India's growth performance: the enigmatic decade of the eighties
By: Sindhu, Jasleen.
Contributor(s): Balasubramanyam, V.N.
Material type:
ArticlePublisher: 2006Description: p.7-24.Subject(s): Economic growth - India | Economic growth
In:
Indian Economic JournalSummary: India's economic growth rate that averaged around 3 per cent per annum over the three decades (1950 to 1979) witnessed a remarkable upturn in the 1980s. During the 80s, India's economy grew by almost 5.4 per cent per annum. This impressive performance was accompanied by reforms aimed at relaxation of state controls over trade and industrial investment. the reasons for the turnaround though are the subject of intense debate and controversy. Should the turnaround be ascribed to liberalisation? Or was it in the main due to Keynesian type demand augmenting policies that also accompanied the reforms. A novel explanation for the turnaround is that it was neither due to the Keynesian policies nor to the economic reforms, but was due to changes in attitudes towards business on the part of the policy makers. This paper reviews and analyses these controversies and provides an explanation for the growth in the 80s. - Reproduced.
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Articles
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Indian Institute of Public Administration | Volume no: 54, Issue no: 3 | Available | AR79428 |
India's economic growth rate that averaged around 3 per cent per annum over the three decades (1950 to 1979) witnessed a remarkable upturn in the 1980s. During the 80s, India's economy grew by almost 5.4 per cent per annum. This impressive performance was accompanied by reforms aimed at relaxation of state controls over trade and industrial investment. the reasons for the turnaround though are the subject of intense debate and controversy. Should the turnaround be ascribed to liberalisation? Or was it in the main due to Keynesian type demand augmenting policies that also accompanied the reforms. A novel explanation for the turnaround is that it was neither due to the Keynesian policies nor to the economic reforms, but was due to changes in attitudes towards business on the part of the policy makers. This paper reviews and analyses these controversies and provides an explanation for the growth in the 80s. - Reproduced.
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