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Sustaining High Rates of Economic Growth in India

Author

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  • Nirupam Bajpai

Abstract

Keeping the current state of the economy in mind and the on-going process of economic reforms, we suggest measures to strengthen India's growth strategy. Briefly put, we suggest a strategy focusing on export-led growth, which among other things requires greater emphasis on special economic zones, and openness of the economy, liberalization in India's labor laws, de-reservation of products for the small scale industry and other measures for the deregulation of India's private sector. Second, fiscal consolidation, which urgently requires expenditure reform to include a much smaller level of explicit and implicit subsidies, large scale disinvestment of India's public sector, and a major reduction in the size of the government, among other things. Third, global competitiveness so as to attract large-scale foreign direct investment for infrastructure development and export-oriented activities, and finally, liberalization and deregulation of India's information technology industry.

Suggested Citation

  • Nirupam Bajpai, 2001. "Sustaining High Rates of Economic Growth in India," CID Working Papers 65A, Center for International Development at Harvard University.
    • Handle: RePEc:cid:wpfacu:65a
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    File URL: https://www.hks.harvard.edu/sites/default/files/centers/cid/files/publications/faculty-working-papers/065.pdf
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    References listed on IDEAS

    as
    1. Jeffrey D. Sachs & Nirupam Bajpai, 2001. "The Decade of Development: Goal Setting and Policy Challenges in India," CID Working Papers 62A, Center for International Development at Harvard University.
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      Keywords

      growth strategy; India's economic development; India's economic reforms;
      All these keywords.

      JEL classification:

      • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
      • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
      • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
      • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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