Industrial Productivity in the New Economy

Jati Sengupta and Chiranjib Neogi
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Jati Sengupta: University of California
Chiranjib Neogi: Indian Statistical Institute

Chapter 3 in India’s New Economy, 2009, pp 56-103 from Palgrave Macmillan

Abstract: Abstract In post-independent planning in India emphasis was given to inward-oriented growth and a protected home market for the development of the economy. This resulted in a sinking industrial economy in particular and an economy in general of no return zone in the eighties. India embarked upon a ‘New Economic Policy’ to revive the economy from its dismal state. The main features of the so-called ‘New Economic Policy’ are: (a) a gradual process of easing out government control through industrial deregulation; and (b) opening up the channels for greater connectivity with the international market. The experiences of East Asian countries had emboldened the policymakers to adopt the new economic policy. Subsequently, the debacle of some South American and African countries following their pursuit of the policy of liberalization created some fear among the general public of a higher dependency on imports and greater indebtedness on the external front. Contrary to expectations, the propagandists welcomed the ‘New Economic Policy’ because they thought that this policy would correct the deficiencies that were inherent in the earlier strategy of bureaucratic control.

Keywords: Productivity Growth; Total Factor Productivity; Trade Liberalization; Total Factor Productivity Growth; Export Performance (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-22824-5_3

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DOI: 10.1057/9780230228245_3

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