Preface
PART I: Growth and Economic Reforms
1: Distinguishing Four Phases
2: Phase I (195165): Takeoff Under a Liberal Regime
3: Phase II (196581): Socialism Strikes with Vengeance
4: Phase III (198188): Liberalization by Stealth
5: Phase IV (19882006): Triumph of Liberalization
6: A Tale of Two Countries: India and the Republic of Korea
PART II: Poverty, Inequality, and Economic Reforms
7: Declining Poverty: The Human Face of Reforms
8: Inequality: A Lesser Problem
PART III: Macroeconomics
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?
PART IV: Transforming India
12: International Trade: Carrying Liberalization Forward
13: Industry and Services: Walking on Two Legs
14: Modernizing Agriculture
PART V: The Government
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?
Appendix 1
Appendix 2
Arvind Panagariya is Jagdish Bhagwati Professor of Indian Political Economy and Professor of Economics in the School of International and Public Affairs at Columbia University. A leading authority on the economy of India, he has been the Chief Economist of the Asian Development Bank and has also worked for the World Bank, IMF, WTO and UNCTAD.
"Mr. Panagariya's book is the capstone of a career, a sustained
work of scholarship. It demands a lot of its readers, and amply
repays the investment. The author's father told him: "Take your
time, but write a definite book on India." The son did not
disappoint."--The Economist (second review)
"An important book"--The Economist
"It isn't easy to write about the Indian economy if you are a
non-resident.... In an earlier generation of economists, Jagdish
Bhagwati and T. N. Srivivasan managed this knowledge disadvantage
extremely well; and in a subsequent generation, Arvind
Panagariya.... This is a book that will be treasured and quoted,
like Bhagwati and Desai's in an earlier era. However, is this
volume for an economist or a non-economist? The answer is, both.
...a book that needed to
be written, by someone with sufficient knowledge and
perseverance.... I cannot think of a single volume that is even
remotely a substitute for this one."--The Indian Express
"Arvind Panagariya has written probably the best all-around,
up-to-date, and accessible book on the Indian economy. It is
informed by the analytic apparatus of a leading international trade
economist, yet is is packed full of useful real-world detail. It
has comprehensive range--but it links the separate elements into a
coherent whole. It is a superlative work of applied economics, and
it is also sensitive to India's political economy. It has pointed,
punchy
policy conclusions: Panagariya is not shy about attacking those he
thinks have got it wrong on the Indian economy, and he does so with
a powerful combination of analytical argument and detailed
evidence."--Finance & Development
"If there is one book which has been published in recent times that
discusses the Indian economy in all its aspects with such
clear-mindedness, surely it is Panagaria's India: The Emerging
Giant.... What makes this work so absorbing can be attributed to
three factors: one, it is objective, two, it is reader-friendly, in
the sense [that] it is largely free of technical jargon and is
easily understood by the layman, and three, it is
well-researched....
What is encouraging about this work is that it is highly optimistic
about India's economic future"--M. V. Kamath, The Free Press
"A seminal [work] and a must for all serious students of India's
economic history and the rapid changes that the country is going
through.... An extremely useful reference book for any person who
needs to be aware of the political economy of India"--Financial
Express
"Compulsory reading for those interested in India's
transformation."--Hindustan Times
"Arvind Panagariya has produced a truly monumental, wide-ranging
and penetrating work on the Indian economy. A tour de horizon and a
tour de force--it will establish him as the most insightful
economist writing on India today."--Jagdish Bhagwati, University
Professor, Economics and Law, Columbia University
"This is now the definitive book on the Indian economy. With
exhaustive research, careful analysis, and good judgment, Arvind
Panagariya has detailed the vast and varied story of India's
reforms. It puts to rest certain myths and settles debates with
balance and fairness. The starting point for serious analysis of
the subject."--Fareed Zakaria, Editor, Newsweek International
"India's astonishing economic surge is one of the most momentous
events of our time. Arvind Panagariya has given us what we have
lacked up to now: a detailed, comprehensive and superbly clear
survey of this breakthrough, how it came about, and where it might
lead. Instantly indispensable for students of development, the book
deserves a much wider readership than that. It will fascinate
anybody interested in the new global economy."--Clive Crook,
