After liberalization in the 1990s, growth rates were higher but were more volatile. The countries that did manage to sustain a high rate of growth followed a pragmatic reform path, which was neither a pure market nor a government-led approach. However, such pragmatic reform requires a deep knowledge of the economy derived from careful fact-based research. This volume contributes to the required knowledge on a range of issues such as drivers of growth, domestic reforms compared to external reforms, macroeconomic policy coordination, macroeconomic policy institutions and practices, the effect of openness and of global economic integration, poverty and the degree of inclusion, bottlenecks in infrastructure, and the performance of major sectors such as agriculture, industry and finance. The essays provide a finer understanding of the interaction between domestic strengths, external opportunities and government interventions.


Table of Contents
List of Tables and Figures
Introduction by Ashima Goyal
1. Drivers of Growth: Sources and Sectors
Laveesh Bhandari and Sumita Kale
2. After Liberalizing Reforms: The Importance of Domestic Demand
Pulapre Balakrishnan and Ashima Goyal
3. Fiscal and Monetary Policy: Outcomes and Coordination
Romar Correa
4. Monetary Policy Transmission in India: Interplay of Rate and Quantum Channels
K. Kanagasabapathy, Rekha A. Bhangaonkar and Shruti Pandey
5. Openness and Growth in the Indian Economy
Soumyen Sikdar
6. Reforms and Global Economic Integration of the Indian Economy: Emerging Patterns, Challenges, and Future Directions
Nagesh Kumar
7. Poverty and Inequality: Redesigning Interventions
Raghbendra Jha and Anurag Sharma
8. Caste, Gender, and Class: Dynamism or Statis?
Ashwini Deshpande
9. A Governance Analysis of Transportation in India
S. Sriraman
10. Promoting SEZs as a Strategy of Industialization and Lessons Learnt
Aradhna Aggarwal
11. Agriculture in India: Performance, Challenges, and Opportunities
S. Mahendra Dev, Srijit Mishra, and Vijay Laxmi Pandey
12. New Sources of Dynamism in the Industry
Bandi Ram Prasad
13. The Financial Sector in India: An Overview
Rajesh Chakrabarti
Index
About the Editor and Contributors