Brazil

This chapter focuses on the changing growth pattern in India over the last 60-odd years, and their determinants. The detailed tests are provided of the determinants of economic growth in India, most likely very similar to the determinants in other developing countries as well. If determinants of the individual components are identified, one can reach a consensus about the causative factors associated with growth. The exceptionally slow growth years of 2011 and 2012 are major negative outliers, with the post-crisis stimulus year a major positive outlier. At the time of India's independence, the world was emerging from the double whammy of the Depression and the Second World War, but in the first post-war decade, a lot changed. Gross domestic product growth shows a clear acceleration from an average of 2.8% in the 1970s to a level of nearly double that in the 1980s: 5.4% per annum.