Edited by Lawrence R. Klein
Chapter 3: The Economic Growth Story in India: Past, Present and Prospects for the Future
Sudip Ranjan Basu* INTRODUCTION 1. India has certainly become a country of worldwide attention over the past decade or so, mostly because of its high economic growth and outsourcing hub for major US and European corporations. From the man in the street to heads of state, India is now a significant destination not only for their travel to learn yoga and attain Nirvana, but also a key marketplace for business and investment opportunities. India’s image has gone beyond that of a country full of snake-charmers and cows on the busy streets. It is now very different, with Indian Bollywood cinema catching the imagination of people from all walks of life with its beauty and colour, while Indian software companies, steelmakers and business personalities show that the sky is the limit for success. Everywhere ‘Indianness’ is the buzzword that has captured the spirit of democracy, hope and prosperity for the future. India’s economy has undergone many changes over the last six decades. The process of development depends on various aspects, namely socioeconomic linkages, cultural and political ideologies, class–clan structures and climatic conditions. Policies adopted by the government in New Delhi and at the sub-national level vary according to the characteristics and the nature of the political parties operating at that specific point in time, and those of the different stakeholders and interest groups. Hence the evolution of the Indian economy over the decades reflects considerable variety in economic policies and has subsequently prompted differences in the levels of growth and...
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