ABSTRACT
The changing growth pattern in India over the last 60-odd years, and the determinants thereof, is the major focus of this chapter. Particular emphasis is given to the developments since 1991, an economic crisis and major economic reforms year. Since that year, growth has averaged 6.7% per annum; in the previous 40 years, growth had averaged only 4% per annum. India’s growth post-1991 has the hallmarks of being exceptional; since 2003, an average of nearly 8% is akin to miracle growth. However, the last two years have witnessed a negative miracle, with gross domestic product (GDP) growth collapsing to 5% in 2012, from a near 10% level just two years earlier.
