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Books > History > History of specific subjects > Economic history
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Reintegrating India with the World Economy (Paperback)
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Reintegrating India with the World Economy (Paperback)
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After nearly five decades of insulation from world markets, state
controls, and slow growth, India embarked in 1991 on a process of
liberalization of controls and progressive integration with the
global economy in an effort to put its economy on a path of rapid
and sustained growth. Despite major changes in the government since
then, the thrust on reforms has been maintained. According to the
World Bank, only 10 out of 145 countries had more rapid growth than
India at over 6 percent per year in the 1990s and two had the same
as India's. In this study, T. N. Srinivasan and Suresh D. Tendulkar
analyze the economics and politics of India's recent and growing
integration with the world economy. They argue that this process
has to be nurtured and accelerated if India is to eradicate its
poverty and take its rightful place in the global economic
system.The study covers the historical roots and the political
economy of India's late integration; domestic and external
constraints on integration; external capital inflows including
foreign direct investment; and India's emerging comparative
advantage in the information technology industry and services,
particularly computer software. The final chapter offers policy
recommendations including proposals that India could make at the
ongoing Doha Round of multilateral trade negotiations.
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