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Erschienen in:
2013 | OriginalPaper | Buchkapitel
Introduction
verfasst von : Biswa Swarup Misra
Erschienen in: Revisiting Regional Growth Dynamics in India in the Post Economic Reforms Period
Verlag: Palgrave Macmillan UK
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India’s economy at present is characterized by subdued growth performance. Economic growth1 was only 6.5 per cent in fiscal year 2011–12, the lowest in nine years, and projected to be a still lower 5 per cent in 2012–13. This low economic growth has created a sense of gloom about the Indian economy. While the recent past has not been encouraging, growth performance has been more assuring from a medium-term perspective. If we take a medium-term view, after economic reforms were introduced in July 1991, a growth rate of 5.7 per cent per annum was recorded during the first decade (1991–2001). The growth rate accelerated to 7.6 per cent per annum during 2002–11, the subsequent decade. If we take a long-term view, the acceleration in economic growth was sharper after economic reforms were introduced in 1991. Economic growth of 4.1 per cent per annum during the first four decades of planned development (1951–52 to 1990–91) increased to 6.7 per cent per annum between 1991–92 and 2011–12.