This paper analyzes the drivers of India’s growth in the past five decades and considers baseline and upside scenarios of India’s medium-term potential growth. Using a production function approach, the paper assesses the impact of the pandemic on the key factors of production and therefore...

India's real GDP growth slipped substantially after the North Atlantic financial crisis. Return to a sustained high growth trajectory is feasible but it will need much more focused attention to the revival of manufacturing and to the acceleration of investment in transport and infrastructure....

This paper examines the long-run relationship between consumer price index industrial workers (CPI-IW) inflation and GDP growth in India. We collect data on a sample of 14 Indian states over the period 1989-2013, and use the cross-sectionally augmented distributed lag (CSDL)approach of Chudik et...

Structural transformation depends not only on how much countries export but also on what they export and with whom they trade. This paper breaks new ground in analyzing India's exports by the technological content, quality, sophistication, and complexity of the export basket. We identify five...

This paper estimates medium-term potential growth for a country undergoing significant structural and secular changes. Our forward-looking framework, incorporating three analytical approaches for examining economic prospects, constitutes an important complement to typical backward-looking...

This study investigates the role of India's economy in explaining the observed growth in South Asia, taking into consideration other sources of growth endogenous to the countries in the region. Since a review of key variables indicates that India's bilateral trade and financial linkages with...

The paper reviews and draws lessons from the experience of fast growing economies including a sub-set of these termed High Growth Economies (HGEs) with a decadal rate of over 7 per cent. It then reviews the history of the Indian growth acceleration following the reforms of the 1990s and its...

The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and growth slowdown, then exacerbated by domestic policy bottlenecks and volatility in...

We document the evolution of poverty and inequality across Indian states during the recent period of rapid growth (2004-09), and examine the role of growth and distribution in reducing poverty. Robust economic growth has been a major driver of poverty reduction and inclusiveness in India. We...

The government’s ability to deliver inclusive growth crucially depends on the quality of governance. This paper reviews the linkages between governance and inclusive growth, and key policies to improve governance. The policies include (1) structural reform, automation, improving rules and...