By Lakhwinder Singh, Nirvikar Singh (eds.)
Foreword by way of Prof. Kaushik Basu
This e-book lines the advance adventure of 1 of India’s such a lot dynamic and filthy rich states, Punjab, which has supplied the rustic with a much-needed measure of nutrition defense. The relative regression of Punjab’s economic climate within the post-economic reforms interval and gradual present monetary progress supply reason for difficulty. The contributions during this e-book tackle the query of why the structural transformation of Punjab’s financial system has fallen into the middle-income seize. each one investigates the coverage constraints influencing the relative stagnation of the economic climate and indicates acceptable measures for easing them. by way of integrating theoretical constructs and new facts, the authoritative contributions diagnose the character of the present difficulties and supply useful strategies. They hide vital matters akin to the predicament of agrarian transition, agrarian markets and distributive justice, employment development and transition to non-agriculture sectors, monetary coverage, exterior components in monetary transformation, and views on rejuvenating the state’s economy.
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Economic Transformation of a Developing Economy: The Experience of Punjab, India
Foreword via Prof. Kaushik BasuThis publication lines the improvement event of 1 of India’s such a lot dynamic and filthy rich states, Punjab, which has supplied the rustic with a much-needed measure of foodstuff safeguard. The relative regression of Punjab’s economic system within the post-economic reforms interval and gradual present monetary development provide reason for trouble.
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Extra info for Economic Transformation of a Developing Economy: The Experience of Punjab, India
Example text
He argues that the character of the land lessors and tenants has completely changed in Punjab due to the adoption of a capitalist farming system. Land lessors are mostly small owners and absentee medium and big farmers. The lessees are medium and big farmers who are using modern capital-intensive techniques of production and have acquired appropriate expertise and capabilities to reap the highest benefits from attaining high productivity from those plots of land. The existing law, which was enacted to protect the tenant in a traditional tenancy system, is now ineffective for attaining equity in the land market, due to the very existence of modern cash rent tenancy.
Contrary to the accelerated growth experience of the Indian economy in the first decade of the twenty-first century, the Punjab economy decelerated and regressed relative to the national economy. Punjab slipped from ranking first in per capita income after the Green Revolution to second in the late 1990s and now ninth after a decade-and-a-half of the twenty-first century. Instead of attending to the structural problems faced by the Punjab economy, the political leadership engaged in populist fiscal profligacy through subsidies and other giveaways, further increasing state government indebtedness and weakening the capacity for economic governance.
Punjab’s agriculture now has high productivity relative to developing countries, as well as to other Indian states, as measured by per hectare yield of two crops, wheat and rice. 4 % in wheat (GOP 2013). Not only has agriculture in Punjab contributed to the food security of the country but generating this surplus also helped reduce poverty in the state. However, the specifics of this agrarian transformation generated their own problems. Increasing agrarian distress for farmers with small and marginal sized holdings and for rural labour has followed from declining returns and rising costs, and the resultant reduced surpluses.