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Globalizing India

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This analysis discusses the interplay between economic growth and human development, focusing on India. By examining measures such as GDP and the Human Development Index (HDI), the study seeks to understand if economic growth is essential for human development or merely a means to an end. It highlights the elasticity of HDI in relation to Gross National Income (GNI) across countries with differing HDI levels, and explores the necessity of growth amidst varying human development metrics. The findings suggest a nuanced relationship where growth's importance decreases as HDI rises.

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Globalizing India

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  1. Globalizing India Dev Nathan Institute for Human Development New Delhi Duke University, USA

  2. 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?

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. Projected Income for India by OECD

  9. 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

  10. Growing Openness of the Indian Economy?

  11. Key External Debt Indicators

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

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