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India: The Emerging Giant Hardcover – March 3, 2008


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Product Details

  • Hardcover: 544 pages
  • Publisher: Oxford University Press (March 3, 2008)
  • Language: English
  • ISBN-10: 0195315030
  • ISBN-13: 978-0195315035
  • Product Dimensions: 9.3 x 1.3 x 6.5 inches
  • Shipping Weight: 1.9 pounds (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #1,126,206 in Books (See Top 100 in Books)

Editorial Reviews

Review


"Mr. Panagariya's book is the capstone of a career, a sustained work of scholarship. It demands a lot of its readers, and amply repays the investment. The author's father told him: "Take your time, but write a definite book on India." The son did not disappoint."--The Economist (second review)


"An important book"--The Economist


"It isn't easy to write about the Indian economy if you are a non-resident.... In an earlier generation of economists, Jagdish Bhagwati and T. N. Srivivasan managed this knowledge disadvantage extremely well; and in a subsequent generation, Arvind Panagariya.... This is a book that will be treasured and quoted, like Bhagwati and Desai's in an earlier era. However, is this volume for an economist or a non-economist? The answer is, both. ...a book that needed to be written, by someone with sufficient knowledge and perseverance.... I cannot think of a single volume that is even remotely a substitute for this one."--The Indian Express


"Arvind Panagariya has written probably the best all-around, up-to-date, and accessible book on the Indian economy. It is informed by the analytic apparatus of a leading international trade economist, yet is is packed full of useful real-world detail. It has comprehensive range--but it links the separate elements into a coherent whole. It is a superlative work of applied economics, and it is also sensitive to India's political economy. It has pointed, punchy policy conclusions: Panagariya is not shy about attacking those he thinks have got it wrong on the Indian economy, and he does so with a powerful combination of analytical argument and detailed evidence."--Finance & Development


"If there is one book which has been published in recent times that discusses the Indian economy in all its aspects with such clear-mindedness, surely it is Panagaria's India: The Emerging Giant.... What makes this work so absorbing can be attributed to three factors: one, it is objective, two, it is reader-friendly, in the sense [that] it is largely free of technical jargon and is easily understood by the layman, and three, it is well-researched.... What is encouraging about this work is that it is highly optimistic about India's economic future"--M. V. Kamath, The Free Press


"A seminal [work] and a must for all serious students of India's economic history and the rapid changes that the country is going through.... An extremely useful reference book for any person who needs to be aware of the political economy of India"--Financial Express


"Compulsory reading for those interested in India's transformation."--Hindustan Times


"Arvind Panagariya has produced a truly monumental, wide-ranging and penetrating work on the Indian economy. A tour de horizon and a tour de force--it will establish him as the most insightful economist writing on India today."--Jagdish Bhagwati, University Professor, Economics and Law, Columbia University


"This is now the definitive book on the Indian economy. With exhaustive research, careful analysis, and good judgment, Arvind Panagariya has detailed the vast and varied story of India's reforms. It puts to rest certain myths and settles debates with balance and fairness. The starting point for serious analysis of the subject."--Fareed Zakaria, Editor, Newsweek International


"India's astonishing economic surge is one of the most momentous events of our time. Arvind Panagariya has given us what we have lacked up to now: a detailed, comprehensive and superbly clear survey of this breakthrough, how it came about, and where it might lead. Instantly indispensable for students of development, the book deserves a much wider readership than that. It will fascinate anybody interested in the new global economy."--Clive Crook, Chief Washington Commentator and Associate Editor, Financial Times and Senior Editor, The Atlantic Monthly


"India: The Emerging Giant provides a comprehensive and panoramic exposition of the twist and turns in India's economic policy over the last several decades. As Arvind Panagariya has so convincingly argued, open policies and rapid economic growth is the best antidote for poverty reduction. This scholarly yet readable book is the best riposte to those who have any doubts of the validity of Indian reforms."--Nandan Nilekani, Co-Chairman, Infosys Technologies Limited


"Panagariya not only is a distinguished professor of economics at Columbia University, but he has also been a chief economist at the Asian Development Bank and served at the World Bank and the International Monetary Fund.... He is able to tell the story of India's economic growth by highlighting different phases of its economic policy...a massive research study that will command the respect of scholars"--Foreign Affairs


"If there is one book which has been published in recent times that discusses the Indian economy in all its aspects with such clear-mindedness, surely it is Panagaria's India: The Emerging Giant.... What makes this work so absorbing can be attributed to three factors: one, it is objective, two, it is reader-friendly, in the sense [that] it is largely free of technical jargon and is easily understood by the layman, and three, it is well-researched.... What is encouraging about this work is that it is highly optimistic about India's economic future"--M. V. Kamath, The Free Press


"It isn't easy to write about the Indian economy if you are a non-resident.... In an earlier generation of economists, Jagdish Bhagwati and T. N. Srivivasan managed this knowledge disadvantage extremely well; an in a subsequent generation, Arvind Panagariya.... This is a book that will be treasured and quoted, like Bhagwati and Desai's in an earlier era. However, is this volume for an economist or a non-economist? The answer is, both. ...a book that needed to be written, by someone with sufficient knowledge and perseverance.... I cannot think of a single volume that is even remotely a substitute for this one."--The Indian Express


