Conclusion

Sangaralingam Ramesh ()
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Sangaralingam Ramesh: University of Oxford

Chapter Chapter 9 in The Political Economy of India’s Economic Development: 5000BC to 2024AD, Volume II, 2024, pp 303-323 from Palgrave Macmillan

Abstract: Abstract In the concluding chapter, the author argues for India’s continued success through inclusive governance and sustainable economic development. Highlighting India’s post-independence democratic system, the author contrasts it with military-led governance in neighbouring countries and suggests India adopt a decentralised, US-like federal structure to accommodate its diverse population and avoid social challenges seen in Sri Lanka and Malaysia. The chapter traces the socio-economic legacies from the Indus Valley Civilisation to the Gupta Empire, discussing how the Gupta Empire’s shift from urban centres to self-sustaining village economies left India vulnerable to external conquests and hindered future Hindu dynasties. The chapter compares Muslim rule, highlighting the Mughal Empire’s success due to educational reforms and inclusive policies, and contrasts British and Chinese economic policies, noting productivity contributions and pollution issues. Recent positive reforms under Prime Minister Modi, focusing on digital initiatives for economic growth, are recounted. The chapter also explores challenges and differences between Indian and Chinese economies, emphasising the need for various types of capital for holistic development. India’s efforts towards net-zero carbon emissions by 2070 through green policies and renewable energy initiatives are discussed, along with the need for transparency and reforms in agriculture and labour sectors to support SMEs for economic growth and innovation.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-031-67004-6_9

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DOI: 10.1007/978-3-031-67004-6_9

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