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India: Asia’s Next Productivity Success Story

Author

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  • Joydeep Mukherji

Abstract

India has created the basic rules of modern economic and political life. While the country’s institutional framework needs strengthening, it will allow India to prosper without drastic changes. Gradual economic reform has transformed India, putting it on a much faster growth path. Economic growth in the next ten years may not equal China’s current double-digit growth rate, but India is nevertheless very likely to become one of the fastest growing economies in the world, growing at a pace similar to that of Malaysia, Thailand, Taiwan and Korea during their period of sustained rapid economic growth. The recent acceleration in real GDP growth reflects both faster input growth as well as rising total factor productivity. However, India has weaker social pillars to support economic growth than other East Asian countries had at the time of their miracle growth years, mainly due to its poor education system. Failure to address shortcomings in education, along with inadequate physical infrastructure, and large fiscal deficits, would constrain India from reaching even faster growth.

Suggested Citation

  • Joydeep Mukherji, 2007. "India: Asia’s Next Productivity Success Story," International Productivity Monitor, Centre for the Study of Living Standards, vol. 14, pages 38-52, Spring.
  • Handle: RePEc:sls:ipmsls:v:14:y:2007:3
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    References listed on IDEAS

    as
    1. Kochhar, Kalpana & Kumar, Utsav & Rajan, Raghuram & Subramanian, Arvind & Tokatlidis, Ioannis, 2006. "India's pattern of development: What happened, what follows?," Journal of Monetary Economics, Elsevier, vol. 53(5), pages 981-1019, July.
    2. Barry Bosworth & Susan M. Collins & Arvind Virmani, 2006. "Sources of Growth in the Indian Economy," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 3(1), pages 1-69.
    3. Dani Rodrik & Arvind Subramanian, 2005. "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition," IMF Staff Papers, Palgrave Macmillan, vol. 52(2), pages 193-228, September.
    4. Barry P. Bosworth & Susan M. Collins, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 113-206.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Economic growth; Institutional framework; Input growth; Total factor productivity; Education system; Physical infrastructure; Fiscal deficits.;

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F01 - International Economics - - General - - - Global Outlook
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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