India after the Global Crisis assesses India’s resilience in the face of the global financial crisis but then shows how the global crisis and our domestic policy failures have taken a toll on India’s economic performance: growth has slowed significantly, inflation has remained high, the external current account deficit has more than doubled, and the rate of domestic investment has fallen.
Drawing upon four decades of experience in the World Bank, the Central Government, academia and India Inc., Shankar Acharya probes deep into the daunting challenges that lie ahead for India. This volume is written against the backdrop of renewed global economic turmoil—stalled economic revival in 2011, mounting problems of sovereign fiscal stress and banking fragility in Europe and US—and clear signs of economic slowdown amid political weakness and indecision in India. The author also outlines the priorities that the government must focus on to overcome these challenges, and debunks several myths that weaken current policies.
A must read for economists, financial analysts, policy-makers, students and the interested general reader.
As Chief Economic Adviser to the Government of India (1993–2001) Shankar Acharya was deeply involved in the economic reforms of the 1990s. He later served as a Member of the Prime Minister’s Economic Advisory Council (2001–2003) and the Twelfth Finance Commission (2004). Earlier he worked in the World Bank, where he led the World Development Report team for 1979 and was Research Adviser to the Bank. He has authored eight books and numerous scholarly articles.
Currently he is Honorary Professor and Board Member of the Indian Council for Research on International Economic Relations (ICRIER). He also serves on the boards of other national research organisations, some corporates, the National Security Advisory Board and the Reserve Bank’s Advisory Committee on Monetary Policy. Dr Acharya has a PhD from Harvard University and a BA from Oxford.