Economic Growth in India: History and Prospect

Hardcover | October 1, 2010

byPulapre Balakrishnan

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It is a measure of the youthfulness of economics as a discipline that two centuries after the appearance of Adam Smith's landmark treatise The Wealth of Nations, an economist has posed the question 'How do economies grow?' This comprehensive study of economic growth in India is intended as aresponse to this question. As history, it surveys the half century from the end of colonial rule to the present; as prognosis, it focuses on what we may expect in the immediate future. Drawing upon diverse strands of theory, historical perspective, political economy, and econometrics, the book presents an eclectic and original narrative of the Indian growth experience. The main body of the book is divided into four chapters. Chapter 1 provides a critical exposition of someprominent theoretical representations of growth and a historical perspective on its drivers. The remaining three chapters provide a fresh analysis of three periods, respectively, 1950-64, 1965-91, and 1991 onwards. Presenting a favourable appraisal of the growth record of early independent India andan account of how the advantage was lost, the book argues that it is not just 'more reforms' that stand in the way of sustained double-digit growth rates. The prospects for high long-term growth in India are instead linked with development of agriculture and education, particularly schooling.Further, the author proposes that inclusive growth is not just some optional extra, however desirable, but intrinsic to the prosperity of the country. The possibility of such an outcome, he argues, is tied more to the state's capacity to govern the public institutions once created by it than itscommand over resources.

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It is a measure of the youthfulness of economics as a discipline that two centuries after the appearance of Adam Smith's landmark treatise The Wealth of Nations, an economist has posed the question 'How do economies grow?' This comprehensive study of economic growth in India is intended as aresponse to this question. As history, it sur...

Pulapre Balakrishnan is Senior Fellow at the Centre for Contemporary Studies, Nehru Memorial Museum and Library, New Delhi and Visiting Professor at the Centre for International Trade and Development, School of International Studies at Jawaharlal Nehru University in New Delhi.
Format:HardcoverDimensions:352 pages, 8.46 × 5.51 × 0.98 inPublished:October 1, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198065477

ISBN - 13:9780198065470

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Table of Contents

List of Tables and FiguresForewordAcknowledgementsIntroduction1. Understanding Economic Growth2. A Moribund Economy Quickened, 1950-643. Second Wind, 1965-914. Getting Up to Speed after 1991Epilogue: Inclusive Growth as Unfinished BusinessAppendicesBibliographyIndex