By Lakhwinder Singh, Nirvikar Singh (eds.)
Foreword by way of Prof. Kaushik Basu
This ebook strains the improvement adventure of 1 of India’s such a lot dynamic and wealthy states, Punjab, which has supplied the rustic with a much-needed measure of meals safety. The relative regression of Punjab’s economic system within the post-economic reforms interval and sluggish present fiscal development supply reason for drawback. The contributions during this publication handle the query of why the structural transformation of Punjab’s financial system has fallen into the middle-income seize. each one investigates the coverage constraints influencing the relative stagnation of the economic climate and indicates applicable measures for easing them. via integrating theoretical constructs and new proof, the authoritative contributions diagnose the character of the present difficulties and provide functional recommendations. They hide vital concerns resembling the challenge of agrarian transition, agrarian markets and distributive justice, employment development and transition to non-agriculture sectors, economic coverage, exterior components in fiscal transformation, and views on rejuvenating the state’s economy.
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Extra resources for Economic Transformation of a Developing Economy: The Experience of Punjab, India
The secondary 14 L. Singh and N. 41 % of state domestic product. 89 % (GOP 2013). There has been a sharp decline in the agriculture sector’s contribution to the state domestic product, and the secondary sector is maintaining its share but tertiary services are fast gaining in share. 24 % of the workforce (GOI 2011). The long-term sustainability of a developing economy is determined by the rate of its structural transformation and the dynamics of its emerging productive sectors. For understanding the dynamics of structural change and sustainability of the emerging development path of the Punjab economy, three contributions analysing the nature and growth of emerging sectors, that is, industry and services, are included in this section.
Z. Ali examine the wheat revolution and its economic consequences for agriculture development in Chap. 3. The authors note that agricultural productivity variations across India’s states are quite large. Agricultural productivity, which increased manifold during the early Green Revolution period in Punjab, is now stagnating. Can agricultural productivity be increased with the same combination of factors through which productivity was increased earlier? This question is put to the test by the authors by employing a simultaneous equation econometric model to determine factors affecting productivity growth of wheat in India as a whole as well as in Punjab speciﬁcally.
However, these reports and individual suggestions have tended to gather dust in the corridors of power in the state. Twenty-two independent economists, who had been intensively involved in the economic analysis of problems of Punjab’s development experience, gathered at Punjabi university several years ago, arrived at a minimum consensus and suggested public policy measures for the rejuvenation of the Punjab economy (CDEIS 2012). But Punjab is a typical case of public policy paralysis. It is trapped in a vicious cycle.
Economic Transformation of a Developing Economy: The Experience of Punjab, India by Lakhwinder Singh, Nirvikar Singh (eds.)