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Cato: The Elephant That Became a Tiger 20 Years of Economic Reform in India

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The Elephant That Became a Tiger 20 Years of Economic Reform in India, by Swaminathan S. Anklesaria Aiyar

  • “A foreign exchange crisis in 1991 induced India to abandon decades of inward-looking socialism and adopt economic reforms that have converted the once-lumbering elephant into the latest Asian tiger. India’s gross domestic product (GDP) growth rate has averaged over 8 percent in the last decade, and per capita income has shot up from $300 to $1,700 in two decades. India is reaping a big demographic dividend just as China starts aging, so India could overtake China in growth in the next decade.”
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