Much of the theoretical and empirical research regarding the impact of policy shifts on the economies of developing countries has tended to focus on macro-level aggregates, without adequate attention to sectoral-level dynamics. In the literature where such dynamics are emphasized, the focus has...

India has been an exemplary case of economic growth, lionized in the international press as one of the emerging market economies that will take over the world economy in the current century. The Indian services revolution is often cited as an example of an alternative development strategy under...