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India in the 1980s and 1990s: A Triumph of Reforms:

Author

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  • Arvind Panagariya

    (Columbia University)

Abstract

Bradford DeLong and Dani Rodrik have argued that reforms in India cannot be credited with higher growth because growth rate had crossed the 5 percent mark in the 1980s, well before the launch of the July 1991 reforms. This is wrong reading of the Indian experience for two reasons. First, liberalization was already under way during the 1980s and it played a crucial role in stimulating growth during that decade. Second, growth in the 1980s was fragile and unsustainable. The more systematic and systemic reforms of the 1990s, discussed in detail in this paper, gave rise to more sustainable growth. The paper concludes with a discussion of why the growth rate in India nevertheless continues to trail that of China.

Suggested Citation

  • Arvind Panagariya, 2004. "India in the 1980s and 1990s: A Triumph of Reforms:," International Trade 0403005, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpit:0403005
    Note: Type of Document - pdf; pages: 61
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    References listed on IDEAS

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    1. Francisco Alcalá & Antonio Ciccone, 2004. "Trade and Productivity," The Quarterly Journal of Economics, Oxford University Press, vol. 119(2), pages 613-646.
    2. Jagdish N. Bhagwati & T. N. Srinivasan, 1975. "Foreign Trade Regimes and Economic Development: India," NBER Books, National Bureau of Economic Research, Inc, number bhag75-1.
    3. Chand, Satish & Sne, Kunal, 2002. "Trade Liberalization and Productivity Growth: Evidence from Indian Manufacturing," Review of Development Economics, Wiley Blackwell, vol. 6(1), pages 120-132, February.
    4. Panagariya, Arvind, 1990. "Indicative planning in India: Discussion," Journal of Comparative Economics, Elsevier, vol. 14(4), pages 736-742, December.
    5. Ashok V. Desai, 1999. "The Economics and Politics of Transition to an Open Market Economy: India," OECD Development Centre Working Papers 155, OECD Publishing.
    6. Poonam Gupta & James P. F. Gordon, 2004. "Understanding India’s Services Revolution," IMF Working Papers 04/171, International Monetary Fund.
    7. T. N. Srinivasan & Suresh D. Tendulkar, 2003. "Reintegrating India with the World Economy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 98.
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    Cited by:

    1. Barry Bosworth & Susan M. Collins & Arvind Virmani, 2006. "Sources of Growth in the Indian Economy," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 3(1), pages 1-69.
    2. Azam, Mehtabul, 2012. "Changes in Wage Structure in Urban India, 1983–2004: A Quantile Regression Decomposition," World Development, Elsevier, vol. 40(6), pages 1135-1150.
    3. Alessio Terzi & Michele Peruzzi, 2018. "Growth Accelerations Strategies," CID Working Papers 91a, Center for International Development at Harvard University.
    4. S. Saravanan & A. Joseph Durai, 2012. "Growth pattern disparities: an inter-state and intra-state analysis," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 2, pages 1-1, December.
    5. Monojit Chatterji & Homagni Choudhury, 2010. "The Changing Inter-Industry Wage Structure of the Organised Manufacturing Sector in India, 1973-74 to 2003-04," Dundee Discussion Papers in Economics 244, Economic Studies, University of Dundee.
    6. Ferrarini, Benno & Scaramozzino, Pasquale, 2009. "Tariff Liberalization and Trade Specialization in India," Papers 87, World Trade Institute.
    7. Azam Mehtabul, 2010. "India's Increasing Skill Premium: Role of Demand and Supply," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-28, October.
    8. Chatterji, Monojit & Choudhury, Homagni, 2010. "Growth Rate Estimation in the presence of Unit Roots," SIRE Discussion Papers 2010-92, Scottish Institute for Research in Economics (SIRE).
    9. Ghosh Dastidar, Sayantan, 2015. "Manufacturing and Trade Liberalisation of India: Continuing the Debate," MPRA Paper 61907, University Library of Munich, Germany.
    10. Geng, Nan, 2011. "The dynamics of market structure and firm-level adjustment to India's pro-market economic liberalizing reforms, 1988-2006: A Time Varying Panel Smooth Transition Regression (TV-PSTR) approach," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 506-519, October.
    11. Eckhard Siggel & Pradeep Agrawal, 2009. "The Impact Of Economic Reforms On Indian Manufacturers : Evidence From A Small Sample Survey," Development Economics Working Papers 22930, East Asian Bureau of Economic Research.
    12. Yuyan Tan & Yang Ji & Yiping Huang, 2016. "Completing China's Interest Rate Liberalization," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 24(2), pages 1-22, March.
    13. Jahangir Aziz, 2008. "Deconstructing China’s and India’s Growth - The Role of Financial Policies," Macroeconomics Working Papers 22142, East Asian Bureau of Economic Research.
    14. Ang, James B., 2011. "Finance and consumption volatility: Evidence from India," Journal of International Money and Finance, Elsevier, vol. 30(6), pages 947-964, October.
    15. Mukul G. Asher & Rahul Sen, 2005. "India-East Asia Integration : A Win-Win for Asia," Macroeconomics Working Papers 22081, East Asian Bureau of Economic Research.
    16. repec:spr:jqecon:v:15:y:2017:i:3:d:10.1007_s40953-017-0102-7 is not listed on IDEAS
    17. Kawai, Masahiro & Wignaraja, Ganeshan, 2008. "Regionalism as an Engine of Multilateralism: A Case for a Single East Asian FTA," Working Papers on Regional Economic Integration 14, Asian Development Bank.

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    JEL classification:

    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business

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    1. اقتصاد الهند in Wikipedia Arabic ne '')
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