Miscellaneous
In this episode of Transforming India, co-hosts Arvind Panagariya and Pravin Krishna discuss Professor Panagariya's latest book, India Unlimited: Reclaiming the Lost Glory. They discuss how India was once the world's largest economy and how it can get on the path to reclaiming this position again. They point to the creation of a large volume of well-paid jobs as the key to making India the third largest economy in the world in less than ten years. Professor Panagariya points out that the central obstacle India faces today is the concentration of jobs in tiny economic units: 70 million farms with average size of less than a quarter hectare and just 16% of industry and services workers in enterprises with 20 or more workers. What India needs most today are many more medium and large enterprises in labor-intensive sectors such as apparel, footwear, furniture, toys, kitchenware and other light manufactures.