India's Trident

Which policies make the difference between poverty and prosperity? Most agree that sustained investment in education and infrastructure (against the backdrop of a sound institutional framework) plays a significant role in bridging this divide, but the question still remains: why do countries that pursue these objectives continue to be held back by developmental stagnation? 'India's Trident' looks at the possible answers to this question through a trifocal lens, considering the challenges faced by education and infrastructure policy, as well as the Indian fiscal framework. Education is often considered the 'silver bullet' for a country's developmental woes, but certain reforms are needed for it to hit its mark. The effects of an outdated curriculum and ill-compensated teachers are compounded by an inefficient government delivery mechanism. If education is India's 'silver bullet', then infrastructure is the gunpowder that allows it to fire. That said, this is complicated by an intricate network of political clientelism and patronage that distorts state and central spending on infrastructure. The misallocation of resources has hampered the country's growth-generating potential. In order to begin the process of change, however, a re-evaluation of existing institutional revenue-raising and expenditure-planning systems is required. The existing nature of fiscal federalism does not leave room for inter-state competition, which could be a significant asset when it comes to driving economic advancement. This book explores the challenges faced by India in the process of implementing policies that are vital for its progress.