Battles Half Won : The Political Economy of India's Growth and Economic Policy since Independence

Battles Half Won : The Political Economy of India's Growth and Economic Policy since Independence

Rapid growth since 1980 has transformed India from the world's 50th ranked economy in nominal U.S. dollars to the 10th largest in 2005. The growth of per capita income has helped reduce poverty. At the same time, evidence suggests that income...

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Bibliographic Details
Main Authors:	Ahmed, Sadiq, Varshney, Ashutosh
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ABSOLUTE TERMS ACCOUNTING ADVERSE EFFECTS AGRICULTURAL SECTOR AGRICULTURE ANNUAL GROWTH ANNUAL GROWTH RATE AVERAGE GROWTH AVERAGE LEVEL BALANCE OF PAYMENTS BALANCE OF PAYMENTS CRISIS BARGAINING BASIC EDUCATION BENEFICIARIES CAPITAL ACCUMULATION CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CASUAL WORKERS CENTRAL PLANNING COMMAND ECONOMY CORPORATE TAX RATES COUNTRY CASE CURRENCY CURRENCY DEVALUATION CURRENT ACCOUNT DEFICIT DEBT DEBT SERVICE DEMOCRACY DEREGULATION DEVALUATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPING WORLD DEVELOPMENT INDICATORS DEVELOPMENT PRACTITIONERS DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIMINISHING RETURNS DOMESTIC DEBT DOWNSIDE RISKS ECONOMIC BOOM ECONOMIC DEVELOPMENT ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC HISTORY ECONOMIC LIBERALIZATION ECONOMIC OBJECTIVES ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC POLICY ECONOMIC REALM ECONOMIC REFORM ECONOMIC REFORMS ECONOMIC SECTORS ECONOMIC THEORIES ECONOMICS ECONOMICS PROFESSION EDUCATIONAL ATTAINMENT ELASTICITY EMPLOYMENT EQUAL RIGHTS EQUITY ISSUES EXCHANGE CONTROLS EXCHANGE RATE EXCHANGE RATES EXPORTS EXTERNAL DEBT FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN INVESTORS GDP GDP PER CAPITA GLOBAL ECONOMY GLOBAL MARKETS GNP GOVERNMENT BUDGET GOVERNMENT FINANCES GROWTH IMPACT GROWTH PERFORMANCE GROWTH PROCESS GROWTH RATES HOLDING HUMAN DEVELOPMENT IMPORT TARIFFS INCOME DISTRIBUTION INCOME GROUPS INCOME INEQUALITIES INCOME INEQUALITY INCOMES INDUSTRIAL COUNTRIES INDUSTRIAL DEVELOPMENT INDUSTRIAL POLICY INDUSTRIAL SECTOR INDUSTRIALIZATION INDUSTRIALIZED COUNTRIES INEQUALITY DATA INFANT MORTALITY INFLATION INFLATION RATE INSTRUMENT INTEREST BURDEN INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL INVESTORS INTERNATIONAL STANDARDS INVESTING INVESTMENT RATE INVESTMENT RATES INVESTMENT REGIMES INVESTMENT REGULATIONS JOB CREATION LABOR ABSORPTION LABOR FORCE LABOR LAWS LABOR MARKET LABOR MARKET FLEXIBILITY LABOR MARKET POLICIES LABOR PRODUCTIVITY LABOR SUPPLY LABOR UNIONS LAND REFORMS LAYOFFS LESS DEVELOPED COUNTRIES LIFE EXPECTANCY LONG-TERM GROWTH LOW-INCOME ECONOMY MACROECONOMIC CRISIS MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET ECONOMY MARKET REFORMS MONETARY POLICY NATIONAL SAVING NATIONAL SAVINGS NDP NET DOMESTIC PRODUCT OUTPUT PAYMENTS CRISIS PER CAPITA INCOME PER-CAPITA INCOME POLICY CHANGE POLICY CIRCLES POLICY IMPLICATIONS POLICY MAKERS POLICY PROCESS POLICY STANCE POLITICAL ARENA POLITICAL ECONOMIES POLITICAL ECONOMY POLITICAL PROCESS POLITICAL STABILITY POOR PEOPLE POVERTY LINE POVERTY REDUCTION POWER PARITY PRICE CONTROLS PRIVATE INVESTMENT PRO-POOR PRODUCTIVITY PRODUCTIVITY GROWTH PROFIT MOTIVE PUBLIC EXPENDITURES PUBLIC GOOD PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SPENDING PURCHASING POWER RAPID GROWTH RAPID INDUSTRIALIZATION RATE OF GROWTH REAL WAGES REFORM PROGRAM REMITTANCES RESERVE RESERVE BANK RESERVES RETURN RURAL POVERTY SAVING RATE SAVINGS RATE SECONDARY ENROLLMENT SECTORAL COMPOSITION SHAREHOLDERS SKILLED WORKERS STOCK MARKET STOCK MARKETS TAX TAX COLLECTIONS TAX CONCESSION TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TRADE BARRIERS TRADE LIBERALIZATION TRADE POLICIES TRADE REGIMES TRANSPARENCY UNDERESTIMATES UNEQUAL SOCIETY UNSKILLED WORKERS URBAN AREAS URBAN POVERTY URBAN WORKERS WAGE DIFFERENTIALS WAGE INCREASES WAGES WITHDRAWAL WORK FORCE
Online Access:	http://documents.worldbank.org/curated/en/891731468330971811/Battles-half-won-the-political-economy-of-Indias-growth-and-economic-policy-since-independence http://hdl.handle.net/10986/28048

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Summary:	Rapid growth since 1980 has transformed India from the world's 50th ranked economy in nominal U.S. dollars to the 10th largest in 2005. The growth of per capita income has helped reduce poverty. At the same time, evidence suggests that income inequality is rising and that the gap in average per capita income between the rich and poor states is growing. This paper reviews India's long term growth experience with a view to understanding the determinants of growth and the underlying political economy. The paper looks specifically at the political economy of India's growth transformation from a low-growth environment (pre-1980s) to a rapid-growth environment (post 1980s) and asks how sustainable is this transformation in view of concerns about regional disparity and income inequality. The paper concludes that the pledge that India's post-independence leadership had undertaken to abolish mass poverty remains only partially redeemed. Half the battle still lies ahead. Many more would like the fruits of the economic boom to come to them. The greatest challenge for India's policy makers today is to balance the growth momentum with inclusionary policies.

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