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.
"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
List of Acronyms
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