Reserve Hoardings and the Trinity Choices of the Indian Economy’. Employing the Johansen cointegration technique and the quadrilemma framework, the study establishes that international reserves have effectively become the fourth dimension in managing the trinity of monetary independence, exchange rate stability and capital mobility. Interestingly, when reserves interact with all three trinity variables, they undermine the International Trinity Hypothesis, pointing towards a nuanced understanding of India’s macro-financial management in a globalised environment. This work contributes meaningfully to the empirical debate on monetary autonomy and financial stability in emerging markets.

In the third article, ‘Barriers to Employment’, Arup Mitra directs attention to the pressing challenge of job creation and inclusive growth. He argues persuasively that pro-poor growth must be underpinned by the provisioning of physical, health and educational infrastructure alongside industrialisation-led employment strategies. The study emphasises the significance of urban investment and spatial spill-over effects, asserting that balanced regional development and skill formation are indispensable for strengthening employment elasticity in growth.

The fourth article, ‘Making Global Pharma Supply Chain Resilient: Will the PLI Scheme of India Make It a Reliable Alternative to China for the Supply of APIs?’ by Reji K. Joseph and Ramaa Arun Kumar, explores India’s strategic positioning in global value chains amid post-pandemic realignments. Their critical evaluation of the Product Linked Incentive (PLI) scheme reveals that while policy timing was appropriate, industry response remained tepid. The article identifies the need for greater investor confidence, inclusion of micro, small and medium enterprises (MSMEs), and the revival of public sector enterprises to enhance domestic capacity in Active Pharmaceutical Ingredients. This timely analysis contributes to understanding the intersection of industrial policy, public health security and global competitiveness.

Financial markets take centre stage in the fifth article by Neha Seth and Yogesh Kumar, ‘Does the Bond Equity Earnings Ratio (BEER) Predict the Indian Stock Market?’. Through an econometric exploration using Johansen’s cointegration and Granger causality tests, the authors show that while the BEER model can predict short-run stock returns, its long-run explanatory power is limited. The bi-directional causality between BEER and the Nifty 50 index provides new insights into valuation dynamics and investor sentiment in the Indian equity market.

Demographic and health disparities are addressed in the sixth article, ‘Infant Mortality Rate Convergence Across Indian States: Relative Club Convergence Evidence’, authored by Vaseem Akram, Gulnawaz Usmani, Badri Narayan Rath and Bushra Praveen. Applying the Phillips and Sul panel convergence framework and its recent extensions, the study identifies distinct convergence ‘clubs’ among 15 major states from 1987 to 2020. The findings reveal that while national-level convergence is absent, subgroups of states display their own trajectories. This club-based approach offers valuable policy implications for targeted interventions in child health outcomes rather than one-size-fits-all strategies.

The seventh article by Laxmidhar Samal extends the discussion to commodity markets. Using fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) estimations, the study concludes that although there exists a long-run cointegrating relationship between spot and futures prices, India’s base metal futures markets remain less efficient. The research underscores the need for institutional reforms and deeper market participation to improve informational efficiency and hedging mechanisms.

Education and social inclusion form the focus of the eighth article by Pradeep Kumar Choudhury and Amit Kumar. Drawing on National Sample Survey Office (NSO) education round data, the study documents significant gender and socio-economic disparities in access to professional higher education. Male students, particularly from better-off households, are substantially more likely to enrol in professional courses. The findings carry direct implications for the implementation of the National Education Policy 2020 and call for targeted measures to ensure equity in professional education.

In the ninth article, Ranjan Aneja, Shine Raju Kappil and Surender Mor analyse ‘Efficiency of Public Healthcare System Across Indian States’. Using the slacks-based measure (SBM) of efficiency, the authors identify four states—Bihar, Kerala, Maharashtra and Delhi—as SBM-efficient. Despite over-utilisation of resources in most states, outcomes remain suboptimal. The study’s emphasis on linking marginalised citizens with health services aligns with the ongoing policy thrust on universal health coverage and equitable healthcare access.

Transportation economics is revisited in the tenth article by Swapnil Singh and Mahendra Parihar. Through correlation and machine learning-based feature importance analyses, the authors highlight the deteriorating financial performance of State Road Transport Undertakings (SRTUs) and attribute it to managerial inefficiencies and political interference. The policy recommendations offered—particularly on cost control and operational restructuring—are vital for the sustainability of public transport networks.

Energy and environment concerns are explored in the eleventh article by Rahul Kumar. Using IRES 2020 data, the study establishes that improvements in housing quality significantly increase the likelihood of cleaner fuel usage, emphasising the interconnectedness of income, education and dwelling conditions in the energy transition. The policy relevance of this study lies in its linkage of infrastructure and welfare programmes with environmental outcomes.

The twelfth article by Shadman Zafar and Md. Tarique critically interrogates the environmental implications of India’s input subsidy policies. Employing the autoregressive distributed lag (ARDL) model for 1981–2019 data, the study finds that fertiliser and irrigation subsidies significantly elevate greenhouse gas emissions. The authors advocate transitioning towards ‘smart subsidies’, promoting organic practices and compensating farmers through direct income support. The argument powerfully situates environmental sustainability within the discourse of agricultural reform.

The research note by Aamir Ahmad Teeli, A. Amarender Reddy and Ashna Elizabeth Koshy, ‘Assessing the Impact of Climate Change on Agricultural Productivity in India’, complements the first article thematically. Using ARDL bounds testing, it demonstrates the negative effects of rising temperature and employment growth on agricultural productivity, while rainfall and overall economic growth exert positive influences. The note reinforces the urgent need for climate-resilient agricultural strategies, aligning well with India’s broader adaptation policy agenda.

The issue concludes with a book review by Pratik Kumar Singh on ‘Alok Kumar Mishra’s Smart Cities and the Poor: Towards an Agenda for Inclusive Urbanization in India’ (Routledge, 2024). The review appreciates the book’s balanced treatment of urban inclusivity, housing, participatory governance and policy design under the Smart Cities Mission. By foregrounding the idea that cities are engines of ‘collaborative brilliance’, the book offers an optimistic yet critical lens on achieving Sustainable Development Goal (SDG) 11—making cities inclusive, safe, resilient and sustainable.

Collectively, the contributions in this issue highlight a broad but coherent research agenda—spanning agriculture, macroeconomics, industrial policy, education, healthcare, energy and urban development—all tied together by a common thread of sustainability and equity. The studies not only enrich academic understanding but also offer actionable insights for policymakers, practitioners and future researchers.

As Editor, I express my deep appreciation to the authors, reviewers and contributors who made this issue possible. It is our hope that the diversity and rigour embodied in these contributions will stimulate further debate, empirical inquiry and informed policy action towards a more sustainable and inclusive economic future for India.