The Indian economy at 75

Bibliographic Data

ID10470766
AuthorsArvind Panagariya (Jagdish Bhagwati Professor of Indian Political Economy, Columbia University, New York, NY, USA, corresponding author)
Year2022
Volume111
Issue3
Pages275-290
Publication date2022-05-04
Open AccessNo
TypeARTICLE
VenueThe Round Table (JOURNAL)
Journal identifiersISSN: 0035-8533 • E-ISSN: 1465-4008
PublisherTaylor & Francis (PUBLISHER • GB)
DOI10.1080/00358533.2022.2082682
OpenAlexW4285609395
LanguageEN
References cited11

India became independent in 1947 and, beginning in 1950, it adopted a democratic constitution and a socialist development model that relied heavily on protectionism, promotion of heavy industries by the public-sector and strict controls on private investment through licensing. While democracy flourished, the economy languished. After three decades in 1980, per-capita incomes had risen barely more than 50%. This failure led to a very gradual process of liberalisation in the 1980s, with a balance-of-payments crisis in 1991 triggering a more fundamental switch to a market economy model. Growth began picking up in the late 1980s and greatly accelerated in the 2000s. Poverty saw a sharp decline in the post-liberalisation era as well. While COVID-19 shock has dented growth, with a number of reforms already in place, prospects for 7–8% annual growth in the forthcoming decades look excellent

Balance of payments · Democracy · Development economics · Economic policy · Economics · International economics · Investment (military · Liberalization · Market economy · Per capita · Political science · Protectionism · Shock (circulatory · Economic Theory and Policy · Global trade and economics · Indian Economic and Social Development

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