The Indian Growth Acceleration: A Brazilian Demand-led Insight

IF 1.3 Q1 AREA STUDIES

Millennial Asia Pub Date : 2022-02-08 DOI:10.1177/09763996211070332

Manuel Gonzalo

引用次数: 0

Abstract

With an average GDP growth rate of more than 6% India was one of the most dynamic economies in the twenty-first century. The conventional narrative stresses on the success of the New Economic Policy (NEP) implementation since 1990s as a process of liberalization and global insertion of Indian economy that caused growth. Introducing some nuance on this conceptualization, the main objective of this article is to discuss on the drivers of the Indian GDP growth between 1990 and 2015 from a Brazilian demand-led approach, paying main attention on the role of autonomous expenditures. Particularly, after clustering some Indian growth interpretations and data, the Brazilian debate between Furtado and Tavares is used to discuss the Indian growth acceleration. This blend of Brazilian and Indian authors and conceptual contributions is original in nature. Without ignoring the export contribution, we point out the relevance of upper class/cast ‘autonomous’ consumption (fueled by credit boom and real wage smooth increase), residential and government gross domestic capital formation (GDCF) and anticyclical fiscal policies.

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印度经济增长加速：巴西需求导向视角

印度的平均国内生产总值增长率超过6%，是21世纪最具活力的经济体之一。传统的说法强调，自20世纪90年代以来，新经济政策（NEP）的实施取得了成功，这是印度经济自由化和全球插入的过程，导致了增长。在介绍这一概念的一些细微差别时，本文的主要目的是从巴西需求主导的方法讨论1990年至2015年间印度GDP增长的驱动因素，主要关注自主支出的作用。特别是，在对印度的一些增长解释和数据进行聚类后，Furtado和Tavares之间的巴西辩论被用来讨论印度的增长加速。这种巴西和印度作家以及概念性贡献的融合在本质上是独创的。在不忽视出口贡献的情况下，我们指出了上层阶级/种姓“自主”消费（由信贷繁荣和实际工资平稳增长推动）、住宅和政府国内资本形成总额（GDCF）以及反周期财政政策的相关性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Millennial Asia AREA STUDIES-

CiteScore

4.50

自引率

12.50%

发文量

期刊介绍： Millennial Asia: An International Journal of Asian Studies is a multidisciplinary, refereed biannual journal of the Association of Asia Scholars (AAS)–an association of the alumni of the Asian Scholarship Foundation (ASF). It aims to encourage multifaceted, multidisciplinary and interdisciplinary research on Asia, in order to understand its fast changing context as a growth pole of global economy. By providing a forum for Asian scholars situated globally, it promotes dialogue between the global academic community, civil society and policy makers on Asian issues. The journal examines Asia on a regional and comparative basis, emphasizing patterns and tendencies that go beyond national borders and are globally relevant. Modern and contemporary Asia has witnessed dynamic transformations in cultures, societies, economies and political institutions, among others. It confronts issues of collective identity formation, ecological crisis, rapid economic change and resurgence of religion and communal identifies while embracing globalization. An analysis of past experiences can help produce a deeper understanding of contemporary change. In particular, the journal is interested in locating contemporary changes within a historical perspective, through the use of interdisciplinary and multidisciplinary approaches. This way, it hopes to promote comparative studies involving Asia’s various regions. The journal brings out both thematic and general issues and the thrust areas are: Asian integration, Asian economies, sociology, culture, politics, governance, security, development issues, arts and literature and any other such issue as the editorial board may deem fit. The core fields include development encompassing agriculture, industry, regional trade, social sectors like health and education and development policy across the region and in specific countries in a comparative perspective.