India : the emerging giant

1. Distinguishing four phases -- 2. Phase I (1951-65) : takeoff under a liberal regime -- 3. Phase II (1965-81) : socialism strikes with a vengeance -- 4. Phase III (1981-88) : liberalization by stealth -- 5. Phase IV (1988-2006) : triumph of liberalization -- 6. A tale of two countries : India and the Republic of Korea -- 7. Declining poverty : the human face of reforms -- 8. Inequality : a lesser problem -- 9. Deficits and debt : Is a crisis around the corner? -- 10. The external sector : On the road to capital account convertibility? -- 11. The financial sector : Why not privatize the banks? -- 12. International trade : carrying liberalization forward -- 13. Industry and services : walking on two legs -- 14. Modernizing agriculture -- 15. Tax reform : toward a uniform goods and services tax -- 16. Tackling subsidies and reforming the civil service -- 17. Telecommunications and electricity : contrasting experiences -- 18. Transportation : a solvable problem -- 19. Health and water supply and sanitation : Can the government deliver? -- 20. Education : expenditures or transfers?