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Sources of Growth in the Indian Economy

  • Barry Bosworth

    (Brookings Institution)

  • Susan M. Collins

    (University of Michigan)

  • Arvind Virmani

    (University of Michigan)

This paper empirically examines India's economic growth experience during 1960-2004, focusing on the post 1973 acceleration. Careful attention is paid to data quality. The analysis focuses on two unusual dimensions of India's experience -- the concentration of growth in services production, and the modest levels of human and physical capital accumulation. A growth accounting analysis disaggregates by major sector, and highlights implications for aggregate productivity growth of the reallocation of resources out of agriculture to more productive activities in industry and services. But concerns are raised that growth in services may be overstated. India will need to broaden its current expansion to provide manufactured goods for the world market and jobs for its large pool of low-skilled workers. Increased public saving, as well as a rise in foreign saving -- particularly FDI -- could augment the rising household saving and support the increased investment necessary to sustain rapid growth.

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Article provided by Global Economy and Development Program, The Brookings Institution in its journal India Policy Forum.

Volume (Year): 3 (2006)
Issue (Month): 1 ()
Pages: 1-69

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Handle: RePEc:bin:indiap:v:3:y:2006:i:2006-1:p:1-69
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  1. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2000. "What Drives Private Saving Across the World?," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 165-181, May.
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  12. Patrinos, Harry Anthony & Ridao-Cano, Cris & Sakellariou, Chris, 2006. "Estimating the returns to education : accounting for heterogeneity in ability," Policy Research Working Paper Series 4040, The World Bank.
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