The Political Economy of Recent Economic Growth in India

31 Pages Posted: 5 Aug 2004

See all articles by Raghbendra Jha

Raghbendra Jha

Australian National University (ANU) - Australia South Asia Research Centre (ASARC); Crawford School of Public Policy

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.

Several recent reviews of India's recent growth experience exist (Rodrik and Subrahmanian, 2004, Kelkar, 2004, and Thirlwell, 2004 are three examples). The value added of the present paper is to place India's growth experience within a broader political economy perspective. It documents the broad contours of economic growth in India; it then analyzes some emerging obstacles to higher economic growth and finally the prospects for accelerating the economic reforms program to place India on a sustained higher economic growth path.

Keywords: Recent economic growth in India-prospects and constraints, political economy

JEL Classification: E60, H50, H60, I00, J00, O11, O12

Suggested Citation

Jha, Raghbendra, The Political Economy of Recent Economic Growth in India. Available at SSRN: https://ssrn.com/abstract=558821 or http://dx.doi.org/10.2139/ssrn.558821

Raghbendra Jha (Contact Author)

Australian National University (ANU) - Australia South Asia Research Centre (ASARC) ( email )

Canberra, Australian Capital Territory 0200
Australia
+61 2 6125 2683 (Phone)
+61 2 6125 0443 (Fax)

HOME PAGE: http://crawford.anu.edu.au/crawford_people/content/staff/acde/rjha.php

Crawford School of Public Policy

ANU College of Asia and the Pacific
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Canberra, Australian Capital Territory 0200
Australia

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