Economics & Finance / Macroeconomics / Economic Development & Transition

India's 1991 Reforms: Did They Really Spark Growth? The Shocking Truth

Manmohan Agarwal; John Whalley

Most people think India's economic boom started with the 1991 reforms. But what if the real growth began in the 1970s? This video debunks the myth of a sudden turnaround. We dive into the 1991 crisis, the shift from import substitution to a market-driven model, and the surprising parallels with China’s reforms. Yet, despite faster growth, India lags in social progress—even behind Bangladesh. Why? Because economic growth alone doesn't fix poverty, malnutrition, or child mortality. Discover the hidden story behind India's rise and its stubborn social failures. Based on the NBER paper by Manmohan Agarwal and John Whalley.