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Openness has affected neither poverty nor inequality adversely. When surveyed, people in disproportionately large volumes from all groups say that their fortunes are improving. The essays in this volume show that trade oppenness has helped reduce poverty among most social groups.
In this commemorative volume, India's top business leaders and economic luminaries come together to provide a balanced picture of the consequences of the country’s economic reforms, which were initiated in 1991. What were the reforms? What were they intended for? How have they affected the overall functioning of the economy? With contributions from Mukesh Ambani, Narayana Murthy, Sunil Mittal, Kiran Mazumdar-Shaw, Shivshankar Menon, Montek Singh Ahluwalia, T.N. Ninan, Sanjaya Baru, Naushad Forbes, Omkar Goswami and R. Gopalakrishnan, India Transformed delves deep into the life of an economically liberalized India through the eyes of the people who helped transform it.
India’s Decade of Reforms: Reserve Bank of India at Central Stage looks at the initiatives taken by the Government of India and the RBI to restore the country’s economic health by introducing economic and financial sector reforms. Since 2014, the GOI and the RBI have come together to create reform initiatives to revamp the institutional system in the financial sector by infusing transparency and professionalism in policy formulation. The book dispassionately analyses the recent coming together of GOI and RBI to ensure continuity in policy formulation and the RBI’s role in demonetization. Also explored is the RBI’s role in managing monetary policy to the nation’s advantage and introducing necessary structural changes.
India has fallen far and fast from the runaway growth rates it enjoyed in the first decade of the twenty-first century. In order to reverse this trend, New Delhi must seriously reflect on its policy choices across a wide range of issue areas. Getting India Back on Track broadly coincides with the 2014 Indian elections to spur a public debate about the program that the next government should pursue in order to return the country to a path of high growth. It convenes some of India's most accomplished analysts to recommend policies in every major sector of the Indian economy. Taken together, these seventeen focused and concise memoranda offer policymakers and the general public alike a clear blueprint for India's future. Contents Foreword Ratan N. Tata (Chairman, Tata Trusts) Introduction Ashley J. Tellis and Reece Trevor (Carnegie Endowment for International Peace) 1. Maintaining Macroeconomic Stability Ila Patnaik (National Institute of Public Finance and Policy) 2. Dismantling the Welfare State Surjit Bhalla (Oxus Investments) 3. Revamping Agriculture and the Public Distribution System Ashok Gulati (Commission for Agriculture Costs and Prices) 4. Revisiting Manufacturing Policy Rajiv Kumar (Centre for Policy Research) 5. Generating Employment Omkar Goswami (Corporate and Economic Research Group) 6. Expanding Education and Skills Laveesh Bhandari (Indicus Analytics) 7. Confronting Health Challenges A. K. Shiva Kumar (National Advisory Council) 8. Accelerating Infrastructure Modernization Rajiv Lall and Ritu Anand (IDFC Limited) 9. Managing Urbanization Somik Lall and Tara Vishwanath (World Bank) 10. Renovating Land Management Barun S. Mitra (Liberty Institute) and Madhumita D. Mitra (consultant) 11. Addressing Water Management Tushaar Shah (International Water Management Institute) and Shilp Verma (independent researcher) 12. Reforming Energy Policy and Pricing Sunjoy Joshi (Observer Research Foundation) 13. Managing the Environment Ligia Noronha (Energy and Resources Institute) 14. Strengthening Rule of Law Devesh Kapur (University of Pennsylvania) and Milan Vaishnav (Carnegie Endowment for International Peace) 15. Correcting the Administrative Deficit Bibek Debroy (Centre for Policy Research) 16. Building Advanced Technology Capacity for Competitive Arms Acquisition Ravinder Pal Singh (Stockholm International Peace Research Institute) 17. Rejuvenating Foreign Policy C. Raja Mohan (Observer Research Foundation and Carnegie Endowment for International Peace
A specially designed computable general equilibrium model is used to analyze the effects of recent policy reforms in the Indian economy
Tracing the spectacular trajectory of Ahluwalia's life from its humble beginnings in Secunderabad to the corridors of power in New Delhi, this book is a classic insider's account of how the India story was shaped and script Ahluwalia played a key role in the transformation of India from a state-run to a market-based economy, and remained a constant fixture at the top of India's economic policy establishment for an unprecedented period of three decades.
In this volume, leading economists assess India's economic performance, policies and institutions.
Twenty years ago India was still generally thought of as an archetypal developing country, home to the largest number of poor people of any country in the world, and beset by problems of low economic growth, casteism and violent religious conflict. Now India is being feted as an economic power-house which might well become the second largest economy in the world before the middle of this century. Its democratic traditions, moreover, remain broadly intact. How and why has this historic transformation come about? And what are its implications for the people of India, for Indian society and politics? These are the big questions addressed in this book by three scholars who have lived and researched in different parts of India during the period of this great transformation. Each of the 13 chapters seeks to answer a particular question: When and why did India take off? How did a weak state promote audacious reform? Is government in India becoming more responsive (and to whom)? Does India have a civil society? Does caste still matter? Why is India threatened by a Maoist insurgency? In addressing these and other pressing questions, the authors take full account of vibrant new scholarship that has emerged over the past decade or so, both from Indian writers and India specialists, and from social scientists who have studied India in a comparative context. India Today is a comprehensive and compelling text for students of South Asia, political economy, development and comparative politics as well as anyone interested in the future of the world's largest democracy.
After nearly five decades of insulation from world markets, state controls, and slow growth, India embarked in 1991 on a process of liberalization of controls and progressive integration with the global economy in an effort to put its economy on a path of rapid and sustained growth. Despite major changes in the government since then, the thrust on reforms has been maintained. According to the World Bank, only 10 out of 145 countries had more rapid growth than India at over 6 percent per year in the 1990s and two had the same as India's. In this study, T.N. Srinivasan and Suresh D. Tendulkar analyze the economics and politics of India's recent and growing integration with the world economy. They argue that this process has to be nurtured and accelerated if India is to eradicate its poverty and take its rightful place in the global economic system.The study covers the historical roots and the political economy of India's late integration; domestic and external constraints on integration; external capital inflows including foreign direct investment; and India's emerging comparative advantage in the information technology industry and services, particularly computer software. The final chapter offers policy recommendations including proposals that India could make at the ongoing Doha Round of multilateral trade negotiations.
The subject of India's rapid growth in the past two decades has become a prominent focus in the public eye. A book that documents this unique and unprecedented surge, and addresses the issues raised by it, is sorely needed. Arvind Panagariya fills that gap with this sweeping, ambitious survey. India: The Emerging Giant comprehensively describes and analyzes India's economic development since its independence, as well as its prospects for the future. The author argues that India's growth experience since its independence is unique among developing countries and can be divided into four periods, each of which is marked by distinctive characteristics: the post-independence period, marked by liberal policies with regard to foreign trade and investment, the socialist period during which Indira Ghandi and her son blocked liberalization and industrial development, a period of stealthy liberalization, and the most recent, openly liberal period. Against this historical background, Panagariya addresses today's poverty and inequality, macroeconomic policies, microeconomic policies, and issues that bear upon India's previous growth experience and future growth prospects. These provide important insights and suggestions for reform that should change much of the current thinking on the current state of the Indian economy. India: The Emerging Giant will attract a wide variety of readers, including academic economists, policy makers, and research staff in national governments and international institutions. It should also serve as a core text in undergraduate and graduate courses that deal with Indias economic development and policies.