Economic growth and development in India and SAARC countries

Paper presented at EcoMod 2016, July 6-8, Lisbon Portugal. Abstract: Momentum of economic growth in India and other South Asian economies is analysed based on stylized facts of these economies along with trends of their scal, monetary, trade, education and income distribution policies. Macroeconomic, general equilibrium, trade and game theoretic models have been identied that could be applied to analyse micro, macro and sectoral issues of economic growth. Achieving higher rates of economic growth requires more systematic and scientic analysis of potentials, existing strengths and comparative advantages of these economies so that they can march ahead in the growth competition in the global economy. Policies should be consistent and comprehensive to link various sectors, regions and nations in this road for long run growth. A strong pro-growth government in India with a good vision for the regional integration and development is instrumental in turning this region as another example of economic miracles in the global economy within the next few decades. By maintaining average 8 percent growth, it is possible that India will catch up the countries in the Western Europe in per capita income within a generation. Other SAARC members may be able to converge to India in per-capita income if they are able to become more stable and ready to march single-minded on the highway of economic growth