India In The World Economy

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 enthralling book offers a new approach to Indian economic history, placing trade and mercantile activity in the region within a global framework.

This book provides new perspectives on recent Asian dynamism which go beyond the mainstream views, by attempting to situate the recent economic expansion within a broader analysis of capitalist accumulation and the various processes that it generates both within and across economies. The contributions in the book include analyses of recent growth patterns in both China and India; assessments of the sustainability of such growth and potential constraints and pitfalls; the role of international finance in affecting both national and international growth and employment patterns; the factors determining particular accumulation strategies and the results of these strategies. These forces within the two economies of China and India are situated within a broader assessment of the impacts on the world economy, by identifying long run tendencies in international capitalism and changing patterns of uneven development. Specific issues emerging within the Asian region are identified, including not just the relations between the three large Asian economies, but also the wider geopolitical implications as well as the political economy of these changes. This book therefore provides a more comprehensive examination of the longer run dynamics of the global capitalist system in which these economies are necessarily destined to play more significant roles in future.

This volume is a timely addition to the emerging literature on the rise of China and India, focusing on how rapid economic growth and geopolitical changes in these countries are reshaping the world economy and global governance. It covers issues such as productivity, labor market, trade competition, and energy.

Long plagued by poverty, India's recent economic growth has vaulted it into the ranks of the world's emerging powers-but what kind of power it wants to be remains a mystery. Cautious Superpower explains why India behaves the way it does, and the role it is likely to play globally as its prominence grows. --

This book is a collection of Professor Deepak Lal's papers and talks on issues related to Indian economic policy. It focuses on various economic, political and cultural aspects of India's continuing integration with the world economy.

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.

Papers presented at the Conference on India and the Global Economy, held at New Delhi during 6-7 November 2006.