What Explains the Volatility of India's Catch-up Growth?

Ashima Goyal

Indira Gandhi Institute of Development Research, Mumbai Working Papers from Indira Gandhi Institute of Development Research, Mumbai, India

Abstract: Indian post reform growth rates have been higher but more volatile compared to transition periods forother comparable countries. The reasons are aggravation of shocks due to unaddressed criticalbottlenecks together with pro-cyclical macroeconomic policy that compressed aggregate demand.Reform is required to relieve constraints, but traditional reforms may be neither appropriate norachievable. Feasible reforms are discussed. Since diversity and resilience has increased and someconstraints have eased, the paper argues sustained high growth is reachable with the relevant policy support.

Keywords: India; growth; volatility; resilience; reforms; shocks; pro-cyclical (search for similar items in EconPapers)
JEL-codes: H50 H77 O11 O23 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2019-03
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