India's Emerging Economy: Performance and Prospects in the 1990s and Beyond

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India's economy over the last decade looks in many ways like a success story; after a major economic crisis in 1991, followed by bold reform measures, the economy has experienced a rapid economic growth rate, more foreign investment, and a boom in the information technology sector. Yet many in the country still suffer from crushing poverty, and social and political unrest remains a problem. These essays by leading academics, policymakers, and industrialists — including one by Amartya Sen,the 1998 winner of the Nobel Prize in economics for his work on poverty and inequality — examine the facts of India's recent economic successes and their social and cultural context.India's rate of economic growth after the 1991 reforms were instituted reached a remarkable 7 percent for three consecutive years, from 1994 to 1997. Several contributors to India's Emerging Economy ask what this means for the nation as a whole. In his essay "Democracy and Secularism in India," Amartya Sen argues that economic progress is not the only way to measure a nation's performance. Other essays examine the actual effect India's economic growth has had on reducing poverty and recommend policies to empower the poor. Essays also address such issues as globalization and the vulnerabilities and opportunities it creates,India's experience with monetary and fiscal reform, the rapid growth of the information technology sector (including a case study of India's software industry),and India's grassroots economy.

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What People Are Saying

From the Publisher
"This assessment of reforms in the Indian economy is notable not just for the unusually impressive collection of top academics, entrepreneurs, bureaucrats and NGO representatives whose views are assembled here. The section on the IT sector provides insights on the most dynamic part of the economy. At the same time, it includes broader issues concerning the social and political fabric within which the Indian economy functions, such as inequality, allocation of public goods, social norms, the informal economy, democracy, and governance."—Dilip Mookherjee,Professor of Economics, Boston University

" India"s Emerging Economy is a valuable collection of articles on India"s economic performance in the 1990s. This is essential reading for the development scholar; indeed, I would recommend it to anyone with a serious interest in contemporary India." Debraj Ray, Julius Silver Professor of Economics,New York University

"*India's Emerging Economy* is a valuable collection of articles on India's economic performance in the 1990s. This is essential reading for the development scholar; indeed, I would recommend it to anyone with a serious interest in contemporary India."—Debraj Ray, Julius Silver Professor of Economics, New York University

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Product Details

  • ISBN-13: 9780262025560
  • Publisher: MIT Press
  • Publication date: 3/1/2004
  • Edition description: New Edition
  • Pages: 328
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.75 (d)

Meet the Author

Kaushik Basu is Senior Vice President and Chief Economist at the World Bank and Professor of Economics and C. Marks Professor of International Studies at Cornell University. He is the author of Beyond the Invisible Hand: Groundwork for a New Economics.

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Table of Contents

List of Contributors
I Introduction 1
1 The Indian Economy: Up to 1991 and Since 3
II Political Economy of India 33
2 Democracy and Secularism in India 35
3 Disjunctures in the Indian Reform Process: Some Reflections 49
III Monetary and Fiscal Reforms 59
4 Monetary and Financial Sector Reforms in India: A Practitioner's Perspective 61
5 Some Macroeconomics of India's Reform Experience 83
6 State-Level Fiscal Reforms in India 115
IV Poverty and Public Goods 151
7 Policies for Pro-Poor Growth in India 153
8 Who Is Getting the Public Goods in India? Some Evidence and Some Speculation 183
V Technology and Takeoff 215
9 The Impact of Economic Reforms on Industry in India: A Case Study of the Software Industry 217
10 Information Technology and India's Economic Development 223
VI Grassroots and the Globe 263
11 India's Informal Economy: Facing the Twenty-First Century 265
12 Globalization and Economic Reform as Seen from the Ground: SEWA's Experience in India 293
Index 313
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