Can India develop without industrialization?8 min read 06 Aug 2016, 11:19 PM IST
Across the world, large, labour-abundant economies have all relied on a manufacturing boom to climb the ladder of economic development
In a previous Economics Express column, I considered worrying new evidence from the World Bank which suggests that the convergence in income per capita between emerging and advanced economies has slowed down in recent years. This means that it may well take many more years for poorer countries to catch up with richer ones, if at all they do, than had been optimistically believed during the quarter-century of rapid growth preceding the global financial crisis.
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