2007
DOI: 10.1093/oxrep/grm012
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Abstract: 2 Hindu rate of growth is the tongue-in-cheek expression, coined by the Indian economist, the late Raj Krishna, to capture the frustrations India's planners faced with growth. No matter what they did, growth seemed, invariably, to revert back to 3.5% per annum, almost as if this magic figure was written in the land's scriptures. The possibility of Hinduism having something to do with economic growth was earlier suggested by B.P. R. Vithal.

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Cited by 86 publications
(18 citation statements)
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References 14 publications
(17 reference statements)
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“…4 As regards country-level studies, Heckman and Pagés (2004) draw on a methodology similar to the EW index to conclude that, in the case of Latin America, labour market regulations represent an inequality-increasing mechanism, and that it is generally young, uneducated and rural workers who lose out. These findings are supported by Basu and Maertens (2007), who draw on the EW index to argue that labour regulations constitute one of the main barriers to further economic growth in the Indian economy. Their paper contends that reforms are needed and recommends a labour market system characterized by flexible contracts, a minimal welfare safety-net for unemployed workers, and capacity for swift dispute resolution.…”
Section: Impacts On Employment Performancesmentioning
confidence: 66%
“…4 As regards country-level studies, Heckman and Pagés (2004) draw on a methodology similar to the EW index to conclude that, in the case of Latin America, labour market regulations represent an inequality-increasing mechanism, and that it is generally young, uneducated and rural workers who lose out. These findings are supported by Basu and Maertens (2007), who draw on the EW index to argue that labour regulations constitute one of the main barriers to further economic growth in the Indian economy. Their paper contends that reforms are needed and recommends a labour market system characterized by flexible contracts, a minimal welfare safety-net for unemployed workers, and capacity for swift dispute resolution.…”
Section: Impacts On Employment Performancesmentioning
confidence: 66%
“…India, widely seen as one of the success stories of globalization, has significantly accelerated its economic growth since the inception of economic reforms in 1991 (Basu and Maertens 2007;Basu 2008;Panagariya 2010). The country is one of the fastest growing economies in the world and host to some of the largest foreign investment inflows in recent years (UNCTAD 2010).…”
Section: Introductionmentioning
confidence: 99%
“…The 1980s industrial policies could not be sustained over a longer period, as they relied on huge deficit financing and excessive foreign borrowings. According to Basu and Maertens (2007) argue that, "If India wants to sustain and raise even higher its current growth, the main bottlenecks in the Indian economy will need to be addressed. These are infrastructuressuch as roads, expensive freight rates, power supply, ports and airports, labour and bankruptcy regulations, and the high level of corruption" (Basu and Maertens, 2007: 164).…”
Section: Economic Reforms Of 1991 and Industrial Growthmentioning
confidence: 99%
“…There seems to be a gap in the literature because most research has chosen to highlight the overall GDP growth rates of the Indian economy (Basu and Maertens, 2007;Srinivasan, 2005), but little has been written about the industrial sector's importance, performance and near stagnation in overall job creation since economic reforms were launched in 1991. India's industrial sector has languished at around 16% of GDP, which is much less than that of China or any other country at India's stage of economic development.…”
Section: Introductionmentioning
confidence: 99%