Economic Transformation of a Developing Economy: The Experience of Punjab, a State in India

**Foreword by Prof. Kaushik Basu** This book traces the development experience of one of India’s most dynamic and prosperous states, Punjab, which has provided the country with a much-needed degree of food security. The relative regression of Punjab’s economy in the post-economic reforms period and slow current economic growth give cause for concern. The contributions in this book address the question of why the structural transformation of Punjab’s economy has fallen into the middle-income trap. Each investigates the policy constraints influencing the relative stagnation of the economy and suggests appropriate measures for alleviating them. By integrating theoretical constructs and new evidence, the authoritative contributions diagnose the nature of the current problems and offer practical solutions. They cover important issues such as the crisis of agrarian transition, agrarian markets and distributive justice, employment growth and transition to non-agriculture sectors, fiscal policy, external factors in economic transformation, and perspectives on rejuvenating the state’s economy. Front Matter....Pages i-xxviii Economic Transformation and Development Experience of Indian Punjab—An Introduction....Pages 1-25 Front Matter....Pages 27-27 The Role of Technological and Institutional Changes in the Growth and Transformation of Agriculture in Punjab....Pages 29-52 Growth Pattern and Economic Impacts of Wheat Productivity on Punjab Agriculture....Pages 53-75 Rethinking Diversification of Agriculture in the Indian Punjab: An Examination of Strategy and Mechanisms....Pages 77-96 Groundwater Irrigation in Punjab: Some Issues and a Way Forward....Pages 97-117 Front Matter....Pages 119-119 Growth of Cash Rent Tenancy and Modernisation of Land Lease Market in Punjab....Pages 121-139 Marketing System and Agricultural Development in Punjab....Pages 141-164 Agricultural Credit in Punjab: Have Policy Initiatives Made a Dent in Informal Credit Markets?....Pages 165-182 Imperfect Information and Contract Enforcement in Informal Credit Market in Rural Punjab....Pages 183-214 Household Income Inequality and Asset Distribution: The Case of Rural Punjab....Pages 215-226 Front Matter....Pages 227-227 Growth, Employment and Structural Change: Punjab Versus 16 Major States of India....Pages 229-249 Manufacturing Sector in Punjab: Evolution, Growth Dynamism, Key Concerns and Rejuvenation Strategy....Pages 251-272 Service Sector and Economic Growth in Punjab....Pages 273-288 Front Matter....Pages 289-289 Critical Evaluation of Educational Development in Punjab....Pages 291-312 Economic Development and Emerging Health Scenario in Punjab: A Need for State Support and Accountability....Pages 313-335 Front Matter....Pages 337-337 Unpacking the “Diaspora-Development” Mantra: Does Punjabi Diaspora Have the Potential to Contribute to the Rejuvenation of Punjab’s Economy?....Pages 339-366 How Centre–State Relations Have Shaped Punjab’s Development Pattern....Pages 367-390 Front Matter....Pages 391-391 Public Finances and Development: The Case of Punjab....Pages 393-409 Strategy for Fiscal Stability and Revitalizing the Economy of Punjab....Pages 411-433 Front Matter....Pages 435-435 Peasant Movement and Rejuvenation of Punjab’s Economy....Pages 437-450 Front Matter....Pages 435-435 Breaking the Mould: Thoughts on Punjab’s Future Economic Development....Pages 451-466 Back Matter....Pages 467-470