India's economic growth: From socialist rate of growth to Bharatiya rate of growth
Paper reviews India's growth performance since independence. Phrases suchas "Hindu Rate of Growth," sometimes make a telling comment and expose obscureeconomic data to a wider audience, but they can just as readily obscure reality byfocussing attention on the wrong issue. There is nothing in the literature that suggeststhat this period of the "Hindu Rate of Growth" had anything to do with Hinduism per se.This paper shows that had a lot to do with the Indian version of Socialism. The 30-yearperiod from 1950-51 to 1979-80 is therefore better described as the "Indian-socialist" orperhaps "Hindu-socialist" period. The paper also identifies a truly disastrous 15-yearsub-period within this Indian-socialist period, the negative lessons of which have still notbeen fully understood or absorbed by academics, policy makers and political parties.One of the innovations in this paper is to take explicit account of rainfallvariations that play a very important role in the Indian economy. This allows us todetermine whether the Indian economy has become less dependent on the monsoons(`drought proof'). It also allows a statistically more accurate determination of thedifferent phases of Indian economic growth. The paper confirms that, what the authorhas earlier dubbed, the "Bharatiya Rate of Growth" phase began around 1980-81. Thepaper fills out the sector details of the various phases of development and the role thatgovernment and government monopoly has played in different sectors. The paper alsoexplores some of the growth puzzles in our economic history.
|Date of creation:||Jan 2004|
|Contact details of provider:|| Postal: India Habitat Centre, Core 6A, Lodhi Road, New Delhi 110 003|
Web page: http://www.icrier.res.in
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bhagwati, Jagdish, 1993. "India in Transition: Freeing the Economy," OUP Catalogue, Oxford University Press, number 9780198288473.
- Hendricks, Lutz A., 2000.
"Equipment Investment and Growth In Developing Countries,"
Staff General Research Papers Archive
11932, Iowa State University, Department of Economics.
- Hendricks, Lutz, 2000. "Equipment investment and growth in developing countries," Journal of Development Economics, Elsevier, vol. 61(2), pages 335-364, April.
- Hendricks, Lutz, "undated". "Equipment Investment and Growth In Developing Countries," Working Papers 97/5, Arizona State University, Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:ind:icrier:122. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (G.K. Manjunath)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.