Sustaining India's Growth Miracle

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The economy of India is growing at a rate of 8 percent per year, and its exports of goods and services have more than doubled in the past three years. Considering these trends, economists, scholars, and political leaders across the globe are beginning to wonder whether India's growth can be sustained.

The contributors to this volume analyze the forces behind India's emerging role as a world economic player and identify the hidden weaknesses that, if unaddressed, may slow the country's growth. Chapters suggest how to transform India's primarily rural population into a gainfully employed modern sector; methods to achieve fiscal sustainability and consolidation; infrastructure bottlenecks, especially in terms of finite energy resources; and, given the country's complex electoral government and global political position, the obstacles toward effecting policy reform.

Sustaining India's Growth Miracle is a valuable resource for practitioners, policymakers, students, and scholars. It tackles issues from political, economic, and academic perspectives, and the concluding chapter, a talk given by the commerce and industry minister of India, discusses the country's position as a world power, outlining several reasons for its success and exploring the difficulties that lie ahead.

Charles W. Calomiris is a visiting scholar at AEI.

Jagdish Bhagwati is an adjunct scholar at AEI.

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About the Author

 

Charles W.
Calomiris
  • Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School. He is also a research associate at the National Bureau of Economic Research, a member of the Shadow Financial Regulatory Committee and the Financial Economists Roundtable, and the coordinator of the Bank Performance and the Economy program at the Center for Financial Research at the Federal Deposit Insurance Corporation. Until 2007, he was the co-director of AEI's Financial Deregulation Project. His research at AEI spanned several areas, from banking and corporate finance to financial history and monetary economics. Calomiris also served on the 2000 International Financial Institution Advisory Commission. Known as the Meltzer Commission, this congressionally mandated group recommended specific reforms of the International Monetary Fund, the World Bank, the regional development banks and the World Trade Organization to the U.S. government.
  • Phone: 2128548748
    Email: ccalomiris@aei.org

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