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OECD Economic Surveys: India 2007
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- Table of contents
- Basic statistics of India
- Executive summary
- Assessment and recommendations
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Chapter 1. India’s key challenges to sustaining high growth
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Economic reforms have transformed the Indian economy
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The economy has responded positively to the reforms
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India has achieved a higher growth path
- Figure 1.3. GDP per capita in India and elsewhere relative to the United States
- Table 1.1. The evolution of the ten largest economies over 30 years
- Table 1.2. The evolution of shares in world exports of commercial services and manufactures by country
- Figure 1.4. Exports relative to GDP: India compared to China
- + Gains in labour productivity have been the main driver of growth
- + The role of services and the IT sector in India’s growth
- + The manufacturing sector has performed less well
- + Richer states are growing faster and reducing poverty more quickly
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India has achieved a higher growth path
- + Looking into the future
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Easing regulation in goods and service markets
- + Removing barriers to employment in the formal sector
- + Improving the efficiency of the financial system
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Orienting public finances to achieve more rapid growth
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Improving infrastructure
- + Improving education
- Conclusions
- Notes
- Bibliography
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Economic reforms have transformed the Indian economy
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Chapter 2. India’s growth pattern and obstacles to higher growth
- + Productivity gains from shifting labour out of agriculture have been modest
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Manufacturing’s contribution to growth could be much greater
- + Labour costs in manufacturing are comparatively low
- + Manufacturing has not fully exploited its comparative advantage
- + Manufacturing firms have remained very small in size...
- Individual firms and industries benefited from reforms
- + Productivity-enhancing resource reallocation nevertheless remains low
- + High concentration in industries reduces productivity gains from liberalisation
- Evidence suggests that weaknesses in framework conditions are at fault
- Notes
- Bibliography
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Chapter 3. Reforming India’s product and service markets
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Despite extensive liberalisation in some areas regulations are on average rather restrictive
- Table 3.1. Product market regulations: An international comparison
- + Some states have liberalised much more than others…
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… and are reaping the benefits in terms of better economic performance
- Figure 3.2. Product market regulation and foreign direct investment by state
- Figure 3.3. Administrative regulation and average organised employment share by state
- Figure 3.4. The PMR indicators of state control by state
- Figure 3.5. Assets of state-level public sector enterprises by state
- Figure 3.6. Involvement of government enterprises in the economy
- Figure 3.7. Rate of return of public enterprises before interest, tax and subsidies
- Figure 3.8. Distribution of rates of return of central public sector enterprises
- Table 3.2. Performance of state-level public sector enterprises
- Box 3.1. Corporate governance of state-owned enterprises in OECD countries
- + Excessive administrative burden acts as a barrier to entry
- Internal markets have been substantially liberalised but more work needs to be done
- Barriers to exit are still formidable and hold back productivity
- Improving the competition policy framework
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External liberalisation has progressed substantially
- Figure 3.10. Tariff revenue relative to import value in selected countries
- Figure 3.11. A cross-country comparison of simple-average tariffs
- Table 3.3. Foreign direct investment: Ceiling on investment in a given company by sector
- Figure 3.12. Inflows of Foreign Direct Investment
- Box 3.2. Policy recommendations for reforming India’s product and service markets
- Notes
- Bibliography
- + Annex 3.A1. OECD PMR indicators by state
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Despite extensive liberalisation in some areas regulations are on average rather restrictive
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Chapter 4. Improving the performance of the labour market
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Employment has expanded in the economy as a whole, but not in the organised sector
- Figure 4.1. Organised and unorganised sector employment in industry
- + The slight contraction of organised sector employment disguises considerable underlying job dynamics
- + The size of job flows is surprising given the strict regulatory stance of India’s labour laws
- + Job dynamics under heavy labour regulation are uneven and come at a great cost
- + High labour costs in the formal sector increase capital intensity and the size of the informal sector
- The direct impact of India’s labour regulations are subject to considerable debate
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State-level labour reforms
- + What can feasibly be done to improve India’s labour markets?
- Notes
- Bibliography
- + Annex 4.A1. State labour reform questionnaire summary responses
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Employment has expanded in the economy as a whole, but not in the organised sector
- + Chapter 5. Reforming the financial system
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Chapter 6. Improving the fiscal system
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Improving the quality of government spending
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India’s tax system has been fundamentally reformed
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Improving fiscal federalism to limit borrowing and increase responsiveness to local needs
- Notes
- Bibliography
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Improving the quality of government spending
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Chapter 7. Removing infrastructure bottlenecks
- + Infrastructure is a major constraint on growth
- + The private sector has a crucial role to play in narrowing infrastructure gaps
- + Private sector involvement is transforming certain sectors
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A more limited start has been made in other sectors
- + Fixed line telecommunication
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Electricity: taking advantage of a new, more competitive, framework
- Table 7.1. Electricity generating capacity: India and selected Asian countries
- Figure 7.5. Electricity prices in selected countries, 2004
- Figure 7.6. Price of electricity for heavy industry by state
- Table 7.2. Status of power sector reforms in selected states
- Figure 7.7. Electricity reforms and the change in distribution and commercial losses, 2000/01 to 2004/05
- + Roads
- Ports
- Airport infrastructure
- + In other sectors, the framework is not conducive to competition
- Notes
- Bibliography
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Chapter 8. Improving human capital formation
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Human capital needs to be improved
- Table 8.1. Provision of schools by level of education
- Table 8.2. Expenditure on education (2002)
- Figure 8.1. National literacy rates by age group in 2004
- Figure 8.2. Literacy rates and the size of the organised sector
- + Primary education needs attention
- Directions for making progress at the primary level
- + Secondary education also requires action
- Health care is an interrelated problem
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Deeper institutional changes are the best hope
- + Conclusion
- Notes
- Bibliography
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Human capital needs to be improved
OECD's first economic survey of the Indian economy. It opens with a broad overview of economic developments over the past twenty years, showing how India has grown to become the third largest economy in the world.It then examines a series of specific policy areas including the unbalanced growth across states, competition policy and reforming India's product and service markets, improving the performance of labour markets, improving the financial system, improving the fiscal system, improving infrastructure, and upgrading the educational system. For each policy area, a series of recommendations is made. This book includes StatLinks, URLs linking tables and graphs to Excel® spreadsheets with the underlying data.
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Business & Economics > Economic Conditions
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Publication year : 2007
License: All rights reserved ©
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