Abstract
After three post-independence decades of inadequate progress, India grew at 6 per cent per annum from 1980 to 2002 and at 7.6 per cent from 2002 through 2007. Its rising path has been unique: rather than exporting labour-intensive, low-priced manufactured goods, India relied on its domestic market more than on exports, consumption more than investment, services more than industry and high-tech more than low-skilled manufacturing. Moreover, 30–40 per cent of GDP growth depends on rising productivity rather than on increases in the amount of capital or labour (Rodrik and Subramanium, 2005). Bosworth and Collins (2007) document that, over the period 1993–2004, 2.3 per cent of the growth (out of a total of 6.5 per cent) was accounted for by productivity changes. This suggests that India’s reform processes has been able to obtain results in terms of better incentives and competition, inducing improvements in productivity.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Ahluwalia, M.S. (1993) ‘India’s Economic Reforms’, in R. Cassen and V. Joshi (eds.), India: The Future of Economic Reform (New Delhi: Oxford University Press).
Ahluwalia, M.S. (2002) ‘Economic Reforms in India Since 1991: Has Gradualism Worked?’, Journal of Economic Perspectives 16, 67–88.
Beck, T., Demirguc Kunt, A. and Soledad Martinez Peria, M. (2007) ‘Reaching Out: Access to and Use of Banking Services Across Countries’, Journal of Financial Economics 85, 234–66.
Banerjee, A., Cole, S. and Duflo, E. (2005) Banking Reform in India. India Policy Forum, (Brookings Institution: MIT, 2005).
Bosworth, B. and Collins, S.M. (2007) ‘Accounting for Growth: Comparing China and India’, NBER Working Paper 12943.
Burgess, R. and Pande, R. (2005) ‘Do Rural Banks Matter?: Evidence From the Indian Social Banking Experiment’, American Economic Review 95, 780–95.
Das, A. and Ghosh, S. (2006) ‘Financial Deregulation and Efficiency: An Empirical Analysis of Indian Banks in the Post-reform Period’, Review of Financial Economics 15, 193–221.
Desai, V.R.M. (1967) Banking development in India (Mumbai: Manaktalas 1967).
Diamond, D. and Dyvbig, P. (1983) ‘Bank Runs, Deposit Insurance and Liquidity’, Journal of Political Economy 91, 410–19.
Economist Intelligence Unit (2006) India: Country Finance (London: The Economist Intelligence Unit).
IMF, Global Financial Stability Report (IMF: Washington, DC, various issues).
Government of India (1991) ‘Report of the Committee on the Financial System’ (Chairman: Shri M. Narasimham) (New Delhi: Government of India).
Government of India (1998) ‘Report of the Committee on Banking Sector Reforms’ (Chairman: Shri M. Narasimham) (New Delhi: Government of India).
Government of India (2008) ‘Report of the Committee on Financial Inclusion’ (Chairman: Dr C. Rangarajan) (New Delhi: Government of India).
Mohan, R. (2005) ‘Financial Sector Reforms in India: Policies and Performance analysis’, Economic and Political Weekly XL, 1106–21.
Mohan, R. (2008) ‘Global Financial Crisis and Key Risks: Impact on Asia and India’. Address delivered at the IMF-FSF Meeting, Washington, DC, available at www.rbi.org.in.
Prasad, A. and Ghosh, S. (2005) ‘Competition in Indian Banking’, IMF Working Paper 141.
Rajan, R.G. (2008) ‘Financial Sector Reforms in India: Why? Why now? How?’, Second Golden Jubilee Series Lecture (New Delhi: Institute of Economic Growth).
Reddy, Y. V. (2004) ‘Monetary and Financial Sector Reforms in India: A Practitioner’s Perspective’, in Kaushik Basu (ed.), India’s Emerging Economy, Cambridge, Mass.: MIT Press.
RBI (1954) All-India Debt and Investment Survey (Bombay: RBI).
RBI (1983) The Reserve Bank of India: Functions and Working, (Bombay: RBI).
RBI (2002) ‘Expenditure Pattern and IT Initiatives of Banks’. RBI Bulletin.
RBI, Annual Report (various issues) (Mumbai: RBI).
RBI, Report on Trend and Progress of Banking in India, various issues (Mumbai: RBI).
RBI, Statistical Fables Relating to Banks in India, various issues, (Mumbai: RBI).
Rodrik, D. and Subramanian, A. (2005) ‘From “Hindu Growth” to Productivity Surge: The Mystery of the Indian Growth Transition’, IMF Staff Papers, 52, 193–228.
Standard & Poor’s (2005) Bank Industry Analysis: India (Singapore: Standard & Poor’s).
Visaria, S. (2006) ‘Legal Reform and Loan Repayment: The Microeconomic Impact of Debt Recovery Tribunals in India’. Discussion Paper No. 157, (University of Boston). Available at www.bu.edu/econ
World Bank (2008) ‘Financial Structure Database’, available at www.worldbank.org
World Bank (2008) ‘World Development Indicators Database’, accessed on 22 February.
Editor information
Editors and Affiliations
Copyright information
© 2009 S. Chiarlone and S. Ghosh
About this chapter
Cite this chapter
Chiarlone, S., Ghosh, S. (2009). India. In: Bongini, P., Chiarlone, S., Ferri, G. (eds) Emerging Banking Systems. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230584341_3
Download citation
DOI: https://doi.org/10.1057/9780230584341_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-36520-3
Online ISBN: 978-0-230-58434-1
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)