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Globalizing India. Dev Nathan Institute for Human Development New Delhi Duke University, USA. Why Economic Growth?. For itself? As means to human development ? Two measures Economic development – GDP or GDP per capita Human development – HDI

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Globalizing India

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Globalizing India

Dev Nathan

Institute for Human Development

New Delhi

Duke University, USA


Why Economic Growth?

  • For itself?

  • As means to human development?

  • Two measures

    • Economic development – GDP or GDP per capita

    • Human development – HDI

  • Is there a relation between GDP (GNI) and HDI?


HDI

Three components of HDI

  • Income

  • Educational attainment

  • Health /nutrition status

    Is there a relation between income (GDP) and human development (HDI)?

  • As component

  • As instrumental variable


GNI and HDI

  • Low HDI – Avg. 0.456

    • High elasticity of HDI with respect to GNI (>1)

  • Medium HDI – Avg. 0.630

    • Medium elasticity (0.75 to < 1)

  • High HDI – Avg. 0.741

    • Low elasticity (between 0.50 to 0.75)

  • Very High HDI – Avg. 0.889

    • Very low elasticity


HDI of Regions

  • Arab States - 0.641

  • East Asia and the Pacific-0.671

  • Europe and Central Asia -0.751

  • LA and C-0.731

  • South Asia-0.548

  • Sub-Saharan Africa-0.463

  • LDCs- 0.439


Does we need economic growth for human development?

  • Distinguish between countries at different HDI levels

  • Need for growth falls with increase in HDI

  • Our need for growth as instrumental to human development is different from the need of capital to grow


Structure of world economy

  • Developing economies – middle to low income, including emerging economies

  • Developed economies – high income

  • Asia, Africa and Latin America

  • Market of about $12 trillion, or 36 percent of global gross domestic product in 2012, up from 10 percent in 1980


Projected Income for India by OECD


Size of economies

  • GDP - per capita income and population size

  • With population more than thrice that of USA, at one-third the per capita income, the Chinese and Indian economies will be larger than that of the US

  • In PPP terms even earlier


Growing Openness of the Indian Economy?


Key External Debt Indicators


India: Poverty Ratio among Social Groups, 1993-94, 2004-05 and projected to 2015-16


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