The Indian economy has fueled growth rates of more than 8 percent in recent years, making it one of the most successful emerging economies in the world. Yet, what lessons can be learned from India’s economic development and what is the nation’s future potential?
On February 14, the Brookings Institution hosted Arvind Panagariya for a discussion of India’s economy based on his new book, India: The Emerging Giant. Panagariya reviewed India’s economic development since independence, and offer insights based on his analysis of four distinct periods of India’s growth experience. Using this historical background, Panagariya also addressed today’s poverty and inequality, macro and microeconomic policies, and issues that bear upon India’s past record and future prospects. Barry Bosworth, senior fellow, the Brookings Institution, provided introductory remarks and moderated the panel discussion. Shanta Devarajan, chief economist of the South Asia Region at the World Bank, served as a discussant.
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Those who have lost jobs are faring worse in terms of the income they are making. They haven’t had the time or opportunities to retrain, get back into the market, and do the new kind of jobs.