India has created the basic rules of modern economic and political life. While the country’s institutional framework needs strengthening, it will allow India to prosper without drastic changes. Gradual economic reform has transformed India, putting it on a much faster growth path. Economic growth in the next ten years may not equal China’s current double-digit growth rate, but India is nevertheless very likely to become one of the fastest growing economies in the world, growing at a pace similar to that of Malaysia, Thailand, Taiwan and Korea during their period of sustained rapid economic growth. The recent acceleration in real GDP growth reflects both faster input growth as well as rising total factor productivity. However, India has weaker social pillars to support economic growth than other East Asian countries had at the time of their miracle growth years, mainly due to its poor education system. Failure to address shortcomings in education, along with inadequate physical infrastructure, and large fiscal deficits, would constrain India from reaching even faster growth.
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Find related papers by JEL classification: F00 - International Economics - - General - - - General F01 - International Economics - - General - - - Global Outlook O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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