New India
Reclaiming the Lost Glory
Bibliographic Data
| ID | 19968177 |
|---|---|
| Authors | Arvind Panagariya (Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy, Columbia University, corresponding author) |
| Year | 2020 |
| Pages | 312 |
| Publication date | 2020-09-17 |
| Open Access | No |
| Type | BOOK |
| Venue | New India (SOURCE_BOOK) |
| Publisher | Oxford University PressNew York (PUBLISHER) |
| DOI | 10.1093/oso/9780197531556.001.0001 |
| OpenAlex | W4246473536 |
| ISBN | 9780197531556 |
| Open Library | OL29521197M |
| Language | EN |
| Citations received | 3 |
| References cited | 5 |
Its GDP having touched $2.6 trillion, India is poised to become the world’s third-largest economy in less than a decade. In doing so, it will have moved one step closer to reclaiming its pre-1820s glory, when it accounted for one-sixth of global output and ranked second in economic size. This rapid movement in the absolute size of the economy will be insufficient, however, to bring prosperity to India’s vast population. Today, 44 percent of the country’s workforce remains in agriculture and another 42 percent in tiny enterprises with fewer than twenty workers. Labor productivity of both sets of workers remains low, and they live overwhelmingly on subsistence-level incomes. This book lays down a concise road map of reforms that would help transform the country and create well-paid jobs in industry and services for those with limited or no skills. It argues that creation of good jobs requires the emergence of medium and large enterprises in industry and services, especially labor-intensive sectors such as apparel, footwear, and other light manufactures. India needs policies conducive to the growth of firms from small to medium, from medium to large, and from large to larger still. They must compete in the global marketplace to help increase India’s share in the world export market from less than 2 percent currently to 5 to 6 percent in a decade. Such policies include greater outward orientation; more flexible markets in land, labor, and capital; a concerted effort to improve the quality of higher education; faster urbanization; and improved governance at all levels
Computer Science · Indian Economic and Social Development · Migration and Labor Dynamics · Banks and banking · Business enterprises · Economic history · Economic policy · Labor market
| Citations per year | 0.75 |
|---|---|
| Citation span | 2022 - 2025 (4) |
| Highly cited | No |