Normal view MARC view ISBD view

Lost decade (2008-18): How India's growth story devolved into growth without a story.

By: Mehra, Puja.
Material type: materialTypeLabelBookPublisher: Haryana: Penguin eBury Press, 2019Description: 340p.ISBN: 9780670091836.Subject(s): INDIA -HISTORY | INDIA -ECONOMIC DEVELOPMENT -HISTORY | INDIA - ECONOMIC HISTORYDDC classification: 338.1(540)(091) MEH/L Summary: Before the global financial meltdown of 2008, India's economy was thriving and its GDP growth was cruising at an impressive 8.8 per cent. The economic boom impacted a large section of Indians, even if unequally. With sustained high growth over an extended period, India could have achieved what economists call a 'take-off' (rapid and self-sustained GDP growth). The global financial meltdown disrupted this momentum in 2008.In the decade that followed, each time the country's economy came close to returning to that growth trajectory, political events knocked it off course. In 2019, India's GDP is growing at the rate of 7 per cent, making it the fastest-growing major economy in the world, but little on the ground suggests that Indians are actually better off. Economic discontent and insecurity are on the rise, farmers are restive and land-owning classes are demanding quotas in government jobs. The middle class is palpably disaffected, the informal economy is struggling and big businesses are no longer expanding aggressively. India is not the star it was in 2008 and in effect, the 'India growth story' has devolved into 'growth without a story'. The Lost Decade tells the story of the slide and examines the political context in which the Indian economy failed to recover lost momentum.
Tags from this library: No tags from this library for this title. Log in to add tags.
    average rating: 0.0 (0 votes)
Item type Current location Call number Status Date due Barcode
Books Books 338.1(540)(091) MEH/L (Browse shelf) Available 36779

Before the global financial meltdown of 2008, India's economy was thriving and its GDP growth was cruising at an impressive 8.8 per cent. The economic boom impacted a large section of Indians, even if unequally. With sustained high growth over an extended
period, India could have achieved what economists call a 'take-off' (rapid and self-sustained GDP growth). The global financial meltdown disrupted this momentum in 2008.In the decade that followed, each time the country's economy came close to returning to that growth trajectory, political events knocked it off course.
In 2019, India's GDP is growing at the rate of 7 per cent, making it the fastest-growing major economy in the world, but little on the ground suggests that Indians are actually
better off. Economic discontent and insecurity are on the rise, farmers are restive and land-owning classes are demanding quotas in government jobs. The middle class is palpably disaffected, the informal economy is struggling and big businesses are no longer expanding aggressively.
India is not the star it was in 2008 and in effect, the 'India growth story' has devolved into 'growth without a story'. The Lost Decade tells the story of the slide and examines the political context in which the Indian economy failed to recover lost momentum.

There are no comments for this item.

Log in to your account to post a comment.