INDIA, ECONOMIC GROWTH, AND POVERTY REDUCTION

Jagdish Bhagwati & Arvind Panagariya, Why Growth Matters: How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries (New York: Public Affairs, 2013) ("The experience of China, India, and East Asia--whose population amounts to not quite half of the global total population--demonstrates how growth is stimulated and sustained within the policy framework that exploits the opportunities provided by integration into the world economy, and also relies on a sophisticated use of market incentives in guiding production and investment. Conversely, they also demonstrated that a shift away form such a policy framework undermines growth." Id. at xv. "[T]he need for sustained and accelerated growth, which is progressively more inclusive in its impact, remains acute. Likewise, the redistributive programs must be made more effective even as they expand with the intention of providing greater benefits to the poor." "This strategy calls for future reforms to proceed on two tracks: Track I: reforms aimed at accelerating and sustaining growth while making it even more inclusive. Track II: reforms to make redistributive programs more effective as their scope widens." Id. at 96.).