Twenty‐Five Years of Indian Economic Reform: India’s Record and Prospects of Becoming a Major World Power
Twenty-five years ago, India abandoned its traditional socialist policies and embraced economic liberalization and globalization. Consequently, it became a miracle economy, averaging 8.5 percent growth in the 2000s, and it is currently the fastest growing major economy in the world. Once the biggest beggar for foreign aid, it is now a net aid-giver. India has become a major global supplier of computer software and business services, small cars, and generic pharmaceuticals. It has been called a potential superpower and the only credible check to China’s dominance in Asia in the 21st century. Yet it faces major challenges. Most of India’s successes have been in the private sector, and most of its failures in the government sector. Its social indicators have improved more slowly than in almost any Asian miracle economy, or even in poor neighbors like Bangladesh. All government services are marred by poor quality, corruption, and waste. Join our panelists for a discussion on India’s prospects after 25 years of economic reform.