Globalization India And The World

This book presents the changing contours of India s position in the global economy. The first section deals with India s defensive posture in the nineties vis-à-vis the Multinational Companies. The resistance to speedy opening up of the economy has enabled Indian businesses to become globally competitive. The second section deals with the challenges before Indian in the begging of the 21st millennium as she is increasingly recognized as a world power. The earlier defensive posture has to be change into an offensive posture now with India aiming to break the economies of the rich countries. This can be done, for example, withdrawing forex reserves from US T-Bills. The third section deals with the challenges before India in establishing a just world order. The question in how to break the inherent injustice in the world economy where 20 percent of the people of rich countries are consuming 80 percent of the resources. India should not tie its wagon to the engine of rich countries and try to gain form injustice of the present world order. Instead, India must take the lead in confronting the injustice perpetrated by the rich countries, organize the developing countries and establish a world economy based on justice.

At the end of the twentieth century, India has been transformed by global economic forces. 'India: Globalization and Change' examines the political and social changes taking place in India as a result of market liberalisation and integration into the world economy. Concentrating on the period since the emergence of market-dominated capitalism in India in the early 1990s, this up-to-date book highlights the effects of globalization on nearly all corners of Indian life. Rather than seeking explanation through referring to the past and traditions, this book concentrates on the modernising forces at work in India through an analysis of our major themes: caste, class, religion and gender. The author also considers the widening divisions in Indian society in relation to the overseas influence (through education and work) on elites and the increasing regionalism of other groups. This book discusses contemporary issues in Indian life (including environmental problems, emigration, and the anti-nuclear movement) and integrates this discussion into an examination of the new structures emerging from an increasing dependence on global markets. By bringing together the many strands that make up India at the dawn of the twenty-first century, the author provides an innovative perspective on this huge and diverse subcontinent.

Instead of denationalization, business in India is now more competitive and is venturing forth into the global market; increased imports and the entry of foreign multinationals have not swamped it; essentially, India is master of its own destiny. Instead of economic destabilization, there has been since the paradigm shift in economic policy in 1991 a marked absence of economic crisis in India. And, instead of impoverishment, India has seen a long and unprecedented period of welfare enhancement since it began its reintegration into the world economy in 1975; there has been a secular decline in poverty since then, while inequality has not increased much. The policy conclusion that flows from this experience is that India ought to be, in general, more open to globalization in the interest of sustaining the acceleration in economic growth and enhancing the welfare of its people. To this end it should push forward with the reform agenda.

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.

This book explores how the interplay of socio-historical, political, and economic forces has transformed China and India into economic powerhouses.

In this comprehensive appraisal of Indian economic reforms, the author recounts how reforms were initiated and how they unfolded in stages since 1991. He analyzes all the components of the structural adjustment programme including in the agrarian, industrial, banking, public sector, fiscal reforms, trade, environmental and labour sectors. In keeping with his ideological and political convictions, the author questions the benefits of the reforms and argues that an uncritical acceptance of IMF/World Bank/WTO/ conditions has not served to benefit the majority of Indian society.