Sustaining India’s Growth Miracle

Description

The economy of India is growing at a rate of 8 percent per year, and its exports of goods and services have more than doubled in the past three years. Considering these trends, economists, scholars and political leaders across the globe are beginning to wonder whether India’s growth can be sustained.

The contributors to this volume analyze the forces behing india’s emerging role as a world economic player and identify the hidden weakness that, if unaddressed, may slow the country’s growth. Contributors suggest how to transform India’s primarily rural population into a gainfully employed modern sector; methods to achieve fiscal sustainability and consolidation; how to deal with infrastructure bottlenecks, especially in terms of finite energy resources; and given the country’s complex electoral government and global political position, ways to overcome the obstacles to effecting policy reforms.

Sustaining India’s Growth Miracleis a valuable resource for practitioners, policymakers, students, and scholars. It tackles issues from political, economic and academic perspectives. The concluding chapter, a talk given by Kamal Nath, Minister of Commerce and Industry, India, discussess the country’s position as a world power, outlining several reasons for India’s success and exploring the difficulties that lie ahead.

Jagdish N Bhagwatiis University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director – general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms.

Charles W Calomirisis the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University’s School of International and Public Affairs. He co – directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee.