India on the Growth Turnpike: Essays in honour of Vijay L. Kelkar

Pre-COVID, India had set a target to become a $10 trillion economy by 2030 the action plan for which was outlined in my earlier volume, “India 2030”, released in December 2018. This emphasised the need for quality growth that is job-generative, spatially dispersed, and equitable.

Vijay Laxman Kelkar has been one of the most creative, contemplative and versatile public policy makers of India. Whether it has been articulating a vision for the role of markets and government, or stressing for the importance of a sound public sector balance sheet, or arguing for tax reform and fiscal federalism, or making simple and sound policies through consensus, his contributions are non-parallel. The essays in this festschrift are by some of the leading economists, bankers and policy planners of India. While saluting his visionary role in the government, they also provide an insight into some current and critical macroeconomic and finance issues. The writings cover a broad set of topics, among them fiscal, monetary and external sector policies, infrastructure, financial inclusion and education.

Despite the COVID-19 pandemic, India has remained afloat, and Prime Minister Narendra Modi has put India in top-gear, setting an ambitious target for the country to become a developed nation by 2047. The next 25 years are going to be critical, and he calls it Amrit Kal, during which India will be focusing on reducing import dependence, reducing compliance costs for small businesses, harnessing digital infrastructure and modern technologies, promoting domestic manufacturing, and taking global leadership—the G20 being one example. This volume aims to review progress and make recommendations to bridge gaps in line with the new target date and objectives. It also discusses the macroeconomic essentials required to make India a high-income country with equity.