1991 reforms gave us miracle growth, but now it’s fading July 24, 2021, 8:46 PM IST
Swaminathan S Anklesaria Aiyar is consulting editor of The Economic Times. He has frequently been a consultant to the World Bank and Asian Development Bank. A popular columnist and TV commentator, Swami has been called India s leading economic journalist by Stephen Cohen of the Brookings Institution. Swaminomics has been appearing as a weekly column in The Times of India since 1990. In 2008, The Times of India brought out the book The Benevolent Zookeepers - The Best Of Swaminomics . LESS. MORE
When Manmohan Singh launched economic liberalisation in 1991, India was the world’s biggest beggar for aid. Today India is a net aid donor, having committed $30.6 billion to Asian neighbours and Africa.
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In 1991, India’s capita income was just $360 a year, having been overtaken by several “miracle economies” of Asia growing at 7% per year or more. Three decades later, before Covid hit. India’s per capita income was up to $2,100. GDP had grown at 7% for two decades, making India a miracle economy too.
When Manmohan Singh launched economic liberalisation in 1991, India was the world’s biggest beggar for aid. Today India is a net aid donor, having committed $30.6 billion to Asian neighbours and Africa.
In 1991, India’s capita income was just $360 a year, having been overtaken by several “miracle economies” of Asia growing at 7% per year or more. Three decades later, before Covid hit. India’s per capita income was up to $2,100. GDP had grown at 7% for two decades, making India a miracle economy too.
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Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice Martin Lewis has shared an important message about Universal Credit, indicating that thousands more people may now be eligible for the benefit.
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