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Rebooting Economy 56: Why India should follow agricultural development-led industrialisation growth model
Most successful, industrialised and fast-growing Asian economies like Japan, South Korea, China, and Vietnam followed this model, as did Indonesia, Malaysia, and Thailand. Why can t India?
Prasanna Mohanty | January 6, 2021 | Updated 21:06 IST
Agriculture s share of gross capital formation (GCF) fell from 8.5% of the total GCF of economy in FY12 to 6.5% in FY19
The economic reforms that began slowly in 1980s and got turbo-charged in 1991 did bring high growth, but this growth is perhaps unlike what was anticipated. The Lewisian structural transformation - resources shifting from low productive agriculture to high productive manufacturing (industrialisation) that brought prosperity to developed economies in the West (the US and parts of Europe) and the East (Japan, Korea and China s Taipei) - did not occur. ....

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