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Can India Return to its "Miracle Growth” Phase of the early 2000s?

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Australia India Institute Seminar Room

149 Barry Street

Carlton, VIC 3053

Australia

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About the talk:

In the first decade of the 2000s, India’s economic growth was among the fastest in the world, and close to the miracle growth rates East Asian countries experienced during their rapid growth phase. Since 2010 however, India’s economic growth has slowed considerably. While much of the recent commentary has focused on infrastructural constraints, difficulty in doing business and the negative economic impact of demonetisation, has severely constrained India’s economic growth. This talk will argue that the rapid phase of growth in the 2000s was unsustainable and built on a political equilibrium that involved high rates of rent-sharing between political and economic elites. While there has been a change in political regime, the underlying equilibrium remains the same, and has led to a secular stagnation in the corporate investment rate, a major driver of India's economic growth in the past.

About the speaker:

Kunal Sen is Professor of Development Economics in the Global Development Institute, University of Manchester, UK, and Joint Research Director of the DFID-UK funded Effective States and Inclusive Development (ESID) Research Centre. He was past President of the British Association for South Asian Studies, one of the world’s largest learned societies on South Asian Studies. His current research is on the political economy of development. Professor Sen’s recent authored books are The Political Economy of India’s Growth Episodes, London: Palgrave Macmillan and Out of the Shadows? The Informal Sector in Post-Reform India, Delhi: Oxford University Press, 2016. He has also published over 90 articles in journals including Labour Economics, Journal of Comparative Economics, Public Choice, Review of Income and Wealth, Journal of Development Economics, Journal of Development Studies, and World Development. He has won the Sanjaya Lall Prize in 2006 and Dudley Seers Prize in 2003 for his publications.


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Australia India Institute Seminar Room

149 Barry Street

Carlton, VIC 3053

Australia

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