New India : reclaiming the lost glory / Arvind Panagariya.

9780197531587 (electronic book)

New York, NY : Oxford University Press, 2020.

English

1 online resource : illustrations.

HC435.4 .P36 2020

330.954

Its GDP having touched $2.6 trillion, India is poised to become the world's third-largest economy in less than a decade. In doing so, it will have moved one step closer to reclaiming its pre-1820s glory, when it accounted for one-sixth of global output and ranked second in economic size. This rapid movement in the absolute size of the economy will be insufficient, however, to bring prosperity to India's vast population. Today, 44 percent of the country's workforce remains in agriculture and another 42 percent in tiny enterprises with fewer than twenty workers. Labor productivity of both sets of workers remains low, and they live overwhelmingly on subsistence-level incomes. This text lays down a concise road map of reforms that would help transform the country and create well-paid jobs in industry and services for those with limited or no skills.

Its GDP having touched $2.6 trillion, India is poised to become the world's third-largest economy in less than a decade. In doing so, it will have moved one step closer to reclaiming its pre-1820s glory, when it accounted for one-sixth of global output and ranked second in economic size. This rapid movement in the absolute size of the economy will be insufficient, however, to bring prosperity to India's vast population. Today, 44 percent of the country's workforce remains in agriculture and another 42 percent in tiny enterprises with fewer than twenty workers. Labor productivity of both sets of workers remains low, and they live overwhelmingly on subsistence-level incomes. This text lays down a concise road map of reforms that would help transform the country and create well-paid jobs in industry and services for those with limited or no skills.

Includes bibliographical references and index.

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Description based on online resource; title from home page (viewed on August 25, 2020).

Oxford scholarship online.

Print version: 9780197531556

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