India’s Growth Narrative: Performance and Potential (1951-52 to 2050-51)

Dividing India’s growth experience into distinct phases, India’s Growth Narrative: Performance and Potential (1951-52 to 2050-51) argues that the lowest average growth of 3.5% during the late 60s and early 70s, which has often mistakenly been referred to as the ‘Hindu Growth Rate’ belongs to a socialist pattern phase of growth which was preceded by a colonial legacy phase. Subsequently, the Indian economy transitioned from a mixed economy phase to first reform, accelerating growth and global crises phases. Prospectively, India is projected to reach a stable growth of about 7.0%, which is more appropriately referred to as the ‘Hindu Growth Rate’ as it is consistent with saving and investment rates prescribed in India’s ancient texts. After providing a phase-wise overview of the evolution of fiscal, monetary, financial and external sector policies, this book projects India’s growth up to 2050-51. It shows how, within 100 years of the inception of the Constitution, India is slated to regain its past economic glory, reaching a Viksit status in a modern global economy.