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This article examines the sources of rapid economic growth in India in the 2000s and explanations for the growth slowdown in more recent years. We use the Indian national accounts and the National Sample Survey (NSS) to perform a growth accounting analysis. We disaggregate the total economy into agriculture, industry and services and separately identify the contributions of labor, capital and improvements in productivity. Services account for the largest share of the acceleration in 2000-10. Industry, on the other hand, is the sector most reflective of the recent slowdown. The high growth of the 2000s can be traced to strong capital accumulation, improvements in labor skills and large productivity gains. A slowing in the pace of economic reform and a general deterioration in fiscal and monetary policies appear to be the major factors responsible for the slower pace of growth since 2010. [ABSTRACT FROM AUTHOR]

Since 1980, China and India have achieved remarkable rates of economic growth and poverty reduction. The emergence of China and India as major forces in the global economy has been one of the most significant economic developments of the past quarter century. This paper examines sources of economic growth in the two countries, comparing and contrasting their experiences over the past 25 years. In this paper, we investigate patterns of economic growth for China and India by constructing growth accounts that uncover the supply-side sources of output change for each economy. Some of the results confirm themes that have emerged from the prior literature on the economic development of the two countries, however, some new findings emerge as well. In addition to decompositions of aggregate growth, we construct separate accounts for the three major economic sectors: agriculture; industry; and services. This level of detail enables us to highlight key differences in the development paths taken by China and India. In conclusion, we assess the prospects for future growth in each country. [ABSTRACT FROM AUTHOR]