Market, Regulations and Finance pp 141-168 | Cite as
Employment, Growth and Inequality in India: A Critical Analysis
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Abstract
This chapter argues that there are three basic stylized facts about the Indian economy, in the post-liberalization period—(a) high growth rate of GDP, (b) an increase in inequality, (c) very meagre growth rate of employment. This chapter argues that the three stylized facts mentioned above do not constitute three separate aspects of the Indian economy. Rather, the three stylized facts constitute a totality and together they characterize the current phase of capitalist development in India. In other words, the very process of generation of high growth in the economy necessarily entails an increase in inequality and low employment growth, which again feed the growth process.
Keywords
Post-liberalization period Inequality Employment Capitalist development Growth processReferences
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