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Sources of Growth in the Indian Economy

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  • Bosworth, Barry
  • Collins, Susan M.
  • Virmani, Arvind

Abstract

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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Suggested Citation

  • Bosworth, Barry & Collins, Susan M. & Virmani, Arvind, 2007. "Sources of Growth in the Indian Economy," India Policy Forum, National Council of Applied Economic Research, vol. 3(1), pages 1-69.
    • Handle: RePEc:nca:ncaerj:v:3:y:2007:i:2007-1:p:1-69
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    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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