Economic Reforms in India Since 1991: Has Gradualism Worked?
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This article examined India's experience with gradualist reforms from this perspective and pointed out that even a gradualist pace should be able to achieve significant policy changes over ten years, even with a slow pace of implementation.Abstract:
Opinions on the causes of India's growth deceleration vary. World economic growth was slower in the second half of the 1990s, and that would have had some dampening effect, but India's dependence on the world economy is not large enough for this to account for the slowdown. Critics of liberalization have blamed the slowdown on the effect of trade policy reforms on domestic industry. However, the opposite view is that the slowdown is due not to the effects of reforms, but rather to the failure to implement the reforms effectively. This in turn is often attributed to India's gradualist approach to reform, which has meant a frustratingly slow pace of implementation. However, even a gradualist pace should be able to achieve significant policy changes over ten years. This paper examines India's experience with gradualist reforms from this perspective.read more
Citations
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MonographDOI
Capitalism with Chinese Characteristics: Entrepreneurship and the State
TL;DR: The authors presents a story of two Chinas, an entrepreneurial rural China and a state-controlled urban China, and uses the emerging Indian miracle to debunk the widespread notion that democracy is automatically anti-growth.
Journal ArticleDOI
From 'Hindu Growth' to Productivity Surge: The Mystery of the Indian Growth Transition
TL;DR: In this paper, the authors argue that India's recent economic performance was triggered by an attitudinal shift on the part of the national government towards a pro-business (as opposed to pro-liberalization) approach.
Posted Content
Trade Liberalization, Poverty, and Inequality: Evidence from Indian Districts
TL;DR: This paper used the sharp trade liberalization in India in 1991, spurred to a large extent by external factors, to measure the causal impact of trade liberalisation on poverty and inequality in districts in India.
Journal ArticleDOI
Is India's Economic Growth Leaving the Poor Behind?
Gaurav Datt,Martin Ravallion +1 more
TL;DR: The authors of as mentioned in this paper argue that India's economic growth in the 1990s has not been occurring in the states where it would have the most impact on poverty, and that if not for the sectoral and geographic imbalance of growth, the national rate of growth would have generated a rate of poverty reduction that was double India's historical trend rate.
ReportDOI
From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition
Dani Rodrik,Arvind Subramanian +1 more
TL;DR: The authors explored the causes of India's productivity surge around 1980, more than a decade before serious economic reforms were initiated, and found evidence that the trigger may have been an attitudinal shift by the government in the early 1980s that, unlike the reforms of the 1990s, was probusiness rather than promarket in character, favoring the interests of existing businesses rather than new entrants or consumers.
References
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Book
The New Global Economy and Developing Countries: Making Openness Work
TL;DR: Rodrik as discussed by the authors argues that successful integration into the world economy requires a complementary set of policies and institutions at home Policy makers must reinforce their external strategy of liberalization with an internal strategy that gives the state substantial responsibility in building physical and human capital and mediating social conflicts.
Journal ArticleDOI
From 'Hindu Growth' to Productivity Surge: The Mystery of the Indian Growth Transition
TL;DR: In this paper, the authors argue that India's recent economic performance was triggered by an attitudinal shift on the part of the national government towards a pro-business (as opposed to pro-liberalization) approach.
Book ChapterDOI
Outward-orientation and development: are revisionists right?
TL;DR: In the early days, there was a broad consensus that trade policy should be based on import substitution, which was thought import substitution in manufactures would be synonymous with industrialization, which in turn was seen as the key to development as mentioned in this paper.
Book
Industrial Growth in India: Stagnation Since the Mid-Sixties
TL;DR: The importance of industrialization as a means of achieving rapid growth and prosperity has long been recognized in the thinking on development strategy for India; but the country's industrial potential has been far from fully exploited as mentioned in this paper.