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The Enigma of India

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  • Kaushik Basu

Abstract

India's high growth over the last fifteen years has inspired several recent books and papers to examine the growth's source and sustainability--the two-volume study by Arvind Virmani being a case in point. This paper evaluates these recent works. It is argued that the cause of the take-off does not fit into any easy ideological category as suggested by Virmani. The current high growth has been achieved in several steps, with distinct factors of propulsion behind each step. There is reason to expect the growth to be sustainable, although destabilizing political tensions will arise from the increasing inequality. The paper also evaluates how India's growth relates to the global economy.

Suggested Citation

  • Kaushik Basu, 2008. "The Enigma of India," Journal of Economic Literature, American Economic Association, vol. 46(2), pages 396-406, June.
  • Handle: RePEc:aea:jeclit:v:46:y:2008:i:2:p:396-406
    Note: DOI: 10.1257/jel.46.2.396
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    References listed on IDEAS

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    1. Kaushik Basu & Annemie Maertens, 2007. "The pattern and causes of economic growth in India," Oxford Review of Economic Policy, Oxford University Press, vol. 23(2), pages 143-167, Summer.
    2. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Jun.
    3. Gaurav Datt & Martin Ravallion, 2002. "Is India's Economic Growth Leaving the Poor Behind?," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 89-108, Summer.
    4. AfDB AfDB, . "African Development Report 1999," African Development Report, African Development Bank, number 16 edited by Adeleke Oluwole Salami, July-Dece.
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    6. Stephen Knack & Philip Keefer, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1251-1288.
    7. Timothy Besley & Robin Burgess, 2004. "Can Labor Regulation Hinder Economic Performance? Evidence from India," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 91-134.
    8. Buiter, Willem H. & Patel, Urjit R., 1992. "Debt, deficits, and inflation: An application to the public finances of India," Journal of Public Economics, Elsevier, vol. 47(2), pages 171-205, March.
    9. Abhijit Banerjee & Thomas Piketty, 2005. "Top Indian Incomes, 1922-2000," World Bank Economic Review, World Bank Group, vol. 19(1), pages 1-20.
    10. Hoff, Karla & Sen, Arijit, 2005. "The kin system as a poverty trap?," Policy Research Working Paper Series 3575, The World Bank.
    11. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Jan.
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    13. Angus Deaton & Jean Dreze, 2002. "Poverty and Inequality in India: A Re-Examination," Working Papers 184, Princeton University, Woodrow Wilson School of Public and International Affairs, Research Program in Development Studies..
    14. Phillip Arestis & Michelle Baddeley & John S.L. McCombie (ed.), 2007. "Economic Growth," Books, Edward Elgar Publishing, number 3958.
    15. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Nov.
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    17. Montek S. Ahluwalia, 2002. "Economic Reforms in India Since 1991: Has Gradualism Worked?," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 67-88, Summer.
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    19. Dani Rodrik & Arvind Subramanian, 2004. "Why India Can Grow At 7 Percent a Year or More; Projections and Reflections," IMF Working Papers 04/118, International Monetary Fund.
    20. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue May.
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    Cited by:

    1. Karl Hwang, 2010. "Measuring Geopolitical Power in India: A Review of the National Security Index (NSI)," GIGA Working Paper Series 136, GIGA German Institute of Global and Area Studies.

    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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