Business Intelligence

The "V-Factor": Distribution, Timing And Correlates Of The Great Indian Growth Turnaround

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Executive Summary

In the past two decades or so there has been a remarkable turnaround in Indian growth. From 1960 to 1985 output per capita in India (measured by real net domestic product1) grew by only 1.28% per annum, while on the same measure US output per capital grew at 2.35%, so that Indian and US output levels were steadily diverging. In marked contrast, from 1985 to 2004 Indian output per capita grew at 3.86% per annum, while US per capita growth slowed to 1.71%; thus India has been converging towards US output per capita levels at a more rapid rate than it was diverging in the earlier period.

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