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What Explains the Volatility of India’s Catch-up Growth?


  • Ashima Goyal


Indian post reform growth rates have been higher but more volatile compared to transition periods for other comparable countries. The reasons are aggravation of shocks due to unaddressed critical bottlenecks together with pro-cyclical macroeconomic policy that compressed aggregate demand. Reform is required to relieve constraints, but traditional reforms may be neither appropriate nor achievable. Feasible reforms are discussed. Since diversity and resilience has increased and some constraints have eased, the paper argues sustained high growth is reachable with the relevant policy support.

Suggested Citation

  • Ashima Goyal, 2019. "What Explains the Volatility of India’s Catch-up Growth?," Working Papers id:13026, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:13026
    Note: Institutional Papers

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    References listed on IDEAS

    1. Ashima Goyal, 2014. "Purchasing Power Parity, Wages and Inflation in Emerging Markets," Foreign Trade Review, , vol. 49(4), pages 327-347, November.
    2. Ashima Goyal, 2018. "Indian Banks and the Prevention of Corruption Act: Freedom and Discipline," Working Papers id:12944, eSocialSciences.
    3. Corbo, Vittorio & Fischer, Stanley, 1995. "Structural adjustment, stabilization and policy reform: Domestic and international finance," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.),Handbook of Development Economics, edition 1, volume 3, chapter 44, pages 2845-2924, Elsevier.
    4. Zhang, ZhongXiang, 2018. "Energy Price Reform in China," ESP: Energy Scenarios and Policy 273368, Fondazione Eni Enrico Mattei (FEEM).
    5. Ashima Goyal, 2018. "The Indian fiscal-monetary framework: Dominance or coordination?," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2018-010, Indira Gandhi Institute of Development Research, Mumbai, India.
    6. Ashima Goyal, 2013. "Sustaining growth: Interests versus institutions," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2013-001, Indira Gandhi Institute of Development Research, Mumbai, India.
    7. S. Mahendra Dev, 2018. "Transformation of Indian Agriculture? Growth, Inclusiveness and Sustainability," Working Papers id:12955, eSocialSciences.
    8. Goyal, Ashima, 2018. "The Indian Fiscal-Monetary Framework: Dominance or Coordination?," International Journal of Development and Conflict, Gokhale Institute of Politics and Economics, vol. 8(1), pages 1-13.
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