India: The Emerging Giant

Paperback | May 14, 2010

byArvind Panagariya

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India is not only the world's largest and fiercely independent democracy, but also an emerging economic giant. But to date there has been no comprehensive account of India's remarkable growth or the role policy has played in fueling this expansion. India: The Emerging Giant fills this gap,shedding light on one of the most successful experiments in economic development in modern history.Why did the early promise of the Indian economy not materialize and what led to its eventual turnaround? What policy initiatives have been undertaken in the last twenty years and how do they relate to the upward shift in the growth rate? What must be done to push the growth rate to double-digitlevels? To answer these crucial questions, Arvind Panagariya offers a brilliant analysis of India's economy over the last fifty years - from the promising start in the 1950s, to the near debacle of the 1970s (when India came to be regarded as a "basket case"), to the phenomenal about face of thelast two decades. The author illuminates the ways that government policies have promoted economic growth (or, in the case of Indira Gandhi's policies, economic stagnation), and offers insightful discussions of such key topics as poverty and inequality, tax reform, telecommunications (perhaps thesingle most important success story), agriculture and transportation, and the government's role in health, education, and sanitation.The dramatic change in the fortunes of 1.1 billion people has, not surprisingly, generated tremendous interest in the economy of India. Arvind Panagariya offers the first major account of how this has come about and what more India must do to sustain its rapid growth and alleviate poverty. It willbe must reading for everyone interested in modern India, foreign affairs, or the world economy.

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India is not only the world's largest and fiercely independent democracy, but also an emerging economic giant. But to date there has been no comprehensive account of India's remarkable growth or the role policy has played in fueling this expansion. India: The Emerging Giant fills this gap,shedding light on one of the most successful ex...

Arvind Panagariya is Jagdish Bhagwati Professor of Indian Political Economy and Professor of Economics in the School of International and Public Affairs at Columbia University.

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Format:PaperbackDimensions:544 pages, 6.1 × 9.21 × 1.18 inPublished:May 14, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199751560

ISBN - 13:9780199751563

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Table of Contents

PrefaceIntroductionI. Growth and Economic Reforms1. Distinguishing Four Phases2. Phase I (1951-65): Takeoff under a Liberal Regime3. Phase II (1965-81): Socialism Strikes with Vengeance4. Phase III (1981-88): Liberalization by Stealth5. Phase IV (1988-06): Triumph of Liberalization6. A Tale of Two Countries: India and the Republic of KoreaII. Poverty, Inequality and Economic Reforms7. Declining Poverty: The Human Face of Reforms8. Inequality: A Lesser ProblemIII. Macroeconomics9. Deficits and Debt: Is a Crisis around the Corner?10. The External Sector: On the Road to Capital Account Convertibility?11. The Financial Sector: Why Not Privatize the Banks?IV. Transforming India12. International Trade: Carrying Liberalization Forward13. Industry and Services: Walking on Two Legs14. Modernizing AgricultureV. The Government15. Tax Reform: Towards a Uniform Goods and Services Tax16. Tackling Subsides and Reforming the Civil Service17. Telecommunications and Electricity: Contrasting Experiences18. Transportation: A solvable Problem19. Health and Water Supply and Sanitation: Can the Government Deliver?Education: Expenditures or Transfers?