Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...

Beginning in the 1980s, India has experienced an acceleration of economic growth by way of a promotion of a more efficient pro business and market oriented model. Following the rapid growth of the 1980s, the 1990s brought continued deregulation through market liberalization policies and...

Structural economists like Colin Clark, Fisher, Kuznets, etc. have empirically demonstrated that growth is brought about by changes in structural composition. Indian economy is also experiencing major changes in its structure in recent decades. The theory of structural transformation has given...

This paper uses cointegration and vector error-correction models to analyse the causal relationship between education and development across select Indian states using annual data from 1980-81 to 2008-09. Expenditure on education per capita is used as the proxy for education, while State...

The comparison of China's and India's economic trajectories over the last 40 years reveals the massive potential of targeted policies for economic development (in general) and economic growth (in particular). In the early 1980s India and China had a roughly similar GDP and up until 1990 India...

In this paper we assess the impact of external economic liberalization in India on the transmission of aggregate shocks. We examine the relative importance of domestic and external shocks and capture their feedback effects by estimating an eight variable vector autoregression (VAR) model. We...

Debate over Growth and Development are quite old in the history of economic thinking. It is argued that development encompasses comprehensive issues like health, education, equality, and liveability while growth is too narrow a concept. This paper analyses the growth and development experience...

We explore the hypothesis that macroeconomic polices are influenced by political structure, through a systematic comparison of reform period macroeconomic policy choices and outcomes, in China and India. One decade lagged Indian reform in the context of similar economic and very different...

We explore the hypothesis that macroeconomic polices are influenced by political structure, through a systematic comparison of reform period macroeconomic policy choices and outcomes, in China and India. One decade lagged Indian reform in the context of similar economic and very different...

The political economy of India's economic growth is an issue of abiding interest. Higher and sustained economic growth has, all over the world, been the surest and most time tested means of raising living standards and reducing poverty. Further, given that it is a functioning democracy, economic...