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Reforms and Economic Transformation in India
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This volume, the second in the series produced by the Columbia Program on Indian Economic Policies, turns to the analysis of the reforms from a differ- ent viewpoint than the first. It takes as its starting point the fact that while the reforms have undoubtedly delivered in terms of poverty reduction and associated social objectives, the impact has not been as substantial as it has been in other reform-oriented economies such as South Korea and Taiwan in the 1960s and 1970s and in China more recently. This is a puzzle whose explanation lies, we believe, in the fact that India’s reforms have had a signifi- cantly smaller impact on transforming the Indian economy. In a nutshell, the reforms have missed key ingredients and have thus had limited impact on the transformation of the Indian economy in its sectoral output and employment composition among agriculture, industry, and services, and within and across enterprises within sectors.
The empirical analysis in the present volume therefore points systemati- cally to the lacuna in Indian reforms and the direction in which future reforms could go. It also complements the first volume in the series by marshaling fur- ther new evidence that the transformation of the economy also has an upside. The papers at the end of this volume give new evidence that reinforces the findings of the first volume. Not only has poverty declined among all social groups, including the historically disadvantaged ones, but the wage and educa- tion gap between the disadvantaged and the upper-caste groups has declined. Moreover, the socially disadvantaged have also shared in the increased pros- perity as entrepreneurs. These findings indicate that the social transformation has been a beneficial aspect of the reforms
Jagdish Bhagwati & Arvind Panagariya - Personal Name
1st Edtion
978–0–19–991520–0
NONE
Reforms and Economic Transformation in India
Management
English
Oxford University Press Inc
2003
USA
1-309
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