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The Political Economy of Recent Economic Growth in India

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  • Raghbendra Jha

Abstract

The political economy of India’s economic growth is an issue of abiding interest. Higher and sustained economic growth has, all over the world, been the surest and most time tested means of raising living standards and reducing poverty. Further, given that it is a functioning democracy, economic policy in India can often be dictated by political expediency as political parties indulge in competitive populism in the face of improvements in social indicators such as literacy, infant mortality and the like lagging behind rises in the rate of economic growth. Thus the political economy of policy formulation is an important area of concern. Finally, an analysis of what policies can be undertaken given these constraints is an important indicator of potential welfare implications of policies for such a large section of humanity. Several recent reviews of India’s recent growth experience exist (Rodrik and Subrahmanian, 2004, Kelkar, 2004, and Thirlwell, 2004 are three examples). The value added of the present paper is to place India’s growth experience within a broader political economy perspective. It documents the broad contours of economic growth in India; it then analyzes some emerging obstacles to higher economic growth and finally the prospects for accelerating the economic reforms program to place India on a sustained higher economic growth path.

Suggested Citation

  • Raghbendra Jha, 2004. "The Political Economy of Recent Economic Growth in India," ASARC Working Papers 2004-12, The Australian National University, Australia South Asia Research Centre.
    • Handle: RePEc:pas:asarcc:2004-12
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    References listed on IDEAS

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    1. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
    2. World Bank, 2000. "India : Country Framework Report for Private Participation in Infrastructure," World Bank Publications - Reports 15275, The World Bank Group.
    3. Dani Rodrik & Arvind Subramanian, 2005. "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition," IMF Staff Papers, Palgrave Macmillan, vol. 52(2), pages 193-228, September.
    4. Sharma, Anurag & Jha, Raghbendra, 2012. "Fiscal deficits, banking crises and policy reversal in a semi-open economy," Economic Modelling, Elsevier, vol. 29(2), pages 271-282.
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    Cited by:

    1. Bhaskar Vira & Al James, 2012. "Building Cross-Sector Careers in India's New Service Economy? Tracking Former Call Centre Agents in the National Capital Region," Development and Change, International Institute of Social Studies, vol. 43(2), pages 449-479, March.
    2. Raghbendra Jha, 2008. "Inflation targeting in India: issues and prospects," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(2), pages 259-270.
    3. U.N. Bhati & Raghbendra Jha, 2006. "Emerging Opportunities for Australia in India's Paper and Paperboard Market," ASARC Working Papers 2006-05, The Australian National University, Australia South Asia Research Centre.

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