It is increasingly recognised that to achieve inclusive growth and sustain growth momentum, regional economy is of critical importance. Given the divergence in growth potential, financial developments and inflation across regions in India, studies on regional economies become particularly relevant. This volume makes an attempt to place in public domain select work on various aspects of the regional economy by economists working in the central and regional offices of Reserve Bank of India.
The papers find that while the share of agriculture has shrunk across the states, the share of services has risen sharply. However, industrial growth remains uneven. Urban-rural inequality has worsened. There is a need for concerted action on agricultural growth and infra-structure development besides increasing the penetration of formal financial sector to alleviate the constraints on growth and to control inflation. There is also need to prioritise expenditure towards social sector to develop the quality of the labour force and promote well-being.
This volume is aimed at stimulating further policy-oriented research on various aspects of regional economy as well as contributing to better policymaking.
Deepak Mohanty is Executive Director, Reserve Bank of India overseeing the area of monetary policy, economic research and statistics. Prior to his current position, he was Senior Adviser in the International Monetary Fund (IMF) and earlier worked in various positions in economic research and monetary policy departments of the Reserve Bank of India. He holds Master’s Degrees in Economics from Yale University and Jawaharlal Nehru University (JNU). His current research interest includes monetary economics and international macroeconomics.