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October 27, 2003

What's slowing India's economic growth?


A recent study by global consulting firm McKinsey found three main barriers to faster growth in India: the multiplicity of regulations governing product markets, distortions in the market for land, and widespread government ownership of businesses.

"We calculate that these three barriers together inhibit GDP growth by more than 4 percent a year. Removing them would free India’s economy to grow as fast as China’s, at 10 percent a year. Some 75 million new jobs would be created outside agriculture--enough not only to absorb the rapidly growing workforce but also to reabsorb the majority of workers displaced by productivity improvements," the report says.

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