"A seminal [work] and a must for all serious students of India's economic history and the rapid changes that the country is going through.... An extremely useful reference book for any person who needs to be aware of the political economy of India"--Financial Express


"Compulsory reading for those interested in India's transformation."--Hindustan Times


"Arvind Panagariya has produced a truly monumental, wide-ranging and penetrating work on the Indian economy. A tour de horizon and a tour de force--it will establish him as the most insightful economist writing on India today."--Jagdish Bhagwati, University Professor, Economics and Law, Columbia University


"Arvind Panagriya's book represents an important contribution to the voluminous literature on India's economy... Panagariya's lifetime of research on the subject makes him well placed to tell this story. The depth of this knowledge is certainly evident throughout this book... I have not come across a single similar source with the level of detail and historical information on the history of...policy changes in the various sectors that he tackles."-Arjun Jayadev, Department of Economics, University of Massachusetts, Boston


About the Author


Arvind Panagariya is Jagdish Bhagwati Professor of Indian Political Economy and Professor of Economics in the School of International and Public Affairs at Columbia University. A leading authority on the economy of India, he has been the Chief Economist of the Asian Development Bank and has also worked for the World Bank, IMF, WTO and UNCTAD.

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11 of 11 people found the following review helpful By Rupa Duttagupta on September 29, 2008
Format: Hardcover
This book is a must read for anybody wishing to dig deeper into India's recent impressive economic performance and undeniable presence in the world. It offers an outstanding analysis of post independent India's growth experience in the form of four distinct phases--relating it meticulously to the content and pace of economic reforms--and convincingly addresses key issues such as why did growth stall in post independent India, and why it took off again, how the process was affected by the country's complex political process, and where are the promises and challenges for the future. It also provides a very thorough account of the role of government in the macro and structural reform process. Finally, it raises several timely questions in light of the recent economic and financial strains confronting the world economy: is the government's fiscal policy sustainable or would it result in runaway inflation and/or economic crises? How urgent is the need for fiscal consolidation? What is the state of the financial system and does it need to be fixed? What are the risks of a balance of payments crisis--akin to that experienced in the early 1990s?

Notwithstanding its very comprehensive analysis, the book reaches out to a wide spectrum of readers--its careful data analysis with a rich dose of charts and tables will definitely appeal the thorough academician who expects statements to be backed by adequate statistics; at the same time, the issues are close to the heart of any pragmatic policymaker, not just in India but in other emerging market economy. While this is not the only book on India I have read, it is among the very few that I will keep going back to for the timeless nature of its analysis.
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12 of 14 people found the following review helpful By Devesh Roy on July 11, 2008
Format: Hardcover
Among all the books on India written by economists (recently there have been quite a few) this book has perhaps received the most favorable press. Reading this book one can easily discover the factors determining this disposition of the media. The book is a detailed work that does the delicate job of arriving at measured and researched judgments on India strikingly well. In effect the book dismisses the thick line distinction between optimists and pessimists on India's economic prospects. Arriving at measured judgments on India's prospects that are neither overtly pessimistic nor overtly optimistic required an in depth study of India's economic history in the post independence period. Seemingly straightforward this work had not been done. The reason is that to implement such a work required not one but several economists with their different specializations and also the expertise of social scientists from several other disciplines to handle the social and political complexity of India. Alternatively an individual author had to take upon himself/herself the extremely difficult task of wearing these different hats and more importantly in a way that the hats conformed to each other. This could be difficult but not impossible as the book demonstrates (by virtue of being written by a single author). In fact this is the essence of the book's thesis statement about India: difficult but not impossible.
The book does a great job of compiling several important facts about India's economic performance. The most exciting aspects of the book come where it debunks several of the orthodoxies that fail to stand the test of hard numbers. An earlier book Freakanomics by Steven Levitt demonstrated the power of hard numbers.
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4 of 4 people found the following review helpful By B.Sudhakar Shenoy on December 5, 2009
Format: Hardcover
This book is a comprehensive and in-depth study of the Indian Economy, its journey since India's independence in 1947 till 2006.

There is no doubt that India is now a rapidly growing economy, even under challenging and grim global economic scenario, and is considered to a be strong contender of the global economic pie in the twenty first century.

It is often said that India got independence twice - Political freedom in 1947 from the British Raj and Economic Freedom in 1991 from "License Raj".

Prof Panagaria documents and analyses the economic policy, principles, thought, directions, outcomes and his own views during the six decades of India's economic evolution.

The "Four Phases" and growth rates: 1. Take off under a liberal regime (1951-65 @ 4.1%) 2. Socialism strikes with a vengeance (1965-81 @ 3.2 %) 3. Liberalization under Stealth (1981-88 @ 4.8 %) 4. Triumph of liberalization (1988-2006 at 6.3 %), is the most logical segregation of the six decades of very distinct policy regimes of the times.

One chapter devoted to each of the above phases helps us understand the forces and factors that dictated the political and policy directions, based on domestic and international developments and compulsions.

Till the late 1980's the fundamental thought in Indian economic policy was based on a bias towards establishing a "socialistic" pattern of society, where the government played the predominant role in determining the allocation of "scarce" recourses.
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