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    • May 2008
    • 9780231143660
  • 288 Pages
  • 15 illus., 24 tables

  • Hardcover
  • $45.00
  • / £30.95

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    • May 2008
    • 9780231512947
  • 288 Pages
  • 15 illus., 24 tables

  • E-book
  • $44.99
  • / £31.00

Sustaining India's Growth Miracle

Edited by Jagdish N. Bhagwati and Charles W Calomiris

The economy of India is growing at a rate of 8 percent per year, and its exports of goods and services have more than doubled in the past three years. Considering these trends, economists, scholars, and political leaders across the globe are beginning to wonder whether India's growth can be sustained.

The contributors to this volume analyze the forces behind India's emerging role as a world economic player and identify the hidden weaknesses that, if unaddressed, may slow the country's growth. Chapters suggest how to transform India's primarily rural population into a gainfully employed modern sector; methods to achieve fiscal sustainability and consolidation; infrastructure bottlenecks, especially in terms of finite energy resources; and, given the country's complex electoral government and global political position, the obstacles toward effecting policy reform.

Sustaining India's Growth Miracle is a valuable resource for practitioners, policymakers, students, and scholars. It tackles issues from political, economic, and academic perspectives, and the concluding chapter, a talk given by the commerce and industry minister of India, discusses the country's position as a world power, outlining several reasons for its success and exploring the difficulties that lie ahead.

About the Author

Jagdish N. Bhagwati is University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director-general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms. He has been awarded several prizes and honorary degrees and has uniquely received six festschrifts.Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University's School of International and Public Affairs. He co-directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee, is a research associate of the National Bureau of Economic Research, and was a senior fellow at the Council on Foreign Relations. Professor Calomiris served on the International Financial Institution Advisory Commission, a congressional commission that advised the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, and monetary economics. He received a BA in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985, and serves on several boards of directors and editorial boards.

"The size of the Indian economy means that what happens in India over the coming decades has important implications for global growth, inequality, and poverty. Thus, anyone interested in these global issues-as well as the interplay between macro and micro economic policies, politics, and development-should read this book, which brings together up-to-date and well-written essays by not only some of the world's leading economic experts, but also by long-term participants in India's policy debates and current and past Indian political leaders. Fortunately for the reader and for India, in many cases these are the same people." — Mark Rosenzweig, Frank Altschul Professor of International Economics, Yale University

"Anyone wanting to know whether India will fulfill the ambitious destiny that many now project for it-and what India needs to do in order to get there-should consult this book. Drawing on some of India's best scholars and leading policymakers, Sustaining India's Growth Miracle offers a broad and dispassionate survey of India's continuing reform challenges in a collection that has been pulled together by the ever-masterful Jagdish Bhagwati." — Edward Luce, Washington Bureau Chief, Financial Times, and author of In Spite of the Gods: The Strange Rise of Modern India

About the Author

Jagdish N. Bhagwati is University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director-general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms. He has been awarded several prizes and honorary degrees and has uniquely received six festschrifts.Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University's School of International and Public Affairs. He co-directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee, is a research associate of the National Bureau of Economic Research, and was a senior fellow at the Council on Foreign Relations. Professor Calomiris served on the International Financial Institution Advisory Commission, a congressional commission that advised the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, and monetary economics. He received a BA in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985, and serves on several boards of directors and editorial boards.

List of Acronyms
Editors' Acknowledgments
Introduction, by Jagdish N. Bhagwati and Charles W. Calomiris
1. Transforming India, by Arvind Panagariya
Comment: Barry Bosworth, Mihir A. Desai
2. Unfinished Reform Agendum: Fiscal Consolidation and Reforms, by T. N. Srinivasan
Comment: M. Govinda Rao
3. Reforming the Indian Electricity Supply Industry, by Frank A. Wolak
Comment: Jessica Wallack
4. The Indian Software Industry and Its Prospects, by Ashish Arora
Comment: Frank Levy
5. India: Past, Present, and Future, discussion by Jagdish Bhagwati, Ambassador Ronen Sen, Arun Shourie, and former U.S. ambassador Frank Wisner. Moderator: Arvind Panagariya
6. India: An Emerging Giant, by the Honorable Kamal Nath
Contributors
Index

About the Author

Jagdish N. Bhagwati is University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director-general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms. He has been awarded several prizes and honorary degrees and has uniquely received six festschrifts.Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University's School of International and Public Affairs. He co-directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee, is a research associate of the National Bureau of Economic Research, and was a senior fellow at the Council on Foreign Relations. Professor Calomiris served on the International Financial Institution Advisory Commission, a congressional commission that advised the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, and monetary economics. He received a BA in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985, and serves on several boards of directors and editorial boards.

About the Author

Jagdish N. Bhagwati is University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director-general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms. He has been awarded several prizes and honorary degrees and has uniquely received six festschrifts.Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University's School of International and Public Affairs. He co-directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee, is a research associate of the National Bureau of Economic Research, and was a senior fellow at the Council on Foreign Relations. Professor Calomiris served on the International Financial Institution Advisory Commission, a congressional commission that advised the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, and monetary economics. He received a BA in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985, and serves on several boards of directors and editorial boards.

Web Features:

  • Read an interview with Charles Calomiris from Ideas at Work.

About the Author

Jagdish N. Bhagwati is University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director-general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms. He has been awarded several prizes and honorary degrees and has uniquely received six festschrifts.Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University's School of International and Public Affairs. He co-directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee, is a research associate of the National Bureau of Economic Research, and was a senior fellow at the Council on Foreign Relations. Professor Calomiris served on the International Financial Institution Advisory Commission, a congressional commission that advised the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, and monetary economics. He received a BA in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985, and serves on several boards of directors and editorial boards.

About the Author

Jagdish N. Bhagwati is University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director-general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms. He has been awarded several prizes and honorary degrees and has uniquely received six festschrifts.Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University's School of International and Public Affairs. He co-directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee, is a research associate of the National Bureau of Economic Research, and was a senior fellow at the Council on Foreign Relations. Professor Calomiris served on the International Financial Institution Advisory Commission, a congressional commission that advised the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, and monetary economics. He received a BA in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985, and serves on several boards of directors and editorial boards.