Productivity and long term growth

Chapter 3: Shaping the Indian miracle: Acceleration towards high growth

 

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This chapter discusses India’s long-term growth prospects. Following structural breaks in GDP growth in 1979 80 and 2003 04, the Indian economy has been on an accelerated growth path. The chapter examines the main drivers of strong growth, the components of aggregate demand, the sectoral composition of growth and its spatial distribution across the country’s different regions.

The chapter then reviews India’s economic policy management in the wake of the global economic slowdown, which also impacted the Indian economy.

The economy has responded well to the fiscal and monetary measures taken in response to the global slowdown and the pre crisis growth momentum is set to be restored. However, an uncertain external environment calls for a continued focus on the domestic growth drivers. To sustain high growth over an extended period, it will be vital to pursue reforms, including in the financial sector, to make the economy more competitive and the economic regulatory and oversight systems more efficient and responsive to new developments, and to deliver fiscal consolidation.

Source: World Bank

 

This chapter was prepared by Arvind Virmani and Rajeev Malhotra

How to obtain the complete edition: OECD Online Bookshop

Further reading:

  • 2010 Economic Survey of South Africa
  • 2010 Economic Survey of China
  • 2009 Economic Survey of Brazil
  • 2008 Economic Assessment of Indonesia
  • 2007 Economic Survey of India

 

 

 

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