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India in the 1980's and 1990's

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  • Arvind Panagariya

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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Bibliographic Info

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

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Length: 38
Date of creation: 01 Mar 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/43

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Keywords: Economic reforms; Economic growth; growth rate; growth rates; import liberalization; trade liberalization; gdp growth; gnp; external trade; import controls; balance of payments; political economy; oil imports; tariff rates; total factor productivity; tariff lines; intermediate goods; trade in services; world trade; tariff rate; export incentives; gdp growth rate; import substitution; exchange rate policy; balance of payments crisis; investment flows; trading partners; real gdp; trade policies; liberal policies; liberalization of trade; world trade organization; trade data; open market; world economy; tariff revenue; imported inputs; modern economic growth; intermediate inputs; export industries; tax concessions; competitive disadvantage; import-substitution policies; dispute settlement; tariff structure; trade regimes; import items; import penetration; export performance; world prices; liberal trade policies; gdps; external liberalization; reducing trade barriers; trade barriers; free trade; tariff reform; trade policy review; skilled labor; merchandise trade liberalization; terms of trade; protectionist policies; gross domestic product; export subsidies; tariff levels; import tariffs; import competition; foreign trade; import side; trade flows; liberal trade; transport services; quota rents; export processing zones; domestic production; free entry; merchandise trade; endogenous growth; gdp growth rates; domestic market; export processing; gross national product;

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References

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  1. Jagdish N. Bhagwati & T. N. Srinivasan, 1975. "Foreign Trade Regimes and Economic Development: India," NBER Books, National Bureau of Economic Research, Inc, number bhag75-1.
  2. Ashok V. Desai, 1999. "The Economics and Politics of Transition to an Open Market Economy: India," OECD Development Centre Working Papers 155, OECD Publishing.
  3. Satish Chand & Kunal Sen, 1996. "Trade Liberalization and Productivity Growth: Evidence from Indian Manufacturing," Departmental Working Papers 1996-11, The Australian National University, Arndt-Corden Department of Economics.
  4. Francisco Alcalá & Antonio Ciccone, 2004. "Trade and Productivity," The Quarterly Journal of Economics, MIT Press, vol. 119(2), pages 612-645, May.
  5. Poonam Gupta & James P. F. Gordon, 2004. "Understanding India’s Services Revolution," IMF Working Papers 04/171, International Monetary Fund.
  6. Panagariya, Arvind, 1990. "Indicative planning in India: Discussion," Journal of Comparative Economics, Elsevier, vol. 14(4), pages 736-742, December.
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Citations

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Cited by:
  1. Mukul G. Asher & Rahul Sen, 2005. "India-East Asia Integration : A Win-Win for Asia," Macroeconomics Working Papers 22081, East Asian Bureau of Economic Research.
  2. Alessandrini, Michele & Fattouh, Bassam & Ferrarini, Benno & Scaramozzino, Pasquale, 2009. "Tariff Liberalization and Trade Specialization in India," ADB Economics Working Paper Series 177, Asian Development Bank.
  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.
  4. Geng, Nan, 2011. "The dynamics of market structure and firm-level adjustment to India's pro-market economic liberalizing reforms, 1988-2006: A Time Varying Panel Smooth Transition Regression (TV-PSTR) approach," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 506-519, October.
  5. Ang, James B., 2011. "Finance and consumption volatility: Evidence from India," Journal of International Money and Finance, Elsevier, vol. 30(6), pages 947-964, October.
  6. Barry Bosworth & Susan M. Collins & Arvind Virmani, 2006. "Sources of Growth in the Indian Economy," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 3(1), pages 1-69.
  7. Jahangir Aziz, 2008. "Deconstructing China’s and India’s Growth - The Role of Financial Policies," Macroeconomics Working Papers 22142, East Asian Bureau of Economic Research.
  8. Eckhard Siggel & Pradeep Agrawal, 2009. "The Impact Of Economic Reforms On Indian Manufacturers : Evidence From A Small Sample Survey," Development Economics Working Papers 22930, East Asian Bureau of Economic Research.
  9. Kawai, Masahiro & Wignaraja, Ganeshan, 2008. "Regionalism as an Engine of Multilateralism: A Case for a Single East Asian FTA," Working Papers on Regional Economic Integration 14, Asian Development Bank.

Lists

This item is featured on the following reading lists or Wikipedia pages:
  1. เศรษฐกิจอินเดีย in Wikipedia (Thai)
  2. تاریخ اقتصاد هند in Wikipedia (Persian)
  3. Wikiprojekt:Tłumaczenie artykułów/Gospodarka Indii in Wikipedia (Polish)
  4. Kinh tế Ấn Độ in Wikipedia (Vietnamese)
  5. Economy of India in Wikipedia (English)
  6. Microeconomic reform in Wikipedia (English)
  7. 印度经济 in Wikipedia (Chinese)
  8. インドの経済 in Wikipedia (Japanese)

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