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Economic Liberalization and Indian Economic Growth: What's the Evidence?

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  • Ashok Kotwal
  • Bharat Ramaswami
  • Wilima Wadhwa

Abstract

India's growth and poverty performance over the last three decades has been a subject of great curiosity. Unlike the East Asian countries, India's growth spurt is not associated with exceptionally high domestic savings or foreign capital inflows or manufacturing exports. So what triggered the change in the growth trajectory? Did the market liberalization policies of the 1990s help? How have the initial conditions shaped the process? And how has the "Indian model" impinged on India's central problem of mass poverty? This paper surveys the literature and offers its own assessment of the drivers of change. (JEL I32, O13, O14, O15, O21, O47)

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel.49.4.1152
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 49 (2011)
Issue (Month): 4 (December)
Pages: 1152-99

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Handle: RePEc:aea:jeclit:v:49:y:2011:i:4:p:1152-99

Note: DOI: 10.1257/jel.49.4.1152
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References

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  1. Barry Bosworth & Susan M. Collins & Arvind Virmani, 2007. "Sources of Growth in the Indian Economy," NBER Working Papers 12901, National Bureau of Economic Research, Inc.
  2. Gaurav Datt & Martin Ravallion, 2002. "Is India's Economic Growth Leaving the Poor Behind?," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 89-108, Summer.
  3. Arvind Subramanian & Raghuram Rajan & Ioannis Tokatlidis & Kalpana Kochhar & Utsav Kumar, 2006. "India's Pattern of Development: What Happened, What Follows?," IMF Working Papers 06/22, International Monetary Fund.
  4. Gaurav Datt & Martin Ravallion, 1998. "Farm productivity and rural poverty in India," Journal of Development Studies, Taylor & Francis Journals, vol. 34(4), pages 62-85.
  5. BAI, Jushan & PERRON, Pierre, 1998. "Computation and Analysis of Multiple Structural-Change Models," Cahiers de recherche 9807, Universite de Montreal, Departement de sciences economiques.
  6. Robin Burgess & Rohini Pande, 2003. "Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment," STICERD - Development Economics Papers - From 2008 this series has been superseded by Economic Organisation and Public Policy Discussion Papers 40, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  7. Rana Hasan & Devashish Mitra & K.V. Ramaswamy, 2003. "Trade Reforms, Labor Regulations and Labor-Demand Elasticities: Empirical Evidence from India," Economics Study Area Working Papers 59, East-West Center, Economics Study Area.
  8. Ravallion, Martin & Datt, Gaurav, 2002. "Why has economic growth been more pro-poor in some states of India than others?," Journal of Development Economics, Elsevier, vol. 68(2), pages 381-400, August.
  9. Besley, Timothy J. & Burgess, Robin, 2002. "Can Labour Regulation Hinder Economic Performance? Evidence from India," CEPR Discussion Papers 3260, C.E.P.R. Discussion Papers.
  10. Sean Dougherty, 2008. "Labour Regulation and Employment Dynamics at the State Level in India," OECD Economics Department Working Papers 624, OECD Publishing.
  11. Devashish Mitra & Beyza Ural, 2008. "Indian manufacturing: A slow sector in a rapidly growing economy," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 17(4), pages 525-559.
  12. Montek S. Ahluwalia, 2002. "Economic Reforms in India Since 1991: Has Gradualism Worked?," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 67-88, Summer.
  13. Panagariya, Arvind, 2008. "India: The Emerging Giant," OUP Catalogue, Oxford University Press, number 9780195315035.
  14. Nataraj, Shanthi, 2011. "The impact of trade liberalization on productivity: Evidence from India's formal and informal manufacturing sectors," Journal of International Economics, Elsevier, vol. 85(2), pages 292-301.
  15. K.V. Ramaswamy, 2008. "Wage Inequality in Indian Manufacturing - Is it Trade, Technology or Labour Regulations?," Labor Economics Working Papers 22361, East Asian Bureau of Economic Research.
  16. Poonam Gupta, 2008. "What Constrains Indian Manufacturing," Working Papers id:1597, eSocialSciences.
  17. Richard Palmer-Jones & Kunal Sen, 2003. "What has luck got to do with it? A regional analysis of poverty and agricultural growth in rural India," Journal of Development Studies, Taylor & Francis Journals, vol. 40(1), pages 1-31.
  18. Angus Deaton & Valerie Kozel, 2005. "Data and Dogma: The Great Indian Poverty Debate," World Bank Research Observer, World Bank Group, vol. 20(2), pages 177-199.
  19. Joshi, P.K. & Birthal, Pratap Singh & Minot, Nicholas, 2006. "Sources of agricultural growth in India: role of diversification towards high-value crops," MTID discussion papers 98, International Food Policy Research Institute (IFPRI).
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Citations

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Cited by:
  1. Codrina Rada & Rüdiger von Arnim, 2012. "India’s structural transformation and role in the world economy," Working Paper Series, Department of Economics, University of Utah 2012_05, University of Utah, Department of Economics.
  2. Sripad Motiram & Karthikeya Naraparaju, 2013. "Growth and Deprivation in India: What Does Recent Data Say?," Working Papers 287, ECINEQ, Society for the Study of Economic Inequality.
  3. Peter E. Robertson, 2010. "Investment Led Growth In India: Hindu Fact or Mythology?," Economics Discussion / Working Papers 10-08, The University of Western Australia, Department of Economics.
  4. Emran, M. Shahe & Shilpi, Forhad, 2012. "Gender, geography and generations : intergenerational educational mobility in post-reform India," Policy Research Working Paper Series 6055, The World Bank.
  5. Manisha Chakrabarty & Amita Majumder & Ranjan Ray, 2012. "Preferences, Spatial Prices and Inequality," Monash Economics Working Papers 52-12, Monash University, Department of Economics.
  6. Kathuria, Vinish & Rajesh Raj, S.N. & Sen, Kunal, 2013. "The effects of economic reforms on manufacturing dualism: Evidence from India," Journal of Comparative Economics, Elsevier, vol. 41(4), pages 1240-1262.
  7. Banerjee, Rajabrata & Roy, Saikat Sinha, 2014. "Human capital, technological progress and trade: What explains India's long run growth?," Journal of Asian Economics, Elsevier, vol. 30(C), pages 15-31.
  8. Ghani, Ejaz & Kerr, William R. & O'Connell, Stephen D., 2013. "The exceptional persistence of India's unorganized sector," Policy Research Working Paper Series 6454, The World Bank.
  9. Gary Fields, 2012. "Challenges and policy lessons for the growth-employment-poverty nexus in developing countries," IZA Journal of Labor Policy, Springer, vol. 1(1), pages 1-24, December.
  10. Hansen,Stephen & McMahon, Michael, 2013. "Estimating Bayesian Decision Problems with Heterogeneous Priors," CAGE Online Working Paper Series 127, Competitive Advantage in the Global Economy (CAGE).

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