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A short history of India's economy : A chapter in the Asian drama

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  • Basu Kaushik

Abstract

This paper is a short history of the Indian economy since 1968.India today is a changed country from what it was half a century ago, when Myrdal published his Asian Drama. The stranglehold of low growth has been broken, its population below the poverty line has fallen markedly, and India has joined the pantheon of major players globally.This paper analyses the economic policies and the politics behind this transformation; and uses that as a backdrop to take stock of the huge challenges that lie ahead.

Suggested Citation

  • Basu Kaushik, 2018. "A short history of India's economy : A chapter in the Asian drama," WIDER Working Paper Series 124, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:wp2018-124
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    File URL: http://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2018-124.pdf
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    References listed on IDEAS

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    1. Barry Eichengreen & Poonam Gupta, 2013. "The two waves of service-sector growth," Oxford Economic Papers, Oxford University Press, vol. 65(1), pages 96-123, January.
    2. Basu, Kaushik, 2011. "Why, for a Class of Bribes, the Act of Giving a Bribe should be Treated as Legal," MPRA Paper 50335, University Library of Munich, Germany.
    3. Nayyar,Gaurav, 2014. "The Service Sector in India's Development," Cambridge Books, Cambridge University Press, number 9781107475922, July - De.
    4. Perrotta Berlin, Maria & Spagnolo, Giancarlo & Qin, Bei, 2015. "Leniency, Asymmetric Punishment and Corruption: Evidence from China," SITE Working Paper Series 34, Stockholm School of Economics, Stockholm Institute of Transition Economics, revised 25 May 2017.
    5. Ghose, Ajit K., 2016. "India Employment Report 2016: Challenges and the Imperative of Manufacturing-Led Growth," OUP Catalogue, Oxford University Press, number 9780199472574.
    6. Abbink, Klaus & Dasgupta, Utteeyo & Gangadharan, Lata & Jain, Tarun, 2014. "Letting the briber go free: An experiment on mitigating harassment bribes," Journal of Public Economics, Elsevier, vol. 111(C), pages 17-28.
    7. Basu, Kaushik, 2015. "An Economist in the Real World: The Art of Policymaking in India," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262029626, March.
    8. Abhijit Banerjee, 2016. "Policies for a better-fed world," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 152(1), pages 3-17, February.
    9. Roy, Tirthankar & Swamy, Anand V., 2016. "Law and the Economy in Colonial India," University of Chicago Press Economics Books, University of Chicago Press, number 9780226387642, October.
    10. Abhijit V. Banerjee, 2016. "Policies for a better-fed world," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 152(1), pages 3-17, February.
    11. Montek S. Ahluwalia, 2002. "Economic Reforms in India Since 1991: Has Gradualism Worked?," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 67-88, Summer.
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    Keywords

    Growth; Gunnar Myrdal; Political economy; Technological innovations; Corruption;

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