The Oxford Handbook of the Indian Economy in the 21st Century

Book excerpt: After experiencing stagnation for much of the post-independence period, India has shown considerable dynamism in processes and outcomes since the mid-eighties. The post-reform Indian Economy has defied established economic patterns and in the process created a few paradoxes. This book aims to identify policies, institutions and incentives that have worked, and constraints that have emerged in India's growth prospects. More than underdevelopment, the book analyses the bottlenecks that emerge as change occurs, to minimize the chances of being trapped into the dated habits of thought. It takes opportunity from rapidly transforming Indian economy to analyse out-of-equilibrium behaviour and understand the dynamics of non-conventional growth path.