The Indian Economy in the Post-Reform Period: Growth without Structural Transformation
The Indian Economy in the Post-Reform Period: Growth without Structural Transformation
This paper provides an overview of the key analytical issues relating to India’s domestic economy. It first describes the pattern of growth and structural change in the Indian economy since Independence, highlighting the atypical nature of India’s structural transformation in the Asian context, with slow movement of the work-force from agriculture to manufacturing, and the rapid increase in the service sector. It then examines in turn the pattern of economic change in agriculture, manufacturing and services since the beginning of economic reforms in the 1990s, noting in particular the prevailing stagnation in agricultural growth, and an increase in the dualistic structure of manufacturing, along with the emergence of an export-oriented highly skilled segment of the services sector. It discusses the nature of urbanisation, and highlights the puzzle of slowing urbanisation in India. Finally, it revisits the debate around the causes of India’s growth acceleration, arguing that India’s growth acceleration suggest a more complex causal story than has been commonly portrayed in scholarly writings.
Keywords: India, economy, growth, reforms, structural transformation
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