INDIA’S GDP LOW, WHY ?

INDIA’S GDP LOW, WHY ?
Author: Dr. V.V.L.N. Sastry
Publisher: Idea Publishing
Total Pages: 212
Release: 2020-04-06
Genre: Business & Economics
ISBN:

India is the second most populous country in the world. India’s economy is characterized by marginalization and exclusion due to social inequalities. Low rates of female participation in the labor force has also hampered the growth of the Indian economy. The majority of businesses in India are small-scale enterprises (SSEs). It does not have adequate skilled workers given that its system of offering vocational training is not tailor-made to address the specific needs of the informal or casual labor force which makes up for at least 90% of the total workers in India. State governments play a major role in the allocation of resources as they account for approximately 57% of total expenditure in India. Most Indian firms depend on politicians and public officials for resources supplied by the government to facilitate various aspects of their operations. Agriculture, manufacturing, and services are the main economic sectors in India. Therefore, they would provide a good indication of the economic health of the country. India has one of the largest service sectors in the world and is the export hub of software services. Its market share in the total global outsourcing market is approximately 55%. India’s middle class is expected to grow economically to account for 17% of the global consumption, which would be second largest in the world. Increase in the young working population is also expected to contribute towards the future growth of the manufacturing sector in India. India is the 7th largest country in the world in terms of national nominal GDPs. But, the GDP does not commensurate with the population it boasts of as the per capita income is very low and lesser than per capita income of Argentina, Malaysia,Mexico, and Nigeria. It is also the third largest economy in the world in terms of national purchasing power parity (PPP). However, India is striving to achieve economic development to match the economies of developed nations. India has a long way to go to match these economies. This book deals with the finer aspects of India’s GDP and introspects the reasons for its low GDP.

OECD Economic Surveys: India 2019

OECD Economic Surveys: India 2019
Author: OECD
Publisher: OECD Publishing
Total Pages: 146
Release: 2019-12-24
Genre:
ISBN: 9264823514

India has been a growth champion in recent years and has succeeded in taming inflation, the current account deficit and non-performing loans. India's participation in the global economy has risen, with outstanding performances in some services, while the largest diaspora in the world is an asset in developing new markets. India has also lifted many millions of people out of poverty and has made access to housing for all a priority. Ambitious structural reforms -- including better targeted household support, financial inclusion initiatives, the implementation of the Goods and Services Tax, the Insolvency and Bankruptcy Code, the new approach to federalism and the corporate income tax reform -- have played a key role.

India and the Knowledge Economy

India and the Knowledge Economy
Author: Carl J. Dahlman
Publisher: World Bank Publications
Total Pages: 216
Release: 2005-01-01
Genre: Computers
ISBN: 0821362089

"In the global knowledge economy of the twenty-first century, India's development policy challenges will require it to use knowledge more effectively to raise the productivity of agriculture, industry, and services and reduce poverty. India has made tremendous strides in its economic and social development in the past two decades. Its impressive growth in recent years-8.2 percent in 2003-can be attributed to the far-reaching reforms embarked on in 1991 and to opening the economy to global competition. In addition, India can count on a number of strengths as it strives to transform itself into a knowledge-based economy-availability of skilled human capital, a democratic system, widespread use of English, macroeconomic stability, a dynamic private sector, institutions of a free market economy; a local market that is one of the largest in the world; a well-developed financial sector; and a broad and diversified science and technology infrastructure, and global niches in IT. But India can do more-much more-to leverage its strengths and grasp today's opportunities. India and the Knowledge Economy assesses India's progress in becoming a knowledge economy and suggests actions to strengthen the economic and institutional regime, develop educated and skilled workers, create an efficient innovation system, and build a dynamic information infrastructure. It highlights that to get the greatest benefits from the knowledge revolution, India will need to press on with the economic reform agenda that it put into motion a decade ago and continue to implement the various policy and institutional changes needed to accelerate growth. In so doing, it will be able to improve its international competitivenessand join the ranks of countries that are making a successful transition to the knowledge economy."

India's Changing Innovation System

India's Changing Innovation System
Author: National Research Council
Publisher: National Academies Press
Total Pages: 224
Release: 2007-07-27
Genre: Technology & Engineering
ISBN: 0309179009

As part of its review of Comparative National Innovation Policies: Best Practice for the 21st Century, the Board on Science, Technology, and Economic Policy convened a major symposium in Washington to examine the policy changes that have contributed to India's enhanced innovative capacity. This major event, organized in cooperation with the Confederation of Indian Industry, was particularly timely given President Bush's March 2006 visit to India and the Joint Statement issued with the Indian government calling for strategic cooperation in innovation and the development of advanced technologies. The conference, which brought together leading figures from the public and private sectors from both India and the United States, identified accomplishments and existing challenges in the Indian innovation system and reviewed synergies and opportunities for enhanced cooperation between the Indian and U.S. innovation systems. This report on the conference contains three elements: a summary of the key symposium presentations, an introductory chapter analyzing the policy issues raised at the symposium, and a research paper providing a detailed examination of India's knowledge economy, placing it in terms of overall global trends and analyzing its challenges and opportunities.

