India: The Emerging Giant

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India is not only the world's largest and fiercely independent democracy, but also an emerging economic giant. But to date there has been no comprehensive account of India's remarkable growth or the role policy has played in fueling this expansion. India: The Emerging Giant fills this gap, shedding light on one of the most successful experiments in economic development in modern history.

Why did the early promise of the Indian economy not materialize and what led to its eventual turnaround? What policy initiatives have been undertaken in the last twenty years and how do they relate to the upward shift in the growth rate? What must be done to push the growth rate to double-digit levels? To answer these crucial questions, Arvind Panagariya offers a brilliant analysis of India's economy over the last fifty years—from the promising start in the 1950s, to the near debacle of the 1970s (when India came to be regarded as a "basket case"), to the phenomenal about face of the last two decades. The author illuminates the ways that government policies have promoted economic growth (or, in the case of Indira Gandhi's policies, economic stagnation), and offers insightful discussions of such key topics as poverty and inequality, tax reform, telecommunications (perhaps the single most important success story), agriculture and transportation, and the government's role in health, education, and sanitation.

The dramatic change in the fortunes of 1.1 billion people has, not surprisingly, generated tremendous interest in the economy of India. Arvind Panagariya offers the first major account of how this has come about and what more India must do to sustain its rapid growth and alleviate poverty. It will be must reading for everyone interested in modern India, foreign affairs, or the world economy.

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Editorial Reviews

From the Publisher
"Mr. Panagariya's book is the capstone of a career, a sustained work of scholarship. It demands a lot of its readers, and amply repays the investment. The author's father told him: "Take your time, but write a definite book on India." The son did not disappoint."—The Economist (second review)

"An important book"—The Economist

"It isn't easy to write about the Indian economy if you are a non-resident.... In an earlier generation of economists, Jagdish Bhagwati and T. N. Srivivasan managed this knowledge disadvantage extremely well; and in a subsequent generation, Arvind Panagariya.... This is a book that will be treasured and quoted, like Bhagwati and Desai's in an earlier era. However, is this volume for an economist or a non-economist? The answer is, both. ...a book that needed to be written, by someone with sufficient knowledge and perseverance.... I cannot think of a single volume that is even remotely a substitute for this one."—The Indian Express

"Arvind Panagariya has written probably the best all-around, up-to-date, and accessible book on the Indian economy. It is informed by the analytic apparatus of a leading international trade economist, yet is is packed full of useful real-world detail. It has comprehensive range—but it links the separate elements into a coherent whole. It is a superlative work of applied economics, and it is also sensitive to India's political economy. It has pointed, punchy policy conclusions: Panagariya is not shy about attacking those he thinks have got it wrong on the Indian economy, and he does so with a powerful combination of analytical argument and detailed evidence."—Finance & Development

"If there is one book which has been published in recent times that discusses the Indian economy in all its aspects with such clear-mindedness, surely it is Panagaria's India: The Emerging Giant.... What makes this work so absorbing can be attributed to three factors: one, it is objective, two, it is reader-friendly, in the sense [that] it is largely free of technical jargon and is easily understood by the layman, and three, it is well-researched.... What is encouraging about this work is that it is highly optimistic about India's economic future"—M. V. Kamath, The Free Press

"A seminal [work] and a must for all serious students of India's economic history and the rapid changes that the country is going through.... An extremely useful reference book for any person who needs to be aware of the political economy of India"—Financial Express

"This is now the definitive book on the Indian economy. With exhaustive research, careful analysis, and good judgment, Arvind Panagariya has detailed the vast and varied story of India's reforms. It puts to rest certain myths and settles debates with balance and fairness. The starting point for serious analysis of the subject."—Fareed Zakaria, Editor, Newsweek International

"Compulsory reading for those interested in India's transformation."—Hindustan Times

"Arvind Panagariya has produced a truly monumental, wide-ranging and penetrating work on the Indian economy. A tour de horizon and a tour de force—it will establish him as the most insightful economist writing on India today."—Jagdish Bhagwati, University Professor, Economics and Law, Columbia University

"India's astonishing economic surge is one of the most momentous events of our time. Arvind Panagariya has given us what we have lacked up to now: a detailed, comprehensive and superbly clear survey of this breakthrough, how it came about, and where it might lead. Instantly indispensable for students of development, the book deserves a much wider readership than that. It will fascinate anybody interested in the new global economy."—Clive Crook, Chief Washington Commentator and Associate Editor, Financial Times and Senior Editor, The Atlantic Monthly

"India: The Emerging Giant provides a comprehensive and panoramic exposition of the twist and turns in India's economic policy over the last several decades. As Arvind Panagariya has so convincingly argued, open policies and rapid economic growth is the best antidote for poverty reduction. This scholarly yet readable book is the best riposte to those who have any doubts of the validity of Indian reforms."—Nandan Nilekani, Co-Chairman, Infosys Technologies Limited

"Panagariya not only is a distinguished professor of economics at Columbia University, but he has also been a chief economist at the Asian Development Bank and served at the World Bank and the International Monetary Fund.... He is able to tell the story of India's economic growth by highlighting different phases of its economic policy...a massive research study that will command the respect of scholars"—Foreign Affairs

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Product Details

  • ISBN-13: 9780199751563
  • Publisher: Oxford University Press, USA
  • Publication date: 4/30/2010
  • Edition description: New Edition
  • Pages: 546
  • Sales rank: 1,544,028
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

Arvind Panagariya is Jagdish Bhagwati Professor of Indian Political Economy and Professor of Economics in the School of International and Public Affairs at Columbia University.

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Table of Contents

I. Growth and Economic Reforms
1. Distinguishing Four Phases
2. Phase I (1951-65): Takeoff under a Liberal Regime
3. Phase II (1965-81): Socialism Strikes with Vengeance
4. Phase III (1981-88): Liberalization by Stealth
5. Phase IV (1988-06): Triumph of Liberalization
6. A Tale of Two Countries: India and the Republic of Korea
II. Poverty, Inequality and Economic Reforms
7. Declining Poverty: The Human Face of Reforms
8. Inequality: A Lesser Problem
III. Macroeconomics
9. Deficits and Debt: Is a Crisis around the Corner?
10. The External Sector: On the Road to Capital Account Convertibility?
11. The Financial Sector: Why Not Privatize the Banks?
IV. Transforming India
12. International Trade: Carrying Liberalization Forward
13. Industry & Services: Walking on Two Legs
14. Modernizing Agriculture
V. The Government
15. Tax Reform: Towards a Uniform Goods and Services Tax
16. Tackling Subsides and Reforming the Civil Service
17. Telecommunications and Electricity: Contrasting Experiences
18. Transportation: A solvable Problem
19. Health and Water Supply & Sanitation: Can the Government Deliver?
Education: Expenditures or Transfers?

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