India Development Update, March 2018 : India's Growth Story
India has achieved much in the last 25 years. Since the early 1990s, when reforms began, growthrates have been higher and more stable, the economy has become more modern and globally integrated,macroeconomic stability has improved, and the average...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/814101517840592525/India-development-update-Indias-growth-story http://hdl.handle.net/10986/29515 |
| Summary: | India has achieved much in the last 25
years. Since the early 1990s, when reforms began,
growthrates have been higher and more stable, the economy
has become more modern and globally integrated,macroeconomic
stability has improved, and the average citizen is better
educated and lives longer. In addition, the business
environment and governance standards have improved, there is
political stability, and the geopolitical environment is
relatively stable. Yet an economic deceleration in the last
few quarters has generated worried commentaries about
India's growth potential. The questions being raised
are: Is the deceleration in economic growth structural or
cyclical? Is the Indian growth story over? What is the
"new normal" for India's growth potential?
What sets of policies, structural or cyclical, might be
needed to revive growth? In this report, we take a long-term
perspective on India's growth outlook. Looking back at
the last 50 years, we note that India's average growth
has accelerated slowly but steadily across
sectors--agriculture, industry and services ---and become
more stable. This is reflected in increasing labor
productivity and total factor productivity. |
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