ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Strengthening India s Strategy for Economic Growth

Economic Growth Nirupam Bajpai Jeffrey D Sachs We suggest a three-pronged approach to an enhanced growth strategy for India. The first prong is expanded growth. Here the lessons of Chirm are particularly instructive, since China achieved in the past 15 years the. kind of export-led growth that India could have achieved, but failed to achieve, because of poor public policies. The second prong is rural improvement, especially in the vast population of the Gangetic valley. India needs a specific strategy to bring modern economic growth to rural India, through a concerted campaign of infrastructure upgrading and appropriate re-design of state policy. The third prong is the maintenance of macroeconomic stability, to avoid the kind of crisis that pushed East Asia into economic collapse. The macroeconomic stakes have obviously been raised in the past year. India's macroeconomic policies will he under scrutiny as perhaps never before following the onset of the East Asian financial crisis.

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