India Development Report 2017

Indian economy with more than 2 trillion dollars of GDP in 2017 is different from that in 1991. The country is more globally integrated now as compared to the year when reforms started. The global financial crisis that originated in the US in 2008 transmitted to emerging market economies like India. Again continued global slowdown in the last few years had an adverse impact on India's economy as the value of exports declined significantly in the last two years. Currently, India's macroeconomic parameters such as current account deficit, inflation, fiscal deficit and exchange rate are under control and stable. India is attracting large inflows of foreign direct investment. India Development Report 2017 evaluates the Indian economy since the reforms of 1991 in terms of macroeconomic growth, agricultural developments, social sector achievements, and growth in trade and industry. Presenting a comprehensive analysis of reforms that took place in these domains during the last twenty five years, this report also addresses recent changes and issues that have affected the country's economy, like changes in national account statistics due to introduction of new series, manufacturing and services in the context of 'Make in India' initiative, changes in the insolvency and bankruptcy laws, and achievements in education and health sectors, among others. The report includes a data-rich statistical appendix which provides an independent assessment of the economic and social indicators discussed in the report.

S. Mahendra Dev is Director and Vice Chancellor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.