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The Political Economy of Recent Economic Growth in India

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  • Raghbendra Jha

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Abstract

The political economy of India’s economic growth is an issue of abiding interest. Higher and sustained economic growth has, all over the world, been the surest and most time tested means of raising living standards and reducing poverty. Further, given that it is a functioning democracy, economic policy in India can often be dictated by political expediency as political parties indulge in competitive populism in the face of improvements in social indicators such as literacy, infant mortality and the like lagging behind rises in the rate of economic growth. Thus the political economy of policy formulation is an important area of concern. Finally, an analysis of what policies can be undertaken given these constraints is an important indicator of potential welfare implications of policies for such a large section of humanity. Several recent reviews of India’s recent growth experience exist (Rodrik and Subrahmanian, 2004, Kelkar, 2004, and Thirlwell, 2004 are three examples). The value added of the present paper is to place India’s growth experience within a broader political economy perspective. It documents the broad contours of economic growth in India; it then analyzes some emerging obstacles to higher economic growth and finally the prospects for accelerating the economic reforms program to place India on a sustained higher economic growth path.

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Paper provided by The Australian National University, Australia South Asia Research Centre in its series ASARC Working Papers with number 2004-12.

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Length: 22
Date of creation: 2004
Date of revision:
Handle: RePEc:pas:asarcc:2004-12

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  1. Rodrik, Dani, 1996. "Why do More Open Economies Have Bigger Governments?," CEPR Discussion Papers 1388, C.E.P.R. Discussion Papers.
  2. Rodrik, Dani & Subramanian, Arvind, 2004. "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition," Working Paper Series rwp04-013, Harvard University, John F. Kennedy School of Government.
  3. Sharma, Anurag & Jha, Raghbendra, 2012. "Fiscal deficits, banking crises and policy reversal in a semi-open economy," Economic Modelling, Elsevier, vol. 29(2), pages 271-282.
  4. World Bank, 2000. "India : Country Framework Report for Private Participation in Infrastructure," World Bank Other Operational Studies 15275, The World Bank.
  5. Dani Rodrik & Arvind Subramanian, 2004. "From "Hindu Growth" to Productivity Surge," IMF Working Papers 04/77, International Monetary Fund.
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