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Economic Growth in IndiaHistory and Prospect$
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Pulapre Balakrishnan

Print publication date: 2010

Print ISBN-13: 9780198065470

Published to Oxford Scholarship Online: October 2012

DOI: 10.1093/acprof:oso/9780198065470.001.0001

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Getting up to Speed after 1991

Getting up to Speed after 1991

Chapter:
(p.163) 4 Getting up to Speed after 1991
Source:
Economic Growth in India
Author(s):

Pulapre Balakrishnan

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198065470.003.0004

This chapter examines the economic growth in India after 1991. It begins with a brief statement on the nature of the economic reforms initiated in that year and after. It then sifts through the arguments of political scientists regarding the politics of these reforms. It argues that the guiding principle of the reforms of 1991 was to integrate the Indian economy with the rest of the world. The decisiveness of the move in this direction sets it apart from any of the other liberalization episodes starting from the mid-1960s. As far as its impact on growth is concerned, the success of this strategy depends upon the validity of its premise that growth in India is constrained by lack of interaction with the rest of the world, largely via trade and capital and technology transfer. The chapter evaluates evidence for an acceleration of growth after 1991 based on the econometric investigation in this study. It also studies the constraints on accelerating agricultural growth and the general state of educational preparedness for faster overall.

Keywords:   India, economic growth, economic reforms, economic policy, liberalization

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