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1 India and China in the Global Economy
Pages 5-10

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From page 5...
... Labor market inflexibilities limit firms' ability to respond to changing workforce needs; and THE ECONOMIC SITUATION IN INDIA • The power sector remains unreliable throughout the country Arvind Panagariya of Columbia University opened the first session by outlining India's The Indian government is moving on transport departure from a history of restrictive policies on issues, but power shortages remain a bottleneck investment, licensing, and production, which to growth. With a heterogeneous population and 5
From page 6...
... Secretariat presented findings from two recent OECD surveys of China and India, THE ECONOMIC SITUATION IN CHINA highlighting sources of growth, productivity, and regulatory reforms. According to Nicholas Lardy of the Peterson Rooted in the dramatic shifts of the 1980s, Institute for International Economics, scale is a growth in both countries is sustainable, but key difference between the two countries.
From page 7...
... the future looks bright for both economies. Education outcomes in India are improving, +6.0 +5.0 4.8 3.9 +4.0 +1.8 2.7 +2.4 +3.0 +1.8 +2.0 +2.0 1.3 +0.5 +1.9 +1.0 +1.0 +0.8 +0.8 +0.6 +0.1 +0.1 +0.0 +0.2 -0.7 -0.1 -0.6 -1.0 1950-1979 1980-1989 1990-1999 2000-2005 -2.0 Participation Demographics Capital intensity TFP FIGURE 1 Sources of India's per capita GDP growth (% annually)
From page 8...
... . (Participation: the effect of the participation rate; Demographics: the effect of the share of the population of working age; Capital intensity: the effect of the level of capital per worker; TFP: total factor productivity.)
From page 9...
... , the country is unlikely anytime soon to institute the same environmental measures as OECD countries. In response to another questioner, DISCUSSION Panagariya cited three factors in rebutting pessimism on India's long range prospects for Responding to a question on the state of developing an innovative economy: innovation in both countries, Panagariya said • India's history of democracy over the that India was still "well inside" the technological frontier.

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