Readership: Students & professors around the world, the entire financial and business community in the U.S., U.K. and India, Indian Diaspora in the U.S., policy makers in the U.S. and India, journalists around the world.
Arvind Panagariya, Professor of Indian Political Economy and Professor of Economics, Columbia University
"Mr. Panagariya's book is the capstone of a career, a sustained work of scholarship. It demands a lot of its readers, and amply repays the investment. The author's father told him: Take your time, but write a definite book on India. The son did not disappoint." - The Economist (second review)
I. Growth and Economic Reforms
1. Distinguishing Four Phases
2. Phase I (1951-65): Takeoff under a Liberal Regime
3. Phase II (1965-81): Socialism Strikes with Vengeance
4. Phase III (1981-88): Liberalization by Stealth
5. Phase IV (1988-06): Triumph of Liberalization
6. A Tale of Two Countries: India and the Republic of Korea
II. Poverty, Inequality and Economic Reforms
7. Declining Poverty: The Human Face of Reforms
8. Inequality: A Lesser Problem
9. Deficits and Debt: Is a Crisis around the Corner?
10. The External Sector: On the Road to Capital Account Convertibility?
11. The Financial Sector: Why Not Privatize the Banks?
IV. Transforming India
12. International Trade: Carrying Liberalization Forward
13. Industry & Services: Walking on Two Legs
14. Modernizing Agriculture
V. The Government
15. Tax Reform: Towards a Uniform Goods and Services Tax
16. Tackling Subsides and Reforming the Civil Service
17. Telecommunications and Electricity: Contrasting Experiences
18. Transportation: A solvable Problem
19. Health and Water Supply & Sanitation: Can the Government Deliver?
Education: Expenditures or Transfers?