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Growth Theories and Development Strategies: Lessons from Indian Experience

Pronab Sen
Economic and Political Weekly
Vol. 26, No. 30 (July 27, 1991), pp. PE62-PE72
Stable URL: http://www.jstor.org/stable/41498498
Page Count: 11
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Growth Theories and Development Strategies: Lessons from Indian Experience
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Abstract

The objective of this study is two-fold: (a) to re-establish the macro-economic foundations of development strategy; and (b) to reiterate and re-emphasise a conventional, and now largely ignored, wisdom— that policy formulation in developing countries, even for meeting short-run shocks, must be based on an awareness of longerrun consequences. Outlining the broad contours of the evolution of the Indian economy based on existing literature, the author indicates the organic linkage between the development process, conduct of policies and the nature of the binding constraints on growth. It is from this that an argument for a complete re-evaluation of Indian development policies is developed and an alternative strategy for development proposed.

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