India's Growth Story

India has attained much economic success in the past three decades. Yet an economic deceleration in recent years has generated worried commentaries about the country's growth outlook. This paper offers a long-term perspective on India's g...

Full description

Bibliographic Details
Main Authors:	Ahmad, Junaid Kamal, Blum, Florian, Gupta, Poonam, Jain, Dhruv
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	DEVELOPMENT GROWTH DRIVERS INVESTMENT ECONOMIC GROWTH DIVERSIFICATION TAXATION ACCESS TO FINANCE
Online Access:	http://documents.worldbank.org/curated/en/941201538406933607/Indias-Growth-Story http://hdl.handle.net/10986/30508

id	okr-10986-30508
recordtype	oai_dc
spelling	okr-10986-305082022-09-15T12:18:35Z India's Growth Story Ahmad, Junaid Kamal Blum, Florian Gupta, Poonam Jain, Dhruv DEVELOPMENT GROWTH DRIVERS INVESTMENT ECONOMIC GROWTH DIVERSIFICATION TAXATION ACCESS TO FINANCE India has attained much economic success in the past three decades. Yet an economic deceleration in recent years has generated worried commentaries about the country's growth outlook. This paper offers a long-term perspective on India's growth experience. Analyzing the past five decades of data, the paper notes that growth has slowly but steadily accelerated, become less erratic, and been well diversified across sectors and states. A more granular assessment of the period since the early 1990s finds that there were three distinct phases of growth: a period of slow acceleration from 1991 to the early 2000s; a short period of unusually rapid growth, with certain features of unsustainability, during 2004-08; and a corrective slowdown that started with the global financial crisis in 2008. The slowdown has been reflected most profoundly in investment, credit, and exports. Even as the economy has now recovered to a growth rate of 7 to 7.5 percent, durably accelerating it to a higher level will require a concerted policy momentum that succeeds in reversing the slowdown in investment, credit supply, and exports; and support from the global economy. Maintaining the hard-won macroeconomic stability, implementing a definite and durable solution to the banking sector issues, and realizing the expected growth and fiscal dividend from the Goods and Services Tax are some of the other factors that can help attain a higher growth rate. 2018-10-04T20:44:22Z 2018-10-04T20:44:22Z 2018-10 Working Paper http://documents.worldbank.org/curated/en/941201538406933607/Indias-Growth-Story http://hdl.handle.net/10986/30508 English Policy Research Working Paper;No. 8599 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper South Asia India
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	DEVELOPMENT GROWTH DRIVERS INVESTMENT ECONOMIC GROWTH DIVERSIFICATION TAXATION ACCESS TO FINANCE
spellingShingle	DEVELOPMENT GROWTH DRIVERS INVESTMENT ECONOMIC GROWTH DIVERSIFICATION TAXATION ACCESS TO FINANCE Ahmad, Junaid Kamal Blum, Florian Gupta, Poonam Jain, Dhruv India's Growth Story
geographic_facet	South Asia India
relation	Policy Research Working Paper;No. 8599
description	India has attained much economic success in the past three decades. Yet an economic deceleration in recent years has generated worried commentaries about the country's growth outlook. This paper offers a long-term perspective on India's growth experience. Analyzing the past five decades of data, the paper notes that growth has slowly but steadily accelerated, become less erratic, and been well diversified across sectors and states. A more granular assessment of the period since the early 1990s finds that there were three distinct phases of growth: a period of slow acceleration from 1991 to the early 2000s; a short period of unusually rapid growth, with certain features of unsustainability, during 2004-08; and a corrective slowdown that started with the global financial crisis in 2008. The slowdown has been reflected most profoundly in investment, credit, and exports. Even as the economy has now recovered to a growth rate of 7 to 7.5 percent, durably accelerating it to a higher level will require a concerted policy momentum that succeeds in reversing the slowdown in investment, credit supply, and exports; and support from the global economy. Maintaining the hard-won macroeconomic stability, implementing a definite and durable solution to the banking sector issues, and realizing the expected growth and fiscal dividend from the Goods and Services Tax are some of the other factors that can help attain a higher growth rate.
format	Working Paper
author	Ahmad, Junaid Kamal Blum, Florian Gupta, Poonam Jain, Dhruv
author_facet	Ahmad, Junaid Kamal Blum, Florian Gupta, Poonam Jain, Dhruv
author_sort	Ahmad, Junaid Kamal
title	India's Growth Story
title_short	India's Growth Story
title_full	India's Growth Story
title_fullStr	India's Growth Story
title_full_unstemmed	India's Growth Story
title_sort	india's growth story
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/941201538406933607/Indias-Growth-Story http://hdl.handle.net/10986/30508
_version_	1764472291845996544

India's Growth Story

Similar Items