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The Indian Economy at a Crossroads

May 30, 2014
ITIF hosted a discussion of its seminal report "The Indian Economy at a Crossroads."

With the recent election of Narendra Modi to become India's new Prime Minister, backed by his Bharatiya Janata Party (BJP) and its allies in the Lok Sabha, Prime Minister Modi has an opportunity to chart a new economic growth path for India. With both Indian economic and productivity growth languishing at near-decade lows in 2013, significant reforms are needed if India is to restore the "Indian Economic Miracle"—the nearly two decades of double-digit growth the country experienced in the 1990s and 2000s. That growth sprang from India's courageous decision in the early 1990s to abandon its post-independence statist and import substitution industrialization economic policies and instead embrace core tenets of free and competitive markets, non-discriminatory trade, and openness to flows of goods, people, technology, and c