Event — IIAS lecture

India’s Rise as an Economic Power: The Political Economy Dimension

07 September 2007

07/09/2007 - 15:30

7 September 2007
15.30 - 17.00 hrs

Lecture by prof. Om Prakash
Delhi School of Economics, University of Delhi

The last few years have witnessed a spectacular improvement in the performance level of the Indian economy with the current GDP growth rate approximating 8 to 10 per cent per annum. Considering that in the post-independence (1947) period, the economy grew at a sluggish rate of 3 to 4 per cent per annum, the recent growth acceleration is quite remarkable, putting the Indian economy in the category of one of the world's fastest growing economies. Moreover, unlike in much of high growth East Asia, the Indian economy has grown within the framework of a democracy.

How has this near miracle been achieved? The most commonly used explanation revolves around the economic reforms programme initiated by the Congress government in 1991 in the context of a major external payments crisis. In this presentation, it will be argued that while the reforms were of substantive importance, the significant acceleration in the rate of growth in the economy can indeed be traced to the 1980s which witnessed a major shift in the economic policy of the government. The reforms of the 1990s were a part of that process. It will be further argued that the entire process, including the continuation of the reforms programme by all governments long after the external payments crisis was over, can be fully appreciated only in a political economy context and the compulsions of the parliamentary system of government.

Venue
Gravensteen
Pieterskerkhof 6
2311 SR Leiden
Room 111 (Bovenzaal)

Information
Saskia Jans
Fellowship Coordinator
International Institute for Asian
Studies
T +31-71 527 5490
iiasfellowships@let.leidenuniv.nl