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Reshaping India in the New Global Context

Subhash C. Jain and Ben L. Kedia

This book traces the history of India’s progress since its independence in 1947 and advances strategies for continuing economic growth. Insiders and outsiders that have criticized India for slow economic growth fail to recognize all it has achieved in the last seven decades, including handling the migration of over 8 million people from Pakistan, integrating over 600 princely states into the union, managing a multi-language population into one nation and resolving the food problem. The end result is a democratic country with a strong institutional foundation. Following the growth strategies outlined in the book and with a strong leadership, India has the potential to stand out as the third largest economy in the world in the next 25 to 30 years.
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Chapter 7: In search of a dream

Subhash C. Jain and Ben L. Kedia

Extract

Until 1991, India continued to follow the model of economic development where state planning and public sector enterprises were the levers of growth. This model delivered a dismal growth rate of 3–4 percent. At the same time, regulations on all fronts prevented India from becoming part of the global economy. In 1991, the government, forced by a shortage of foreign exchange, liberalized the economy. The reforms had a tremendous positive impact, both economically and politically. The economy grew at a decent rate, creating opportunities in all sectors. Yet, considering the size of India’s population, many more reforms are needed on a continual basis. For example, inefficient firms must be eliminated. Corruption must be controlled. As India stands today, it looks to current Prime Minister Modi to take bold steps in leading the country to abolish poverty, and creating a substantial middle class.

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