Journal of Economic Literature
ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)
Economic Liberalization and Indian Economic Growth: What's the Evidence?
Journal of Economic Literature
vol. 49,
no. 4, December 2011
(pp. 1152–99)
Abstract
India's growth and poverty performance over the last three decades has been a subject of great curiosity. Unlike the East Asian countries, India's growth spurt is not associated with exceptionally high domestic savings or foreign capital inflows or manufacturing exports. So what triggered the change in the growth trajectory? Did the market liberalization policies of the 1990s help? How have the initial conditions shaped the process? And how has the "Indian model" impinged on India's central problem of mass poverty? This paper surveys the literature and offers its own assessment of the drivers of change. (JEL I32, O13, O14, O15, O21, O47)Citation
Kotwal, Ashok, Bharat Ramaswami, and Wilima Wadhwa. 2011. "Economic Liberalization and Indian Economic Growth: What's the Evidence?" Journal of Economic Literature, 49 (4): 1152–99. DOI: 10.1257/jel.49.4.1152JEL Classification
- I32 Measurement and Analysis of Poverty
- O13 Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
- O14 Industrialization; Manufacturing and Service Industries; Choice of Technology
- O15 Economic Development: Human Resources; Human Development; Income Distribution; Migration
- O21 Planning Models; Planning Policy
- O47 Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence