India: The Emerging Giant

India: The Emerging Giant
by Arvind Panagariya

India: The Emerging Giant
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Book Summary Information

Author: Arvind Panagariya
Edition: Hardcover
Published: 2008-03-03
ISBN: 0195315030
Number of pages: 544
Publisher: Oxford University Press, USA

Book Reviews of India: The Emerging Giant

Book Review: prospects of faster growth
Summary: 4 Stars

For anyone interested in economic development this book is a useful read. Detailing modern India, with all its tribulations and promises. In recent years, it appears that India has [finally] brought about a secular increase in its growth rate. No longer the parlous "Hindu rate of growth" of the 1980s and 90s, which caused it to lag far behind China.

The author explains the complexities of Indian society. How, with its chaotic democracy and the myriad pressure groups, development can often get stunted or delayed for years. The contrast to China is stark. The Chinese system has been able to deliver consistently faster growth for almost 30 years.

But the prospects for India seem brighter than its record. The book suggests that a rough consensus amongst its politicians might enable more reforms. For the sake of hundreds of millions of Indians who still live in stark poverty, and how deserve better from their betters, let us hope so.

Summary of India: The Emerging Giant

India is not only the world's largest and fiercely independent democracy, but also an emerging economic giant. But to date there has been no comprehensive account of India's remarkable growth or the role policy has played in fueling this expansion. India: The Emerging Giant fills this gap, shedding light on one of the most successful experiments in economic development in modern history.
Why did the early promise of the Indian economy not materialize and what led to its eventual turnaround? What policy initiatives have been undertaken in the last twenty years and how do they relate to the upward shift in the growth rate? What must be done to push the growth rate to double-digit levels? To answer these crucial questions, Arvind Panagariya offers a brilliant analysis of India's economy over the last fifty years--from the promising start in the 1950s, to the near debacle of the 1970s (when India came to be regarded as a "basket case"), to the phenomenal about face of the last two decades. The author illuminates the ways that government policies have promoted economic growth (or, in the case of Indira Gandhi's policies, economic stagnation), and offers insightful discussions of such key topics as poverty and inequality, tax reform, telecommunications (perhaps the single most important success story), agriculture and transportation, and the government's role in health, education, and sanitation.
The dramatic change in the fortunes of 1.1 billion people has, not surprisingly, generated tremendous interest in the economy of India. Arvind Panagariya offers the first major account of how this has come about and what more India must do to sustain its rapid growth and alleviate poverty. It will be must reading for everyone interested in modern India, foreign affairs, or the world economy.

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