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A Concise Handbook of the Indian Economy in the 21st Century$
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Ashima Goyal

Print publication date: 2019

Print ISBN-13: 9780199496464

Published to Oxford Scholarship Online: January 2020

DOI: 10.1093/oso/9780199496464.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 31 July 2021

Sources of Growth in India

Sources of Growth in India

(p.1) Chapter 1
 Sources of Growth in India
A Concise Handbook of the Indian Economy in the 21st Century

Laveesh Bhandari

Sumita Kale

Oxford University Press

Laveesh Bhandari and Sumita Kale study the underlying factors behind the acceleration in India’s economic growth and its puzzling structure. The services sector has been the engine of growth for the economy, with different sub-sectors taking the lead in different time periods as each responded to a policy change such as bank nationalization in the seventies, construction boom in the 2000s, et cetera. However, industrial reforms have not resulted in a sustained high growth due to constraints in land, labour and infrastructure. States have followed diverse trajectories, initial conditions in each leading to differential responses to central reforms. Growth and governance are now crucial for electoral outcomes, making them a focal point for the path ahead.

Keywords:   Growth acceleration, sources, service sector, industry, constraints, states

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