Chief
Washington Commentator and Associate Editor, Financial Times and
Senior Editor, The Atlantic Monthly
"India: The Emerging Giant provides a comprehensive and panoramic
exposition of the twist and turns in India's economic policy over
the last several decades. As Arvind Panagariya has so convincingly
argued, open policies and rapid economic growth is the best
antidote for poverty reduction. This scholarly yet readable book is
the best riposte to those who have any doubts of the validity of
Indian reforms."--Nandan Nilekani, Co-Chairman, Infosys
Technologies Limited
"Panagariya not only is a distinguished professor of economics at
Columbia University, but he has also been a chief economist at the
Asian Development Bank and served at the World Bank and the
International Monetary Fund.... He is able to tell the story of
India's economic growth by highlighting different phases of its
economic policy...a massive research study that will command the
respect of scholars"--Foreign Affairs
"If there is one book which has been published in recent times that
discusses the Indian economy in all its aspects with such
clear-mindedness, surely it is Panagaria's India: The Emerging
Giant.... What makes this work so absorbing can be attributed to
three factors: one, it is objective, two, it is reader-friendly, in
the sense [that] it is largely free of technical jargon and is
easily understood by the layman, and three, it is
well-researched....
What is encouraging about this work is that it is highly optimistic
about India's economic future"--M. V. Kamath, The Free Press
"It isn't easy to write about the Indian economy if you are a
non-resident.... In an earlier generation of economists, Jagdish
Bhagwati and T. N. Srivivasan managed this knowledge disadvantage
extremely well; an in a subsequent generation, Arvind
Panagariya.... This is a book that will be treasured and quoted,
like Bhagwati and Desai's in an earlier era. However, is this
volume for an economist or a non-economist? The answer is, both.
...a book that needed to
be written, by someone with sufficient knowledge and
perseverance.... I cannot think of a single volume that is even
remotely a substitute for this one."--The Indian Express
"A seminal [work] and a must for all serious students of India's
economic history and the rapid changes that the country is going
through.... An extremely useful reference book for any person who
needs to be aware of the political economy of India"--Financial
Express
"Compulsory reading for those interested in India's
transformation."--Hindustan Times
"Arvind Panagariya has produced a truly monumental, wide-ranging
and penetrating work on the Indian economy. A tour de horizon and a
tour de force--it will establish him as the most insightful
economist writing on India today."--Jagdish Bhagwati, University
Professor, Economics and Law, Columbia University
"Arvind Panagriya's book represents an important contribution to
the voluminous literature on India's economy... Panagariya's
lifetime of research on the subject makes him well placed to tell
this story. The depth of this knowledge is certainly evident
throughout this book... I have not come across a single similar
source with the level of detail and historical information on the
history of...policy changes in the various sectors that he
tackles."-Arjun
Jayadev, Department of Economics, University of Massachusetts,
Boston
"This is now the definitive book on the Indian economy. With
exhaustive research, careful analysis, and good judgment, Arvind
Panagariya has detailed the vast and varied story of India's
reforms. It puts to rest certain myths and settles debates with
balance and fairness. The starting point for serious analysis of
the subject."--Fareed Zakaria, Editor, Newsweek International
"India's astonishing economic surge is one of the most momentous
events of our time. Arvind Panagariya has given us what we have
lacked up to now: a detailed, comprehensive and superbly clear
survey of this breakthrough, how it came about, and where it might
lead. Instantly indispensable for students of development, the book
deserves a much wider readership than that. It will fascinate
anybody interested in the new global economy."--Clive Crook,
Chief
Washington Commentator and Associate Editor, Financial Times and
Senior Editor, The Atlantic Monthly
"India: The Emerging Giant provides a comprehensive and panoramic
exposition of the twist and turns in India's economic policy over
the last several decades. As Arvind Panagariya has so convincingly
argued, open policies and rapid economic growth is the best
antidote for poverty reduction. This scholarly yet readable book is
the best riposte to those who have any doubts of the validity of
Indian reforms."--Nandan Nilekani, Co-Chairman, Infosys
Technologies Limited
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