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Arvind Panagariya is an Indian economist and Bhagwati Professor of Economics at Columbia University and an ex-Chief Economist at the Asian

Development Bank. In the past, he has been the Chief Economist of the Asian Development Bank and a Professor of Economics and Co-director, Center for International Economics, University of Maryland at College Park. He has also worked for the World Bank, International Monetary Fund, World Trade Organization, and the United Nations Conference on Trade and Development (UNCTAD) in various capacities. He holds a Ph.D. degree in Economics from Princeton University.

Panagariya has written/edited ten books. His latest book, India: The Emerging Giantwas published in March 2008 by the Oxford University Press, New York and has been described as the definitive book on the Indian economy by Fareed Zakaria,and a tour de horizon and a tour de force by Jagdish Bhagwati. His previous books include The Economics of Preferential Trade Agreements, 1996, AEI Press (with Jagdish Bhagwati) and Lectures on International Trade, 1998, MIT Press (with J. Bhagwati and T.N. Srinivasan).

Panagariya writes a monthly column in The Economic Times, Indias top financial daily. He has also written guest columns in the Financial Times, Wall Street Journal, Hindu, India Today and Outlook. He has appeared on numerous national and foreign television channels.

The Emerging Giant. Panagariya reviewed Indias economic development since independence, and offer insights based on his analysis of four distinct periods of Indias growth experience. Using this historical background, Panagariya also addressed todays poverty and inequality, macro and microeconomic policies, and issues that bear upon Indias past record and future prospects

Author has divided this book in 5 parts. 1. Growth & Economic reforms 2. Poverty, Inequality and Economic reforms 3. Macroeconomics 4. Transforming India 5. The Government

The book divides the years since 1951 into four growth phases: 1. 1951-65 at 4.1 per cent 2. 1965-81 at 3.2 per cent 3.1981-88 at 4.8 per cent 4. 1988 to 2006 at 6.3 per cent. The restrictive period under Indira Gandhis rule with her 10-point programme held the economy back and kept poverty levels high. They have dropped sharply since 1991.

He demonstrates that growth in the Rajiv Gandhi years was at the cost of weakening the macroeconomic condition and that the years since 1988, especially 1992, show more sustainable growth. He considers a macroeconomic crisis (like in pre-1991) unlikely in the near future because of the gradual reduction of the fiscal deficit, more openness to trade, foreign exchange reserves, and removal of restrictions on industry.

He seems to accept government claims on reducing fiscal deficits, though government figures do not provide for the large and growing Rupee bonds for supporting the oil and FCI subsidies, which are not counted in the fiscal deficit. He recognises the stimulating role of large public expenditures when there is growth and finds a close relationship between trade openness, growth and poverty alleviation.

I would like to conclude from this book is that this book provides a comprehensive and panoramic exposition of the twists and turns in Indias economy policy over the last several decades. This is now a definite book on the Indian economy. With extensive research, careful analysis, and good judgment ,Arvind Panagaria has detailed the vast and varied story of India's reforms.

I learn from this book about the history of economy of India. I learn how India improve its condition and about the turning of economic condition. I learn how FDI & Liberalization contribute to the growth in Indian economy growth.