Economic Slowdown in India

The devastating effect of Covid19 on the Indian economy is by now well-known. The growth rate of the economy slumped to a negative figure in the year 2020-21. What is less talked about, however, is the fact that growth slowdown in India had started several years before the pandemic struck. The two questions that naturally arise are: what explains the long economic slowdown and what can be done about it. This book is an in-depth analysis of the economic slowdown in India in recent years and the reasons behind the persistent slowdown in the growth rate of the Indian economy in the 2010s, especially in the latter half of the decade. While discussing both macro- and microeconomic policies, the volume examines how the perspective on economic policy has evolved over time in consonance with experience by investigating major instances of such slowdowns in the past. Three global slowdowns (viz. the Great Depression of 1929, the stagflation induced by the oil crisis of the 1970s and the Global Financial Crisis of 2007) and the industrial deceleration in India in the late 1960s and early 1970s are discussed.

The author also probes into the problems of inequality, poverty, inflation in the Indian economy pre- and post- pandemic and policies targeted towards development, manufacturing, and distribution of vaccines. The book further discusses possible economic impacts of the Ukraine War and the long-term problem of global warming.

Concise and thoroughly researched, this book will be of interest to beginners, scholars, research students and teachers interested in economics, policy making and development studies.

Asis Kumar Banerjee, Ph.D. (Johns Hopkins), is a former Vice-Chancellor and a former Professor of Economics, University of Calcutta. He has held visiting positions at Presidency College, Calcutta; Indian Statistical Institute, New Delhi; and the University of California, Riverside, California. His research interests include development economics, welfare economics, game theory and the measurement of inequality and poverty. His previous publications include the book Measuring Development: An Inequality Dominance Approach (2020).