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Economic Growth in India: History and Prospect

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  • Balakrishnan, Pulapre

    (Centre for Contemporary Studies, Nehru Memorial Museum and Library, New Delhi and Centre for International Trade and Development, School of International Studies, Jawaharlal Nehru University, New Delhi)

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    Abstract

    It is a measure of the youthfulness of economics as a discipline that two centuries after the appearance of Adam Smith's landmark treatise The Wealth of Nations, an economist has posed the question 'How do economies grow?' This comprehensive study of economic growth in India is intended as a response to this question. As history, it surveys the half century from the end of colonial rule to the present; as prognosis, it focuses on what we may expect in the immediate future. Drawing upon diverse strands of theory, historical perspective, political economy, and econometrics, the book presents an eclectic and original narrative of the Indian growth experience. The main body of the book is divided into four chapters. Chapter 1 provides a critical exposition of some prominent theoretical representations of growth and a historical perspective on its drivers. The remaining three chapters provide a fresh analysis of three periods, respectively, 1950-64, 1965-91, and 1991 onwards. Presenting a favourable appraisal of the growth record of early independent India and an account of how the advantage was lost, the book argues that it is not just 'more reforms' that stand in the way of sustained double-digit growth rates. The prospects for high long-term growth in India are instead linked with development of agriculture and education, particularly schooling. Further, the author proposes that inclusive growth is not just some optional extra, however desirable, but intrinsic to the prosperity of the country. The possibility of such an outcome, he argues, is tied more to the state's capacity to govern the public institutions once created by it than its command over resources. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780198065470/toc.html

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    Bibliographic Info

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    This book is provided by Oxford University Press in its series OUP Catalogue with number 9780198065470 and published in 2010.

    ISBN: 9780198065470
    Order: http://ukcatalogue.oup.com/product/9780198065470.do
    Handle: RePEc:oxp:obooks:9780198065470

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    Cited by:
    1. Motiram, Sripad & Singh, Ashish, 2012. "How Close Does the Apple Fall to the Tree? Some Evidence on Intergenerational Occupational Mobility from India," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    2. Albin, Thaarcis, 2012. "Did liberal eonomic regime contribute to the growth performance of the manufacturing sector in India?," MPRA Paper 43181, University Library of Munich, Germany, revised 12 Dec 2012.
    3. 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.
    4. Deepankar Basu & Amit Basole, 2012. "The Calorie Consumption Puzzle in India: An Empirical Investigation," Working Papers wp285, Political Economy Research Institute, University of Massachusetts at Amherst.
    5. Deepankar Basu & Amit Basole, 2012. "The Calorie Consumption Puzzle in India: An Empirical Investigation," UMASS Amherst Economics Working Papers 2012-07, University of Massachusetts Amherst, Department of Economics.

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