Meaning of term ICRIER

Posted on 10 June 2022 Category : Business Terms

What is term ICRIER

The details about Indian Council for Research on International Economic Relations (ICRIER) are explained here.

Indian Council for Research on International Economic Relations

The Indian Council for Research on International Economic Relations (ICRIER) was established in August 1981 as an autonomous, policy-oriented, not-for-profit, research institution. This initiative was intended to foster improved understanding of policy choices for India in an era of growing international economic integration and interdependence. ICRIER promotes multi-disciplinary research at the cutting edge of knowledge creation and provides a forum for continuing dialogue amongst decision-makers in government, academia, industry, and civil society. The international scope of ICRIER’s mandate has regional and global dimensions.

The concept of ICRIER emerged from the Steering Committee for Research on International Economic Relations (SCRIER) to enable policy makers, civil society and academia in India to examine intended and unintended consequences of policy choices concerning globalization, taking a more open and inclusive view of the world. The first advisory panel, chaired by K B Lall, included I G Patel, Jagdish Bhagwati, Malcolm Adiseshiah, Montek Singh Ahluwalia, C Rangarajan, Fredie Mehta, and Manu Shroff. Founder Chairman K B Lall was succeeded by R N Malhotra, Governor, Reserve Bank of India, who laid solid institutional foundations for ICRIER during the period 1992-96. The present Chairman, I G Patel, took over in August 1997 and has guided the process of ICRIER’s positioning as a premier international policy research institution.

ICRIER enables, provides and nurtures the nucleus where policy makers with responsibilities in economic and political governance, academia representing a diversity of inter-disciplinary talent, and leaders in business and industry from corporate houses, financial institutions, and civil society regularly interact to discuss and shape the core agenda. The newly elected governing body, chaired by I G Patel, reflects this diversity.

Research in possible future

ICRIER’s research output during its first two decades has focused on exploring the possible and probable impact of alternative futures. Somewhat anticipatory in nature and ahead of its time, ICRIER has forecast plausible hypothetical situations to study the effects and outcomes of multiple futures. Such work has envisioned national and international economic developments, and has provided the forum for informed public debate over policy choices.

ICRIER reviews its work for relevance and significance all the time. This responsiveness enables the organization to meaningfully engage in its primary task of promoting improved understanding of international economic relations through research and policy dialogues. Further, short-term, medium-term, as well as long-term objectives around its evolving agenda are crystallised through continuous interaction with policy makers, industry, academia, and civil society

Functions

We think… We listen…. We facilitate dialogue…. and then we think some more….. What we do

Research is our prime academic activity, and we combine expertise of in-house teams with the experience and skill of external collaborators. Recent work has focused on the following thrust areas in a proactive effort to strive for relevance and significance.

a) Trade, Openness, Industrial Restructuring and Competitiveness

b) WTO related issues ï Financial Liberalization and Financial Integration

c) South Asia Studies ï Macroeconomic Management

d) Globalization and Healthcare

WTO issues have been a focal point of interest at ICRIER since 1995 and expertise in this area has been systematically developed. ICRIER’s early initiative through Anwarul Hodaís work was considerably strengthened in 1998 when A V Ganesan, former Commerce Secretary, joined ICRIER as Advisor on WTO issues and facilitated a series of seminars on these issues. B K Zutshi, with his experience as India’s permanent representative to GATT and the chief negotiator for India to GATS, led ICRIER’s project on 'Trade in Services: Opportunities and Constraints'. This project was undertaken for the Ministry of Commerce in preparation for the Seattle meeting in 2000. ICRIER’s initiatives on WTO matters have drawn on formidable talent, supported first by the Ministry of Commerce and more recently by the Sir Ratan Tata Trust. WTO Agreement on Agriculture in India, Indian textiles and MFA, and anti-dumping are other areas in which research is being undertaken currently.

Public policy workshops, discussion seminars, and public lectures at ICRIER have also engaged ICRIER’s attention to themes such as macroeconomic management in an open economy, global financial architecture, globalisation and human development, governance and institution building, economic policy and national security, information technology in India and venture capital. All this reflects the evolution and growth in ICRIER’s profile.

Networking

ICRIER works towards developing networks and partnerships that have led to sustainable long-term arrangements in organizing workshops for public policy debates. Public policy workshops at ICRIER are well attended by senior policy makers, academicians and other stakeholders. ICRIER also organizes brainstorming and consultations with prominent industrial confederations such as CII, FICCI, ASSOCHAM, and NASSCOM which function as bridges in our interactions with the private sector. The networking extends beyond national borders as in the case of the colloquium on trade in agriculture.

As a result of active dissemination programmes, we have been able to create awareness about current policy issues that affect the Indian economy in a regional and global context, and have carried our message across national borders into various fora across the world.

Collaborations

ICRIER collaborates with universities, think tanks, research institutions, research foundations, UN and related organizations, for research on policy-oriented issues. ICRIER has a strong national presence in India and is increasingly able to extend itself regionally and globally given its international mandate. Among our collaborators in India, the Institute of Economic Growth, the Delhi School of Economics, University of Delhi, School of International Studies, Jawaharlal Nehru University, Indira Gandhi Institute of Development Research, and the Indian Institute of Management (Ahmedabad) are some of the many that merit special mention. Similarly, while ICRIER cherishes and values all its collaborations with institutions abroad, prominent among these are the Institute of International Economics, Washington DC, and the International Center for Economic Growth, San Francisco, and the Seoul Forum, South Korea. Our collaborators have included eminent economists from Harvard, MIT, Yale, University of California at Santa Cruz, and Lahore University of Management Sciences. Periodic exchange programmes with some leading universities of the world promote joint research. Programmes with the London School of Economics (LSE) and the University of Oxford envisaged a partnership between ICRIER, LSE, and the University of Oxford to study areas of common interest.

A glimpse of some recent collaborations

Ashok Gulati (International Food Policy Research Institute) and Anwarul Hoda are collaborating to study the WTO agreement on agricultural trade in a comparative framework to consider the nature and extent of present and foreseeable compliance by India, EU, and the US.

Professor Tharakan of the University of Antwerp is guiding a study on anti-dumping policies and practices in India by Aradhna Aggarwal as part of a capacity building programme of ICRIER, funded by the Sir Ratan Tata Trust.

Renu Kohli of ICRIER and Kenneth Kletzer of the University of California at Santa Cruz began collaborating in 1999 to examine the implications of capital account convertibility for India. A study on capital account liberalisation and macroeconomic management has been completed and work is in progress in studying financial liberalisation and financial integration. Kristin Forbes of MIT and Aradhna Aggarwal of ICRIER are collaborating on a study on share ownership, company performance and vulnerability to crisis. Both these studies are made possible by a special capacity building grant by the Ford Foundation.

Professor Basudeb Guha Khasnobis of ICRIER collaborated with Dr Faisal Bari of the Lahore University of Management Sciences, in preparing a paper 'Sources of Growth in South Asia', for the Global Research Project of the Global Development Network.

Jayashree Watal, Fellow at ICRIER, conducted a study on intellectual property rights, India and the WTO at the Institute of International Economics, Washington DC, while visiting the IIE from ICRIER for 18 months in 1999 and 2000.

Within the context of a changing environment, our associations help us identify forward looking issues so that research may be relevant in the future. While it also serves as an invaluable and powerful means of dissemination of our research findings, over time, our networking advantage has reaped benefits beyond the intended. Our exchanges, joint research, and constant interaction helps our research through capacity building of our team of researchers, thereby constantly upgrading our knowledge pool. This in turn enables us to incorporate a global vision into our work and adapt it to the local environment.

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