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India in TransitionFreeing the Economy$
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Jagdish Bhagwati

Print publication date: 1993

Print ISBN-13: 9780198288473

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198288473.001.0001

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What Went Wrong?

What Went Wrong?

(p.38) (p.39) 2 What Went Wrong?
India in Transition

Jagdish Bhagwati

Oxford University Press

This chapter investigates the factors that contributed to India's poor economic growth. It explains that a disappointing productivity performance is reflected in India's weak growth performance, and carefully examines the lack of correspondence between savings and growth rates in India. The chapter enumerates three possible alternative explanations for India's poor economic growth: overestimated savings, underestimated income, and the efficient shift of the investment composition towards sectors with greater capital intensity. It explains the main elements of India's policy framework that stifled its efficiency and growth, and also discusses the control of industry and trade in India. The chapter notes that although India has had remarkable technological and scientific achievements, these accomplishments have fallen seriously behind those of the superior performers. It examines the contributions of the public sector to India's economic condition.

Keywords:   economic growth, India, productivity performance, growth performance, industry, trade, public sector

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