Advanced Search
MyIDEAS: Login to save this paper or follow this series

India's economic growth: From socialist rate of growth to Bharatiya rate of growth


Author Info

  • Arvind Virmani

    (Indian Council for Research on International Economic Relations)

Registered author(s):


    Paper reviews India's growth performance since independence. Phrases suchas "Hindu Rate of Growth," sometimes make a telling comment and expose obscureeconomic data to a wider audience, but they can just as readily obscure reality byfocussing attention on the wrong issue. There is nothing in the literature that suggeststhat this period of the "Hindu Rate of Growth" had anything to do with Hinduism per se.This paper shows that had a lot to do with the Indian version of Socialism. The 30-yearperiod from 1950-51 to 1979-80 is therefore better described as the "Indian-socialist" orperhaps "Hindu-socialist" period. The paper also identifies a truly disastrous 15-yearsub-period within this Indian-socialist period, the negative lessons of which have still notbeen fully understood or absorbed by academics, policy makers and political parties.One of the innovations in this paper is to take explicit account of rainfallvariations that play a very important role in the Indian economy. This allows us todetermine whether the Indian economy has become less dependent on the monsoons(`drought proof'). It also allows a statistically more accurate determination of thedifferent phases of Indian economic growth. The paper confirms that, what the authorhas earlier dubbed, the "Bharatiya Rate of Growth" phase began around 1980-81. Thepaper fills out the sector details of the various phases of development and the role thatgovernment and government monopoly has played in different sectors. The paper alsoexplores some of the growth puzzles in our economic history.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    Download Restriction: no

    Bibliographic Info

    Paper provided by Indian Council for Research on International Economic Relations, New Delhi, India in its series Indian Council for Research on International Economic Relations, New Delhi Working Papers with number 122.

    as in new window
    Length: 74 pages
    Date of creation: Jan 2004
    Date of revision:
    Handle: RePEc:ind:icrier:122

    Contact details of provider:
    Postal: India Habitat Centre, Core 6A, Lodhi Road, New Delhi 110 003
    Phone: 91-11-4645218
    Fax: 91-11-462-0180
    Web page:
    More information through EDIRC

    Related research

    Keywords: Indian Economy; Economic Growth; Development; Phases of Growth; Socialism; Government Monopoly; Bharatiya Rate of Growth;

    Find related papers by JEL classification:

    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.:
    as in new window
    1. Hendricks, Lutz, . "Equipment Investment and Growth In Developing Countries," Working Papers 97/5, Arizona State University, Department of Economics.
    2. Bhagwati, Jagdish, 1993. "India in Transition: Freeing the Economy," OUP Catalogue, Oxford University Press, number 9780198288473, October.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Mazumdar, Surajit, 2008. "Investment and growth in India under liberalization: Asymmetries and Instabilities," MPRA Paper 19629, University Library of Munich, Germany.
    2. Arvind Virmani, 2009. "China’s Socialist Market Economy: Lessons for Democratic Developing Countries," Working Papers id:1899, eSocialSciences.
    3. Mazumdar, Surajit, 2010. "Industry and services in growth and structural change in India: some unexplored features," MPRA Paper 20401, University Library of Munich, Germany.
    4. Arvind Virmani, 2007. "Lesons Government Failure: Public Goods Provision and Quality of Public Investment," Working Papers id:959, eSocialSciences.
    5. Rakesh Mohan, 2008. "The Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment," Working Papers id:1388, eSocialSciences.
    6. Arvind Virmani, 2004. "Sources of India's economic growth: trends in total factor productivity," Indian Council for Research on International Economic Relations, New Delhi Working Papers 131, Indian Council for Research on International Economic Relations, New Delhi, India.
    7. Mazumdar, Surajit, 2008. "Crony Capitalism and India: Before and After Liberalization," MPRA Paper 19627, University Library of Munich, Germany.


    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:ind:icrier:122. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (G.K. Manjunath).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.