India S Economic Prospects

This book provides a macroeconomic analysis of the Indian economy. It is a long-run study that spans the period from 1950–51 to 1992–93, encompassing the various turning points in India's economic policy and development strategies. The macroeconometric model used in the book integrates the monetary and real sectors of the economy. In order to provide theoretical underpinnings for the model, the book traces the development of macroeconomic theory including Keynesian, structuralist, and supply-side economics. The model explains the public sector's current and capital expenditures, rather than treating them as exogenous variables. A sub-recursive system of prices is formulated in terms of unit cost based on the flow of factor income generated in the process of production, monetary variable, and agriculture supply factors. The model analyzes and evaluates policy changes in India, particularly since 1984. It is used to derive the appropriate mix of fiscal, monetary, and trade policies needed to generate significant economic growth in 1997–2000 in a non-inflationary environment. While fiscal and monetary discipline is vital in this regard, public-sector investment plays an important role in capital formation and economic growth. Contents:Evolution of Economic Policy Since IndependenceAn Overview of Macroeconomic TheoryIndia's Private SectorPublic SectorForeign SectorSupply and Demand for MoneyPrice Formation and Completion of the ModelModel of the Indian Economy, 1950–51 and 1992–93Analysis and ConclusionSumming Up Readership: Students, researchers, economists, bankers, and policy makers interested in the economy of India. keywords:

This book explores the role of public action in eliminating deprivation and expanding human freedoms in India. The analysis is based on a broad and integrated view of development, which focuses on well-being and freedom rather than the standard indicators of economic growth. The authors placehuman agency at the centre of stage, and stress the complementary roles of different institutions (economic, social, and political) in enhancing effective freedoms.In comparative international perspective, the Indian economy has done reasonably well in the period following the economic reforms initiated in the early nineties. However, relatively high aggregate economic growth coexists with the persistence of endemic deprivation and deep social failures. JeanDreze and Amartya Sen relate this imbalance to the continued neglect, in the post-reform period, of public involvement in crucial fields such as basic education, health care, social security, environmental protection, gender equity, and civil rights, and also to the imposition of new burdens such asthe accelerated expansion of military expenditure. Further, the authors link these distortions of public priorities with deep-seated inequalities of social influence and political power. The book discusses the possibility of addressing these biases through more active democratic practice.

The 2021 edition of the Outlook addresses reallocation of resources to digitalisation in response to COVID-19, with special focuses on health, education and Industry 4.0. During the COVID-19 crisis, digitalisation has proved critical to ensuring the continuity of essential services.

OECD Economic Outlook No. 108 covers annual and quarterly data from 1960 until 2022. The OECD Economic Outlook analyses the major economic trends over the coming 2 to 3 years as well as market forecasts and projections. It provides in-depth coverage of the main economic issues and the policy measures required to foster growth in each member country. Forthcoming developments in major non-OECD economies are also evaluated in detail. This database is a comprehensive and consistent macroeconomic database of the OECD economies, covering expenditures, foreign trade, output, labour markets, interest and exchange rates, balance of payments, and government debt. For the non-OECD regions, foreign trade and current account series are available. It also comprises statistics on demand and gross domestic product (GDP), deflators and prices, general government accounts, households and business sectors, labour market, financial data, foreign exchange market, balance of payments, supply block, oil market and other raw materials.

This study of economic growth in India is both an interpretation of its trajectory since 1950 and an evaluation of its prospects in the near future. It is marked by theoretical integrity, historical perspective, thick description, discriminating use of econometrics, and definitive conclusions. Commencing with a favourable appraisal of the growth record of early independent India and an account of how this advantage was lost, the author proceeds to argue that by now it is more than just delayed liberalizing reforms that stand in the way of sustained double-digit growth rates. The prospects for high long-term growth in India are instead linked to the progress in the areas of agriculture and education, particularly schooling. Further, the author proposes that achieving inclusive growth, currently high on the Indian government's agenda, would be not merely politically rewarding but pivotal to maintaining the dynamism of the economy. The possibility of such an outcome, he shows, is tied more to the state's capacity to govern our public institutions than to its command over resources. To that extent the future of growth in India lies as much in the space of politics.

‘Jha is the right scholar and economist to take readers through the development of the Indian economy. Readers will be in good hands.’ —Edmund Phelps, Columbia University, USA, and winner of the 2006 Nobel Prize in Economics ‘This is perhaps the best and most scholarly contribution to understanding the Indian Economy and Society. Its rich historical perspective and a profound understanding of how India has evolved into a major economic power set standards of scholarship and analytical rigour that will be hard to surpass". —Raghav Gaiha, University of Manchester, UK ‘Linking of economy and society is increasingly recognised as essential for addressing policy challenges by the current phase of globalisation. As such this study should be valuable not just for those studying India, but also for those interested in global developments.’ —Mukul Asher, National University of Singapore, Singapore ‘This book is a tour-de-force review of the fundamental topics on the Indian political economy and society that are relevant for any committed social scientist to be aware of.’ —Sumit K. Majumdar, University of Texas at Dallas, USA ‘Over the years, I have benefited from reading the works of Professor Jha, and from teaching from them. I enthusiastically recommend these two volumes.’ —Raaj Kumar Sah, University of Chicago, USA This two-volume work provides an account of how India has been meeting its myriad of economic, political and social challenges and how things are expected to evolve in the future. Despite enormous challenges at the time of independence, India chose to address them within a secular, liberal, democratic framework, which guaranteed several fundamental rights. Challenges included intense mass poverty and hunger, very poor literacy and educational abilities of the population, the task of uniting a country with scores of languages and ethnicities ruled by different entities for decades and persistent threats of external aggression, to name just a few. Over time, incomes and opportunities have expanded enormously and India has regained her self-confidence as a nation. In this second volume, Jha examines the performance and prospects for India’s agriculture, manufacturing and services sectors. In addition, India’s links with the external world through international trade, investment, migration and remittances are discussed, as well as gender issues, inter-community relations and India’s future prospects.

This book contains a medium-term (five-year) economic outlook for Southeast Asia, China and India.

Long plagued by poverty, India's recent economic growth has vaulted it into the ranks of the world's emerging powers-but what kind of power it wants to be remains a mystery. Cautious Superpower explains why India behaves the way it does, and the role it is likely to play globally as its prominence grows. --