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The 1991 reforms, Indian economic growth, and social progress
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Agarwal, Manmohan and Whalley, John (2013) The 1991 reforms, Indian economic growth, and social progress. Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2013 (Number 128).
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Text (Working paper)
WRAP_128.2013_whalley.pdf - Published Version Download (489Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
This paper analyzes the effects of the reforms initiated in India following the balance of
payments (BOP) crisis of 1991 on economic performance. We do not find persuasive the
contention of many analysts that growth accelerated after the mid-1980s when reforms were
initiated. Nor does statistical analysis support the contention that reforms in the mid-1980s
resulted in a growth acceleration. We show that there is an accelerating rate of growth of GDP
after the mid 1970s and it is difficult to relate this gradual acceleration to specific policy
changes. The changed policies in the 1980s did not mean a basic change in the policy
framework. Furthermore, since corporate investment as a share of GDP did not increase in the
1980s it is difficult to identify the mechanism by which the more pro-business policies of the
government were translated to higher growth as claimed by Rodrik and Subramaniam (2005).
| Item Type: | Working or Discussion Paper (Working Paper) |
|---|---|
| Alternative Title: | |
| Subjects: | D History General and Old World > DS Asia H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions |
| Divisions: | Faculty of Social Sciences > Economics Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation |
| Library of Congress Subject Headings (LCSH): | India -- Economic conditions -- 1991-, India -- Economic policy -- 1974-1980, India -- Economic policy -- 1980-1991, India -- Economic policy -- 1991- |
| Series Name: | CAGE Online Working Paper Series |
| Publisher: | Department of Economics, University of Warwick |
| Place of Publication: | Coventry, UK |
| Official Date: | April 2013 |
| Volume: | Volume 2013 |
| Number: | Number 128 |
| Number of Pages: | 32 |
| Status: | Not Peer Reviewed |
| Publication Status: | Published |
| Funder: | Ontario. Ministry of Research and Innovation |
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