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The Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment

Work, Entrepreneurship, and Finance

This paper takes its foundation from an address presented at the Ninth Annual Conference on Indian Economic Policy Reform. The theme selected for the conference is befitting in the present context as we grapple with issues and challenges for sustaining the elevated growth momentum that we have now achieved. This has assumed added contemporary significance in the wake of expected moderation in global growth due to a projected slowdown in the US and some other advanced economies. Whereas emerging markets, including India have so far not been greatly affected by the financial turbulence in advanced economies, the increasing global uncertainties need to be watched and guarded against appropriately. Although our growth process continues to be dominated by domestic factors, we need to recognise some changing global patterns, which could have implications for the macroeconomic prospects of the Indian economy. Accordingly, in my paper, I first review the overall macroeconomic performance in India since independence, then draw likely prospects for the coming five years and finally conclude with some issues that need to be addressed for sustaining the growth of the Indian economy.

365wp.pdf (530.94 KB)
Author(s)
Rakesh Mohan
Publication Date
June, 2008