Economic reform in India: challenges, prospects, and lessons

The essays in this volume are written by leading economists working on the Indian economy. They collectively emphasize the importance of policies and institutions for sustained growth and poverty reduction, stressing that the success of sector-specific policies is vitally dependent on the nature of markets and the functioning of institutions such as those charged with regulating and overseeing critical sectors. Individual contributions assess the role of Indian government policy in several key sectors and emphasize the policies required to ensure improvements in these sectors. The first section discusses aspects of the macro economy; the second deals with agriculture and social sectors; the third with jobs and how labor markets function in agriculture, industry and services; and the fourth with infrastructure services, specifically those of electricity, telecommunications, and transport. The essays are drawn from the most influential papers presented in recent years on Indian economic policy at the Stanford Center for International Development.

"The essays in this volume are written by leading economists working on the Indian economy. They collectively emphasize the importance of policies and institutions for sustained growth and poverty reduction, stressing that the success of sector-specific policies is vitally dependent on the nature of markets and the functioning of institutions such as those charged with regulating and overseeing critical sectors. Individual contributions assess the role of Indian government policy in several key sectors and emphasize the policies required to ensure improvements in these sectors. The first section discusses aspects of the macro economy; the second deals with agriculture and social sectors; the third with jobs and how labor markets function in agriculture, industry and services; and the fourth with infrastructure services, specifically those of electricity, telecommunications, and transport. The essays are drawn from the most influential papers presented in recent years on Indian economic policy at the Stanford Center for International Development"--

Cover; Contents; Contributors; 1 Introduction; Historical Precedents; The Macroeconomy; Institutional Reforms: Agriculture and Education; The Rural and Agricultural Sectors; Education; Employment, Industrial Structure and Poverty; Infrastructural Reforms; What Is Infrastructure?; Infrastructure Policy and Performance in India; Next Steps; The Macroeconomy; Agriculture and Rural Development; Education; Employment, Industrial Structure and Poverty; Infrastructural Reforms; References; The Macro Economy; 2 Federalism and Economic Development in India: An Assessment; Abstract; Introduction. - Background: India's Economic Performance and Federal SystemQuality of Governance and Government Expenditure; Efficiency of the Tax System; Fiscal Situation of National and Subnational Governments; Impacts of Federal System on Growth and Equity; Comparison with China; Future Reform and Prospects; Conclusions; References; 3 India and China: Trade and Foreign Investment; Introduction; Growth; Growth in Total Trade; The Patterns of Trade; Merchandise Exports; Merchandise Imports; Services Exports; Foreign Investment; Connection to Trade and DFI Policies. - Merchandise Trade Liberalization During the 1980sMerchandise Trade Liberalization in the 1990s and Beyond; Liberalization of Trade in Services and Foreign Investment; Why India Lags Behind China; Looking Ahead: The Doha Round and an India - China FTA; References; 4 Financial Sector Reforms and Monetary Policy: The Indian Experience; Introduction; Financial Sector and Monetary Policy: Objectives and Reforms; Banking Sector; Reforms in the Monetary Policy Framework; Financial Markets; Financial Sector and Monetary Policy Reforms: An Assessment; Banking Sector; Spread of Banking