External Dimension of an Emerging Economy, India

7    Political economy of development planning and reforms in India

Evolution of the Plan philosophy over the years

Suparna Karmakar¹

Introduction

The global credit crisis of 2008–9 and its aftershocks have created conditions whereby the Twelfth Plan will be launched in a less benign and a more uncertain macro-economic environment than its predecessor. While there is no doubt that India weathered the global crisis much better than most other countries in the world (see Table 7.1 for a comparative picture of the post-crisis growth performance in selected countries), it certainly has not been immune. The growth prospects for 2011–12 (FY11–12) have weakened significantly, with the provisional CSO estimates indicating an annual 6.9 per cent GDP growth ...