Economics & Finance / Macroeconomics / Economic Development & Transition

India's 1991 Reforms: Did They Really Cause Economic Growth? A Shocking Truth

Manmohan Agarwal, John Whalley

Most people think India's economic boom started with the 1991 reforms. But what if that's wrong? This video dives into a groundbreaking study by Manmohan Agarwal and John Whalley that challenges the conventional wisdom. Discover how GDP growth actually began accelerating in the 1970s, why the 1991 crisis was more about shifting from import substitution to a private-sector-led model, and the surprising similarities between India's and China's reform paths. More importantly, learn why India's social progress—on poverty, malnutrition, and child mortality—lags far behind its economic gains, even compared to neighbors like Bangladesh. If you want to understand the real story behind India's rise and its hidden costs, watch this.