India: The Emerging Giant

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India: The Emerging Giant
Author Arvind Panagariya
Country United States
Subject Economy of India
Publisher Oxford University Press
Publication date
Pages 514
ISBN 978-0-19-531503-5
LC Class HC435.3P36 2007

India: The Emerging Giant is a 2008 book by Arvind Panagariya which describes the contemporary state of the economy of India.

Synopsis by chapter[edit]

Each chapter has a main topic and a set of essays on different aspects of that main topic.

Growth and Economic Reforms[edit]

Distinguishing Four Phases[edit]

This chapter is divided into these parts:

  • Phase I (1951–65): Takeoff under a Liberal Regime
  • Phase II (1965–81): Socialism Strikes with a Vengeance
  • Phase III (1981–88): Liberalization by Stealth
  • Phase IV (1988-2006): Triumph of Liberalization
  • A Tale of two Countries:India and the Republic of Korea

Poverty, Inequality, and Economic Reforms[edit]

This chapter is divided into these parts:

  • Declining Poverty: The Human Face of Reforms
  • Inequality: A Lesser Problem


This chapter is divided into these parts:

  • Deficits and Debt: Is a Crisis around the Corner?
  • The External Sector: On the Road to Capital Account Convertibility?
  • The Financial Sector: Why Not Privatize the Banks?

Transforming India[edit]

This chapter is divided into these parts:

  • International Trade: Carrying Liberalization Forward
  • Industry and Services: Walking on Two Legs
  • Modernizing Agriculture

The Government[edit]

This chapter is divided into these parts:

  • Tax Reform: Toward a Uniform Goods and Services Tax
  • Tackling Subsidies and Reforming the Civil Service
  • Telecommunications and Electricity: Contrasting Experiences
  • Transportation: A Solvable Problem
  • Health and Water Supply and Sanitation: Can the Government Deliver?
  • Education: Expenditures or Transfers?


Nandan Nilekani said that in this book the author has "so convincingly argued (that) open policies and rapid economic growth are the best antidotes for poverty reduction."[1]

The review in Foreign Affairs said, "This is a massive research study that will command the respect of scholars who like to pore over tables, graphs, and charts in search of patterns and connections in the data."[2]

Economist Sally Razeen said that by this book, "Arvind Panagariya has written probably the best all-around, up-to-date, and accessible book on the Indian economy."[3]


  1. ^ "Oxford University Press: India: Arvind Panagariya". 2011. Retrieved 27 October 2011. 
  2. ^ Pye, Lucian W. (May–June 2008). "India: The Emerging Giant". Foreign Affairs. Council on Foreign Relations. Retrieved 27 October 2011. 
  3. ^ Razeen, Sally (March 2009). "Demystifying the Hype". Finance & Development. International Monetary Fund. 46 (1). 

External links[edit]