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Punjab and Kerala: Regional Development in India

In: INSTITUTIONS, INSTITUTIONAL CHANGE AND ECONOMIC PERFORMANCE IN EMERGING MARKETS

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  • Lakshmi Iyer

Abstract

Between 2000 and 2004, India's economy grew by 6.4 percent, and the fraction of the population living below the poverty line declined from 36 percent in 1993 to an estimated 22 percent in 2004–2005. This growth was facilitated by the economic reforms implemented after the government faced a balance of payments crisis in 1991. These reforms included reductions in tariffs, substantial reductions in regulations and license restrictions on business and inviting foreign direct investment (FDI) into most sectors of the economy. India developed a vibrant services sector, with the share of services in overall GDP growing from 42 percent in 1991 to 53 percent in 2004. The country became internationally known for the quality of its information technology (IT) firms and engineers. Analysts expected IT and other business process outsourcing (BPO) firms to employ 1.2 million people and contribute nearly 5 percent of GDP in 2006–2007…

Suggested Citation

  • Lakshmi Iyer, 2016. "Punjab and Kerala: Regional Development in India," World Scientific Book Chapters, in: INSTITUTIONS, INSTITUTIONAL CHANGE AND ECONOMIC PERFORMANCE IN EMERGING MARKETS, chapter 10, pages 223-266, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814719766_0010
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