Abstract
India is frequently cited as one of the ‘success stories’ of globalization, with respect to its economic growth performance, during the past two and half decades. However, the very pattern of recent growth resulted in regional imbalances, greater inequalities in the control over assets and incomes, dispossession and displacement without adequate compensation and rehabilitation. Apart from this, there are clear failures of this growth process, even from a long-run perspective. An important failure is the worrying absence of structural change, in terms of the ability to shift the labour force out of low-productivity activities, especially in agriculture, to higher productivity and better remunerated activities. Furthermore, it is evident that the relatively rapid economic growth has not translated into better human development conditions for a large proportion of the population.
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