India 2020

IMF Working Papers, 2004

OECD Economics Department Working Papers, 2011

TERI University, 2016

This paper summarizes and critiques the important literature evaluating India's Economic Growth Pattern since the 1980s.

Journal of Global Economy, 2008

he planned economic development during the 40 years period (1950-91) has showed a mixed scenario. For example per annum growth in GDP during first fifteen years 1950-65 was found at 4 percent while during the period 1967-80 it declined marginally and stood at merely 3.45 percent per annum. However the decade of eighties which witnessed improvement in Agricultural sector, Mining & Manufacturing sector, Service sector and Export sector has resulted in 5.46 per cent per annum growth in the GDP. In this connection it is significant to observe that the overall growth in GDP during the period 1950 to 1991 was not very impressive due to constant pulls and pressures. In the early 1991, Indian economy faced several economic crises, like fiscal imbalances, mounting inflationary pressures and severe balance of payment crisis etc. The congress government, which assumed office at the end of June 1991, responded quickly to these problems. As a rescue measure, a series of new policy measures were ...

2004

The aim of this paper is to investigate the determinants of economic growth in India for 1954-1994. We include indicators of both financial and trade policies as determinants of real per capita income. We emphasise the complementarity of these policies and assess their joint impact. Investment in physical capital and human capital are also considered and in addition, the impact of both oil shock and droughts during 1973-75 and 1979-82 is examined. Our analysis of time series data suggests that liberalisation of finance and trade and the development of Human Capital have had a positive and statistically significant impact. Our results also suggest that the second oil price shock and droughts from 1979-82 were more disruptive than the earlier episode of 1973-75.

2020

Growth has for long remained a central topic in economic policy considerations of the government in India. However, there has also been a scholarly interest in it among social scientists. As a part of the latter tradition, this paper addresses the proper delineation of the phases of growth in India, a matter of some discussion in the literature. Using state-of-the art statistical methodology it first establishes the trajectory of growth and then provides a theoretical explanation for that history. With data spanning the period 1950- 2020, the procedure adopted is also able to assess the impact on economic growth of the policies of the present government. The results are conclusive. First, it is established that growth in India has accelerated continuously since the fifties, implying that dynamism in the economy did not have to wait for the liberalising reforms launched in 1991. Next, the performance of India's economy is compared to growth that has taken place in the rest of the...