India has been the subject of many extravagant predictions and hopes. In this powerful and wide-ranging book, distinguished economist Vijay Joshi argues that the foundations of rapid, durable and inclusive economic growth in India are distinctly shaky. He lays out a penetrating analysis of the country’s recent faltering performance, set against the backdrop of its political economy and charts the course it should follow to achieve widely shared prosperity.
Joshi argues that for India to realize its huge potential, the relation among the state, the market and the private sector must be comprehensively realigned. Deeper liberalization is very necessary but far from sufficient. The state needs to perform much more effectively many core tasks that belong squarely in its domain. His radical reform model includes a fiscally affordable scheme to provide a regular ‘basic income’ for all citizens that would speedily abolish extreme poverty.
An authoritative work of tremendous scope and depth, India’s Long Road is essential reading for anyone who wants to know where India is today, where it is headed and what it should do to attain its ambitious goals.