Summary
Contents
This visionary and thought-provoking study is a must read for political leaders, policymakers, business executives, and leaders of civic society interested in India's long-term development. It presents a much needed longer term vision of Indian society and economy within which today's policy debates and actions must be anchored. The volume presents a persuasive case that if India succeeds in sustaining its recent economic success over the longer term (as many East Asian economies have done in the past), India can realistically aspire to become an affluent society within one generation. The study is being released just as the new Indian government is taking office in a political environment that presents a truly unique opportunity to put India into a longer term sustained growth trajectory with financial stability.
Introduction: Determined Marathoner or Sporadic Sprinter?
Introduction: Determined Marathoner or Sporadic Sprinter?
India now has the second fastest growing large economy in the world, surpassed only by China. Its per capita income approached $1,000 in 2007, when the economy exceeded $1 trillion for the first time. While still home to the largest number of absolute poor and with average per capita income only a ninth of the global average, India has just been classified as a lower middle-income country, a far cry from the 1970s, when it was still one of the world's poorest countries.
When measured in purchasing power terms—the measure used by many economists to do cross country comparisons—India is already the fourth largest economy in the world behind only US, China and Japan, ...
