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India in the 1980s and 1990s: A Triumph of Reforms

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Author Info
Arvind Panagariya

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Abstract

Bradford DeLong and Dani Rodrik have argued that reforms in India cannot be credited with higher growth because the growth rate crossed the 5 percent mark in the 1980s, well before the launch of the July 1991 reforms. This is a wrong reading of the Indian experience for two reasons. First, liberalization was already under way during the 1980s and played a crucial role in stimulating growth during that decade. Second, growth in the 1980s was fragile and unsustainable. The more systematic and systemic reforms of the 1990s, discussed here in detail, gave rise to more sustainable growth. The paper concludes by explaining why the growth rate in India nevertheless continues to trail that of China.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/43.

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Length: 37 pages
Date of creation: 24 Mar 2004
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Handle: RePEc:imf:imfwpa:04/43

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Keywords: Economic reforms ; India ; China ; Economic growth ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. James P. F. Gordon & Poonam Gupta, 2004. "Understanding India’s Services Revolution," IMF Working Papers 04/171, International Monetary Fund. [Downloadable!]
  2. Panagariya, Arvind, 1990. "Indicative planning in India: Discussion," Journal of Comparative Economics, Elsevier, vol. 14(4), pages 736-742, December. [Downloadable!] (restricted)
  3. Chand, Satish & Sne, Kunal, 2002. "Trade Liberalization and Productivity Growth: Evidence from Indian Manufacturing," Review of Development Economics, Blackwell Publishing, vol. 6(1), pages 120-32, February. [Downloadable!] (restricted)
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  4. Ashok V. Desai, 1999. "The Economics and Politics of Transition to an Open Market Economy: India," OECD Development Centre Working Papers 155, OECD, Development Centre. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jahangir Aziz, 2008. "Deconstructing China’s and India’s Growth: The Role of Financial Policies," Working Papers id:1714, esocialsciences.com. [Downloadable!]
  2. Rakesh Mohan, 2008. "The Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment," Working Papers id:1388, esocialsciences.com. [Downloadable!]
  3. Mehtabul Azam, 2008. "Changes in Wage Structure in Urban India, 1983-2004: A Quantile Regression Decomposition," Departmental Working Papers 0807, Southern Methodist University, Department of Economics. [Downloadable!]
    Other versions:
  4. C Niranjan Rao, 2008. "The Role of Intellectual Property Rights in Information and Communication Technologies," Working Papers id:1742, esocialsciences.com. [Downloadable!]
  5. 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. [Downloadable!] (restricted)
  6. Jahangir Aziz, . "Deconstructing China's and India's Growth: the Role of Financial Policies," Indian Council for Research on International Economic Relations, New Delhi Working Papers 224, Indian Council for Research on International Economic Relations, New Delhi, India. [Downloadable!]
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