Economic Transformation of a Developing Economy: The Experience of Punjab, India

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Lakhwinder Singh, Nirvikar Singh
Springer, Feb 12, 2016 - Business & Economics - 470 pages

Foreword by Prof. Kaushik Basu


This book traces the development experience of one of India’s most dynamic and prosperous states, Punjab, which has provided the country with a much-needed degree of food security. The relative regression of Punjab’s economy in the post-economic reforms period and slow current economic growth give cause for concern. The contributions in this book address the question of why the structural transformation of Punjab’s economy has fallen into the middle-income trap. Each investigates the policy constraints influencing the relative stagnation of the economy and suggests appropriate measures for alleviating them. By integrating theoretical constructs and new evidence, the authoritative contributions diagnose the nature of the current problems and offer practical solutions. They cover important issues such as the crisis of agrarian transition, agrarian markets and distributive justice, employment growth and transition to non-agriculture sectors, fiscal policy, external factors in economic transformation, and perspectives on rejuvenating the state’s economy.

 

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Contents

1 Economic Transformation and Development Experience of Indian PunjabAn Introduction
1
Part I Understanding the Crisis of Agrarian Transition
26
2 The Role of Technological and Institutional Changes in the Growth and Transformation of Agriculture in Punjab
29
3 Growth Pattern and Economic Impacts of Wheat Productivity on Punjab Agriculture
53
An Examination of Strategy and Mechanisms
76
Some Issues and a Way Forward
97
Part II Agrarian Markets and Distributive Outcomes
118
6 Growth of Cash Rent Tenancy and Modernisation of Land Lease Market in Punjab
119
13 Service Sector and Economic Growth in Punjab
273
Part IV Human Development in Punjabs Economic Transformation
289
14 Critical Evaluation of Educational Development in Punjab
290
A Need for State Support and Accountability
313
Part V External Factors in Punjabs Economic Development
336
Does Punjabi Diaspora Have the Potential to Contribute to the Rejuvenation of Punjabs Economy?
337
17 How CentreState Relations Have Shaped Punjabs Development Pattern
367
Part VI Fiscal Policy of Punjab in Comparative Perspective
391

7 Marketing System and Agricultural Development in Punjab
141
Have Policy Initiatives Made a Dent in Informal Credit Markets?
165
9 Imperfect Information and Contract Enforcement in Informal Credit Market in Rural Punjab
183
The Case of Rural Punjab
215
Emergence of Industry and Services
227
Punjab Versus 16 Major States of India
228
Evolution Growth Dynamism Key Concerns and Rejuvenation Strategy
251
The Case of Punjab
393
19 Strategy for Fiscal Stability and Revitalizing the Economy of Punjab
410
Part VII Perspectives on Rejuvenation of Punjab Economy
434
20 Peasant Movement and Rejuvenation of Punjabs Economy
435
Thoughts on Punjabs Future Economic Development
451
Index
467
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About the author (2016)

Lakhwinder Singh is a Professor at the Department of Economics, Centre for Development Economics and Innovation Studies (CDEIS), Punjabi University, India. Prior to this, he has been a faculty at the University of Delhi and National Institute of Public Finance and Policy, New Delhi. He has been a Ford Foundation Post-Doctoral Fellow in Economics at Yale University, USA and a Visiting Research Fellow, Seoul National University, South Korea. He has been awarded Asia Fellowship by the Institute of International Education, New York, 2001. His current research focuses on the national innovation system, international knowledge spillovers, pattern of development, globalization and agrarian distress in developing economies. Apart from publishing a number of research papers in journals of national and international repute, he is also the founding editor of the journal “Millennial Asia: An International Journal of Asian Studies”, published by Sage Publications and Association of Asia Scholars. He has co-edited the books “Economic and Environmental Sustainability of the Asian Region” (Routledge, 2010) and “Technology, Innovations and Economic Development: Essays in Honour of Robert E. Evenson” (Sage Publishers, 2015).

Nirvikar Singh is a Distinguished Professor of Economics and Sarabjit Singh Aurora Chair of Sikh and Punjabi Studies at the University of California, Santa Cruz, where he is also the Director of the Centre for Analytical Finance. He is a member of the Advisory Group to the Finance Minister of India on G-20 matters, and has served as a consultant to the Chief Economic Adviser, Ministry of Finance, Government of India. His current research interests include entrepreneurship, information technology and development, business strategy, political economy, federalism, and economic growth. He has authored over 100 research papers, including several on the East Asian and Indian economy and co-authored or edited four books, the most recent being “The Oxford Handbook of the Economics of the Pacific Rim” (Oxford University Press, 2014). He has also served as an advisor for several start-up and knowledge services firms in Silicon Valley and in India.