Abstract
Recent economic growth in India has raised its potential to be an economic giant, along with the United States and China. One unique aspect of the Indian economy is that tremendous economic growth has been achieved despite weak infrastructure, resource shortages, and other travails that restrict growth in emerging economies. Recent economic explanations suggest that institutions supporting the economy and economic development are vital to sustained economic growth and may even be more important than infrastructure development. Examining the historic context of the Indian economy, we contend that vital market institutions were always present in India and that economic reforms have unleashed the full potential of these institutions. Using some industry examples, the authors argue that economic policies that strengthen market institutions may be more important compared to conventional policies geared toward infrastructure development.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 309-318 |
| Number of pages | 10 |
| Journal | Journal of Macromarketing |
| Volume | 32 |
| Issue number | 3 |
| DOIs | |
| State | Published - Sep 1 2012 |
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Keywords
- economic growth
- economic institutions
- emerging markets
- India
- infrastructure
ASJC Scopus subject areas
- Marketing
Cite this
The Resurgence of India : Triumph of Institutions Over Infrastructure? / Iyer, Gopalkrishnan R.; Sheth, Jagdish N.; Sharma, Arun.
In: Journal of Macromarketing, Vol. 32, No. 3, 01.09.2012, p. 309-318.Research output: Contribution to journal › Review article
}
TY - JOUR
T1 - The Resurgence of India
T2 - Triumph of Institutions Over Infrastructure?
AU - Iyer, Gopalkrishnan R.
AU - Sheth, Jagdish N.
AU - Sharma, Arun
PY - 2012/9/1
Y1 - 2012/9/1
N2 - Recent economic growth in India has raised its potential to be an economic giant, along with the United States and China. One unique aspect of the Indian economy is that tremendous economic growth has been achieved despite weak infrastructure, resource shortages, and other travails that restrict growth in emerging economies. Recent economic explanations suggest that institutions supporting the economy and economic development are vital to sustained economic growth and may even be more important than infrastructure development. Examining the historic context of the Indian economy, we contend that vital market institutions were always present in India and that economic reforms have unleashed the full potential of these institutions. Using some industry examples, the authors argue that economic policies that strengthen market institutions may be more important compared to conventional policies geared toward infrastructure development.
AB - Recent economic growth in India has raised its potential to be an economic giant, along with the United States and China. One unique aspect of the Indian economy is that tremendous economic growth has been achieved despite weak infrastructure, resource shortages, and other travails that restrict growth in emerging economies. Recent economic explanations suggest that institutions supporting the economy and economic development are vital to sustained economic growth and may even be more important than infrastructure development. Examining the historic context of the Indian economy, we contend that vital market institutions were always present in India and that economic reforms have unleashed the full potential of these institutions. Using some industry examples, the authors argue that economic policies that strengthen market institutions may be more important compared to conventional policies geared toward infrastructure development.
KW - economic growth
KW - economic institutions
KW - emerging markets
KW - India
KW - infrastructure
UR - http://www.scopus.com/inward/record.url?scp=84866277383&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84866277383&partnerID=8YFLogxK
U2 - 10.1177/0276146712441003
DO - 10.1177/0276146712441003
M3 - Review article
AN - SCOPUS:84866277383
VL - 32
SP - 309
EP - 318
JO - Journal of Macromarketing
JF - Journal of Macromarketing
SN - 0276-1467
IS - 3
ER -