Economic Survey 2013: New wine in an old bottle
While a large chunk of the survey is the usual narrative on the data, trends, and prospects of the economy, it includes an interesting new chapter, titled “Seizing the Demographic Dividend”. The chapter provides a thorough and instructive discussion on the sectoral transformation of the Indian economy, and highlights the peculiarities of this process in the Indian context. In order to do so, it draws liberally on the cutting edge research done in India and elsewhere, and discusses the key reform initiatives to address the peculiarities of the growth process.
The survey reminds that the agriculture sector in India is shedding labour way too slowly, as a result of which a large share of the labour force remains trapped in low-productive agricultural activities. The industry sector is in its own woeful state of affairs, wherein the share of industry in GDP has remained stagnant for almost two decades. Comparing the Indian experience with that of China, Indonesia and South Korea, at similar stages of their respective reform trajectories, shows that the size of the
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