Crisis and Predation

Crisis and Predation
Author: The Research Unit for Political Economy
Publisher: Monthly Review Press
Total Pages: 216
Release: 2020-11-15
Genre: Political Science
ISBN: 1583679243

How India's COVID-19 lockdown is creating an unprecedented humanitarian disaster With the advent of COVID-19, India’s rulers imposed the world’s most stringent lockdown on an already depressed economy, dealing a body blow to the majority of India’s billion-plus population. Yet the Indian government’s spending to cushion the lockdown’s economic impact ranked among the world’s lowest in GDP terms, resulting in unprecedented unemployment and hardship. Crisis and Predation shows how this tight-fistedness stems from the fact that global financial interests oppose any sizable expansion of public spending by India, and that Indian rulers readily adhere to their guidance. The authors reveal that global investors and a handful of top Indian corporate groups actually benefit from the resulting demand depression: armed with funds, they are picking up valuable assets at distress prices. Meanwhile, under the banner of reviving private investment, India’s rulers have planned giant privatizations, and drastically revised laws concerning industrial labor, the peasantry, and the environment—in favor of large capital. And yet, this book contends, India could defy the pressures of global finance in order to address the basic needs of its people. But this would require shedding reliance on foreign capital flows, and taking a course of democratic national development. This, then, is a pursuit, not for India’s ruling classes, but a course of struggle for India's people.

Indian Economic Superpower

Indian Economic Superpower
Author: Jayashankar M. Swaminathan
Publisher: World Scientific
Total Pages: 283
Release: 2009
Genre: Business & Economics
ISBN: 9812814655

India is an emerging economy that intersects the supply chain of many companies and industries. This is the first book that allows you to learn about the state of the art of supply chain practices, innovative approaches, and the future outlook for India and its neighbors. The content is exceedingly rich and interesting, and will be highly valuable to academics and practitioners.

India's Reforms

India's Reforms
Author: Jagdish Bhagwati
Publisher: OUP USA
Total Pages: 295
Release: 2012-04-26
Genre: Business & Economics
ISBN: 0199915180

Openness has affected neither poverty nor inequality adversely. When surveyed, people in disproportionately large volumes from all groups say that their fortunes are improving. The essays in this volume show that trade oppenness has helped reduce poverty among most social groups.

India's Globalization

India's Globalization
Author: Baldev Raj Nayar
Publisher: SAGE
Total Pages: 113
Release: 2006-01-01
Genre: Business & Economics
ISBN: 1932728422

This study systematically evaluates the economic consequences of globalization for India in the light of the attack of the critics against globalization on grounds of economic stagnation, ?deindustrialization,? ?denationalization,? destabilization, and impoverishment. On the basis of abundant qualitative and quantitative data, it strongly repudiates the case of the critics, and demonstrates that India has been a significant beneficiary of the globalization process. Instead of economic stagnation, India has seen acceleration in its average annual rate of economic growth. Instead of deindustrialization, there has been substantial industrial growth and, indeed, acceleration in the industrial growth rate.Instead of denationalization, business in India is now more competitive and is venturingforth into the global market; increased imports and the entry of foreign multinationalshave not swamped it; essentially, India is master of its own destiny. Instead of economicdestabilization, there has been since the paradigm shift in economic policy in 1991 a marked absence of economic crisis in India. And, instead of impoverishment, India hasseen a long and unprecedented period of welfare enhancement since it began its reintegration into the world economy in 1975; there has been a secular decline in povertysince then, while inequality has not increased much. The policy conclusion that flows from this experience is that India ought to be, in general, more open to globalization in the interest of sustaining the acceleration in economic growth and enhancing the welfare of its people. To this end it should push forward with the reform agenda.This is the twenty-second publication in Policy Studies, a peer-reviewed East-West Center Washington series that presents scholarly analysis of key contemporary domestic and international political, economic, and strategic issues affecting Asia in a policy relevant manner.

An Uncertain Glory

An Uncertain Glory
Author: Jean Drèze
Publisher: Princeton University Press
Total Pages: 453
Release: 2013-08-11
Genre: Business & Economics
ISBN: 1400848776

Why India's problems won't be solved by rapid economic growth alone When India became independent in 1947 after two centuries of colonial rule, it immediately adopted a firmly democratic political system, with multiple parties, freedom of speech, and extensive political rights. The famines of the British era disappeared, and steady economic growth replaced the economic stagnation of the Raj. The growth of the Indian economy quickened further over the last three decades and became the second fastest among large economies. Despite a recent dip, it is still one of the highest in the world. Maintaining rapid as well as environmentally sustainable growth remains an important and achievable goal for India. In An Uncertain Glory, two of India's leading economists argue that the country's main problems lie in the lack of attention paid to the essential needs of the people, especially of the poor, and often of women. There have been major failures both to foster participatory growth and to make good use of the public resources generated by economic growth to enhance people's living conditions. There is also a continued inadequacy of social services such as schooling and medical care as well as of physical services such as safe water, electricity, drainage, transportation, and sanitation. In the long run, even the feasibility of high economic growth is threatened by the underdevelopment of social and physical infrastructure and the neglect of human capabilities, in contrast with the Asian approach of simultaneous pursuit of economic growth and human development, as pioneered by Japan, South Korea, and China. In a democratic system, which India has great reason to value, addressing these failures requires not only significant policy rethinking by the government, but also a clearer public understanding of the abysmal extent of social and economic deprivations in the country. The deep inequalities in Indian society tend to constrict public discussion, confining it largely to the lives and concerns of the relatively affluent. Drèze and Sen present a powerful analysis of these deprivations and inequalities as well as the possibility of change through democratic practice.