India Rising - Faster Growth, Lower Indebtedness

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dc.creatorPang, Gaobo
dc.creatorPinto, Brian
dc.creatorWes, Marina
dc.date2012-06-05T14:47:08Z
dc.date2012-06-05T14:47:08Z
dc.date2007-06
dc.date.accessioned2026-07-01T01:25:57Z
dc.descriptionOver the past 25 years, India's economy grew at an average real rate of close to 6 percent, with growth rates in recent years accelerating to 9 percent. Yet by 2005-06, the general government debt-to-GDP ratio was 34 percentage points higher than in the 1980s. The authors examine the links between public finances and growth in the post-1991 period. They argue that the main factor in the deterioration of government debt dynamics after the mid-1990s was a reform-induced loss in trade, customs, and financial repression taxes. Over time, these very factors plus lower entry barriers have contributed to stronger microfoundations for growth by increasing competition and hardening budget constraints for firms and financial sector institutions. The authors suggest that the impressive growth acceleration of the past few years, which is now lowering government indebtedness, can be attributed to the lagged effects of these factors, which have taken time to attain a critical mass in view of India's gradual reforms. Similarly, the worsening of public finances during the late 1990s can be attributed to the cumulative effects of tax losses, the negative growth effects of cuts in capital expenditure that were made to offset the tax losses, and a pullback in private investment (hence, growth and taxes), a situation which is now turning around. Insufficient capital expenditures have contributed to the infrastructure gap, which is seen as a constraint especially for rapid growth in manufacturing. The authors discuss ongoing reforms in revenue mobilization and fiscal adjustment at the state level, which if successfully implemented, will result in a better alignment of public finances with growth by generating further fiscal space for infrastructure and other development spending.
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dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2007/06/7680962/india-rising-faster-growth-lower-indebtedness
dc.identifierhttps://hdl.handle.net/10986/7097
dc.identifierhttps://doi.org/10.1596/1813-9450-4241
dc.identifier.urihttp://hdl.handle.net/123456789/418042
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper; No. 4241
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectACCOUNTING
dc.subjectACCOUNTING FRAMEWORK
dc.subjectADVERSE EFFECT
dc.subjectAGRICULTURE
dc.subjectBALANCE SHEETS
dc.subjectBANK BAILOUTS
dc.subjectBANKS
dc.subjectBENCHMARK
dc.subjectBUDGET CONSTRAINTS
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITAL INFLOWS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITIES
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONSUMERS
dc.subjectCORPORATE INCOME TAX
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT
dc.subjectDEBT DECOMPOSITION
dc.subjectDEBT DECOMPOSITIONS
dc.subjectDEBT DYNAMICS
dc.subjectDEBT HOLDERS
dc.subjectDEBT INTOLERANCE
dc.subjectDEBT SERVICE
dc.subjectDEBT SERVICE OBLIGATIONS
dc.subjectDEBT STOCK
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEFICITS
dc.subjectDEREGULATION
dc.subjectDEVELOPMENT POLICY
dc.subjectDIVESTMENT
dc.subjectDOMESTIC INVESTMENT
dc.subjectECONOMIC OUTCOMES
dc.subjectECONOMIC REFORM
dc.subjectECONOMIC TRENDS
dc.subjectEXCHANGE RATES
dc.subjectEXCISE TAXES
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL SECTOR
dc.subjectFISCAL DEFICITS
dc.subjectFIXED ASSETS
dc.subjectFIXED CAPITAL
dc.subjectFOREIGN COMPANIES
dc.subjectFOREIGN COMPETITION
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN FIRMS
dc.subjectFOREIGN INVESTMENT
dc.subjectFORMAL ANALYSES
dc.subjectGDP
dc.subjectGOOD INVESTMENT CLIMATE
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEFICIT
dc.subjectGOVERNMENT SPENDING
dc.subjectGROSS FIXED CAPITAL FORMATION
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectHARD BUDGET CONSTRAINTS
dc.subjectIMPORT BARRIERS
dc.subjectIMPORT TARIFFS
dc.subjectINFLATION
dc.subjectINSURANCE
dc.subjectINTEREST COVERAGE RATIO
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATES
dc.subjectINVENTORY
dc.subjectINVESTMENT ACTIVITY
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT GROWTH
dc.subjectINVESTMENT PROJECTS
dc.subjectLATIN AMERICAN
dc.subjectLIQUIDITY
dc.subjectMATURITY STRUCTURE OF DEBT
dc.subjectMONOPOLY
dc.subjectNET SALES
dc.subjectOPEN ECONOMY
dc.subjectPOLITICAL ECONOMY
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE SECTOR
dc.subjectPRIVATIZATION
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROFIT MARGIN
dc.subjectPROFIT MARGINS
dc.subjectPROFITABILITY
dc.subjectPROTECTIONISM
dc.subjectPUBLIC
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC INFRASTRUCTURE
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SPENDING
dc.subjectREAL GDP
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectREAL SECTOR
dc.subjectRECAPITALIZATION
dc.subjectRECAPITALIZATION COSTS
dc.subjectREGULATORY BURDEN
dc.subjectRESERVE BANK
dc.subjectRESERVE BANK OF INDIA
dc.subjectRESOURCE ALLOCATION
dc.subjectREVENUE MOBILIZATION
dc.subjectSOVEREIGN DEBT
dc.subjectTAX
dc.subjectTAX RATES
dc.subjectTAX SYSTEM
dc.subjectTOTAL FACTOR PRODUCTIVITY
dc.subjectTRADE LIBERALIZATION
dc.subjectTROUGH
dc.subjectVALUE ADDED
dc.subjectWORKING CAPITAL
dc.titleIndia Rising - Faster Growth, Lower Indebtedness

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