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Miracle Economies

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Submitted By piyaitsme
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Miracle Economies
Introduction:
India’s record GDP growth of 8.49% per year in the five-year period 2004-09 is a case of improved productivity and | growth in states trickling up and aggregating into rapid growth at the national level. The acceleration did not originate in New Delhi. It originated in the states, especially the large, poor ones, and then trickled up. We have long viewed some states like Gujarat and Maharashtra as naturally fast-growing, and others like Bihar and Uttar Pradesh as irredeemable failures. We are used to thinking of Kerala as having good social welfare without growth, and of Punjab as the main economic dynamo north of the Vindhyas.
Growth of Miracle economies:
India achieved record annual GDP growth, averaging 8.45%, in the five years, 2004-05 to 2008-09. Historically, the chronically poor states were Orissa plus the BIMARU quartet (Bihar, Madhya Pradesh, Rajasthan, Uttar Pradesh), of which three have been sub-divided. These eight poor states participated in India’s boom. Indeed, five of India’s eight ultra-poor states have become miracle economies, defined internationally as those with over 7% growth. The best news comes from Bihar, historically the biggest failure. From 2004-05 to2008-09, Bihar averaged 11.03% growth annually. It was virtually India’s fastest growing state, on par with Gujarat (11.05%). That represents a sensational turnaround. Other poor states have done very well too. Uttrakhand (9.31%), Orissa (8.74%), Jharkhand (8.45%) and Chhattisgarh (7.35%), have all grown faster than the standard miracle benchmark of 7%. Orissa’s performance is remarkable, since 10 years ago it had the worst fiscal indicators among all states. Uttar Pradesh, a huge, poor state of almost 200 million people showed growth rate that has risen impressively to 6.29% annually. This falls short of the miracle benchmark of 7%, but not by much....

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