ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Growth Transitions in India

Growth has consistently remained a central topic in economic policy considerations of the government in India. However, there has also been a more scholarly interest in it among social scientists. As a part of the latter tradition, this paper addresses the proper delineation of the phases of growth in India, a matter of some discussion in the literature. Using state-of-the-art statistical methodology, it first establishes the trajectory of growth and then provides a theoretical explanation for that history. With data spanning the period 1950–2020, the procedure adopted is also able to assess the impact on economic growth of the policies of the present government. The results are conclusive. First, it is established that growth in India has accelerated continuously since the 1950s, implying that dynamism in the economy did not have to wait for the liberalising reforms launched in 1991. Next, the performance of India’s economy is compared to growth that has taken place in the rest of the world. It is seen that while India’s economy has, in recent years, shown a dynamism relative to the rest of the world, it has consistently fallen behind its most dynamic regions, notably in East Asia.

Untangling Policy Mishaps

A number of economic and health policies adopted during the COVID-19 pandemic have been rendered partially or fully ineffective due to offsetting actions from private individuals, resulting in policy mishaps. This article demonstrates that these policy mishaps are the result of not one, but several types of policy conundrums entangled with one another, creating a complex policy challenge. It also provides a sketch of what a comprehensive policy package should look like.

Mortgage Loans, Risky Lending, and Crisis

The link between the loan market and the housing market that works through mortgage loans is critically examined. Repayment of such mortgage loans depends on the future earning potential of the borrowers, which in turn depends on the overall state of the macroeconomy. Under buoyant macroeconomic conditions, all borrowers pay back their loans and both the loan market and the housing market function well. However, a temporary income shock in the economy, which undermines the repayment ability of the borrowers, may result in imprudent lending by banks thereby leading to a crisis. This calls for strict monitoring of mortgage loans by regulatory authorities.

Development Strategy and Rural Employment

employment guarantee scheme seems to be the only way to ensure a minimum Development Strategy and standard of living for the majority who have been excluded from the lopsided growth process. Unfortunately, the con- Rural Employment cept of
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