Major economic reforms undertaken since 1991 have brought the Indian economy into a new phase of development directed toward becoming globally competitive through the opening of trade, foreign investment, and technology inflows. The private sector is expected to play a lead role, with a corresponding reduction in the role played by the public sector. This book is aimed at analyzing the comparative static effects of selected post-1991 trade and domestic policy reforms on trade, factor prices, economic welfare, and the intersectoral allocation of resources. The study relies on a computable general equilibrium (CGE) model that has been specially designed to analyze the potential economic effects of India's policy reforms. The model was developed in a collaborative effort involving the National Council of Applied Economic Research in New Delhi and the University of Michigan. Patterned after the Michigan CGE Model of World Production and Trade that has been in use for more than two decades, the India CGE model features closer attention to special characteristics of India's economic structure, including more agricultural sector detail, allowance for state ownership, and administered pricing. The conclusions of the study suggest that the policy reforms will yield increased real returns to land, labor, and capital, and shift the terms of trade in favor of Indian agriculture. Lastly, not only are there efficiency-enhancing intersectoral shifts in resource allocation but there are notable increases in scale economies across the Indian manufacturing sectors. Rajesh Chadha and Sanjib Pohit are Economists at the National Council of Applied Economic Research in New Delhi. Alan V. Deardorff and Robert M. Stern are Professors of Economics and Public Policy, University of Michigan.

A critical and detailed analysis of inequalities of world trade systems.

In this commemorative volume, India's top business leaders and economic luminaries come together to provide a balanced picture of the consequences of the country’s economic reforms, which were initiated in 1991. What were the reforms? What were they intended for? How have they affected the overall functioning of the economy? With contributions from Mukesh Ambani, Narayana Murthy, Sunil Mittal, Kiran Mazumdar-Shaw, Shivshankar Menon, Montek Singh Ahluwalia, T.N. Ninan, Sanjaya Baru, Naushad Forbes, Omkar Goswami and R. Gopalakrishnan, India Transformed delves deep into the life of an economically liberalized India through the eyes of the people who helped transform it.

Rising densities of human settlements, migration and transport to reduce distances to market, and specialization and trade facilitated by fewer international divisions are central to economic development. The transformations along these three dimensions density, distance, and division are most noticeable in North America, Western Europe, and Japan, but countries in Asia and Eastern Europe are changing in ways similar in scope and speed. 'World Development Report 2009: Reshaping Economic Geography' concludes that these spatial transformations are essential, and should be encouraged. The conclusion is not without controversy. Slum-dwellers now number a billion, but the rush to cities continues. Globalization is believed to benefit many, but not the billion people living in lagging areas of developing nations. High poverty and mortality persist among the world's 'bottom billion', while others grow wealthier and live longer lives. Concern for these three billion often comes with the prescription that growth must be made spatially balanced. The WDR has a different message: economic growth is seldom balanced, and efforts to spread it out prematurely will jeopardize progress. The Report: documents how production becomes more concentrated spatially as economies grow. proposes economic integration as the principle for promoting successful spatial transformations. revisits the debates on urbanization, territorial development, and regional integration and shows how today's developers can reshape economic geography.

A New Economic History of Colonial India provides a new perspective on Indian economic history. Using economic theory and quantitative methods, it shows how the discipline is being redefined and how new scholarship on India is beginning to embrace and make use of concepts from the larger field of global economic history and economics. The book discusses the impact of property rights, the standard of living, the labour market and the aftermath of the Partition. It also addresses how education and work changed, and provides a rethinking of traditional topics including de-industrialization, industrialization, railways, balance of payments, and the East India Company. Written in an accessible way, the contributors – all leading experts in their fields – firmly place Indian history in the context of world history. An up-to-date critical survey and novel resource on Indian Economic History, this book will be useful for undergraduate and postgraduate courses on Economic History, Indian and South Asian Studies, Economics and Comparative and Global History.