3
TWO CHEERS FOR SAVINGS
India presents the archetypal model of a developing economy which, having achieved a reasonably high level of savings and capital formation, still finds that the growth rate has not risen enough to bring about significant material improvement for the large number of its poor people. One explanation has been that the data on savings, investment, and such other determinants of growth are often overstated and, as such, do not give the correct picture. It has also been said that these terms, when used in the context of a Third World country like India, do not include or exclude all the items as are normally done in western textbooks.
Could it be that the growth rate in an economy like India's is conditioned not only by ...
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