We are told that the Indian economy has posted a high growth rate for about two decades. But how good is this growth? Is industry the engine of growth? If so, how has it performed over these two decades, and what are the constraints and challenges facing the sector today? Why is the decline in poverty sluggish? How well does the state provide for its vulnerable—the socio-politically disadvantaged and the elderly?

This compendium of twelve essays answers these questions through a multi-dimensional critique of the narrative of growth in India. With essays that challenge the established statistical system, to those that analyse data on wage rates and health to portray the widening inequality, this book examines the social and economic consequences of a growth that is not pro-poor. The contributors also investigate the performance of the sub-sectors dependent on agriculture, and ask whether the financial market in India is conducive to economic growth.

The book argues that in addition to studying sectoral issues, any analysis of economic growth should embrace relevant and interconnected aspects of the development experience, such as macro issues and inclusiveness. It reminds us that going beyond the figures through intuitive insight is imperative to obtain a holistic picture of the economy.

Written by leading economic thinkers in the country, this collection will interest policymakers, and students and scholars of economics and development studies.

Arup Mitra is Director General, National Institute of Labour Economics Research and Development, and Professor, Institute of Economic Growth, Delhi.

List of Tables and Figures
List of Abbreviations
Preface

Introduction by Arup Mitra

Part 1 | Macro Issues

1. Rethinking Economics, Statistical System and Welfare: The Case of India by R. B. Barman
2. Impact of Export and Remittances on Import Penetration in South Asian Economies: An Econometric Exploration by Manas Bhattacharyya and Kaushik Basu
3. Stock Market Volatility Patterns in India by Amita Batra
4. Evaluation of Alternative Bayesian VAR Model for Forecasting Indian Inflation by Sangeeta Chakravarty

Part 2 | Sectoral Studies

1. Growth in Output, Employment and Productivity in the Manufacturing Sector: A State-wise Comparative Study of Post-Liberalisation India by Bishwanath Goldar and Anita Kumari
2. Productivity in Food Processing Industry under varying Trade Regimes: Analysis across Indian States by Seema Bathla
3. India’s Manufacturing Sector: Constraints and Need for New Initiatives by M. C. Singhi
4. Determinants of Tertiary Sector Employment in India by Seema Joshi

Part 3 | Inclusive Growth

1. Economic Growth, Inequality and Policy by Arup Mitra
2. Growth of GSDP and Wages in India: An Inter-State Comparison by Partha Pratim Mitra and Vinay Kumar Pandey
3. Poverty, Inequality and State Expenditure: Intra-Regional Disparities in North East India by Rakhee Bhattacharya and Govind Bhattacharjee
4. Growing Lifespan, Ageing, and Later Life Income Challenges: Exploring the Activity Status of Older Indians by Moneer Alam and Pratima Yadav

Notes on Contributors
Index