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The Indian Economy: Current Performance and Short-Term Prospects

In: The Indian Economy Sixty Years After Independence

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  • Raghbendra Jha

Abstract

The political economy of India’s economic growth is an issue of abiding interest. Higher and sustained economic growth has, all over the world, been the surest and most time tested means of raising living standards and reducing poverty. Further, given that it is a functioning democracy, economic policy in India can often be dictated by political expediency as political parties indulge in competitive populism in the face of improvements in social indicators such as literacy, infant mortality and the like lagging behind rises in the rate of economic growth. Thus the political economy of policy formulation is an important area of concern. Finally, an analysis of what policies can be undertaken given these constraints is an important indicator of potential welfare implications of policies for such a large section of humanity.

Suggested Citation

  • Raghbendra Jha, 2008. "The Indian Economy: Current Performance and Short-Term Prospects," Palgrave Macmillan Books, in: Raghbendra Jha (ed.), The Indian Economy Sixty Years After Independence, chapter 3, pages 17-38, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22833-7_3
    DOI: 10.1057/9780230228337_3
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    References listed on IDEAS

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    1. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
    2. World Bank, 2000. "India : Country Framework Report for Private Participation in Infrastructure," World Bank Publications - Reports 15275, The World Bank Group.
    3. Dani Rodrik & Arvind Subramanian, 2005. "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition," IMF Staff Papers, Palgrave Macmillan, vol. 52(2), pages 193-228, September.
    4. Sharma, Anurag & Jha, Raghbendra, 2012. "Fiscal deficits, banking crises and policy reversal in a semi-open economy," Economic Modelling, Elsevier, vol. 29(2), pages 271-282.
    5. Raghbendra Jha & Raghav Gaiha & Anurag Sharma, 2006. "Mean Consumption, Poverty and Inequality in Rural India in the Sixtieth Round of the National Sample Survey," ASARC Working Papers 2006-11, The Australian National University, Australia South Asia Research Centre.
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