Why did the elephant sta4rt to trot? India's growth acceleration re-examined
By: Sen, Kunal.
Material type:
ArticlePublisher: 2007Description: p.37-47.Subject(s): Economic growth - India | Economic growth
In:
Economic and Political WeeklySummary: It is commonly believed that India's growth acceleration has been mainly due to a change in the state's attitudes towards business in the early 1980s and not so much because of changes in economic policies. This paper re-examines this argument and shows, first, that the turnaround in growth took place earlier in the late 1970s. It also shows that growth has been mostly driven by the rate of private equipment investment (which increased in the mid-1970s), and that this in turn has been driven by financial deepening, public fixed investment and the relative price of equipment investment. The paper concludes that the effect of the attitudinal shift of the state towards the private sector on growth was of the second order, and if it did have an effect, it was through changes in economic policies, rather than independently of the latter. - Reproduced.
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Articles
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Indian Institute of Public Administration | Volume no: 43, Issue no: 43 | Available | AR76929 |
It is commonly believed that India's growth acceleration has been mainly due to a change in the state's attitudes towards business in the early 1980s and not so much because of changes in economic policies. This paper re-examines this argument and shows, first, that the turnaround in growth took place earlier in the late 1970s. It also shows that growth has been mostly driven by the rate of private equipment investment (which increased in the mid-1970s), and that this in turn has been driven by financial deepening, public fixed investment and the relative price of equipment investment. The paper concludes that the effect of the attitudinal shift of the state towards the private sector on growth was of the second order, and if it did have an effect, it was through changes in economic policies, rather than independently of the latter. - Reproduced.
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