Reintegrating India with the World Economy

Reintegrating India with the World Economy

by T.N. N. Srinivasan, Suresh D. Tendulkar
     
 

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ISBN-10: 0881322806

ISBN-13: 9780881322804

Pub. Date: 03/31/2003

Publisher: Peterson Institute for International Economics

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 the economy on a path of rapid and sustained growth. Despite major changes in the governments since then, the thrust of reforms has been

Overview

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 the economy on a path of rapid and sustained growth. Despite major changes in the governments since then, the thrust of reforms has been maintained. According to the World Bank, only 19 out of 137 countries had more rapid growth than India's at over six percent per year in the 1990's.

In this study, Professors Srinivasan and 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 topics covered include: historical roots and the political economy of India's late integration; domestic and external constraints on integration; external capital inflows including foreign direct investment; India's emerging comparative advantage in information technology industry and services, particularly computer software. The final chapter offers policy recommendations.

Product Details

ISBN-13:
9780881322804
Publisher:
Peterson Institute for International Economics
Publication date:
03/31/2003
Series:
Country and Regional Studies
Edition description:
New Edition
Pages:
136
Product dimensions:
6.00(w) x 8.90(h) x 0.10(d)

Table of Contents

Prefaceix
Acknowledgmentsxiii
1Introduction: Macroeconomic Crisis and Radical Reforms1
Polity and Society2
Economic Development Strategy and Performance: An Overview4
2India in the World Trading System: A Quantitative Assessment11
Economic Nationalism and Autarchic Industrialization, 1950-7313
Piecemeal Deregulation, 1974-9120
The Crisis of 1991: A Turning Point27
India's Exports in Asian Perspective53
Invisibles in India's Current Account and Software Exports58
3India in the GATT and the WTO79
The Uruguay Round80
TRIPS and India86
India and the New Round of Multilateral Trade Negotiations88
The Failed Ministerial at Seattle90
Labor, Environmental Standards, and the WTO: Key Misconceptions92
India and Multilateral Trade Negotiations after Doha93
Appendix 3.1Origins and Founding of the GATT101
4Domestic Constraints on International Participation107
Macroeconomic Management of the Economy111
Physical Infrastructure Constraints112
Financial Intermediation122
Enhancing Flexibility for Industrial Restructuring123
Conclusion132
5Conclusions and the Tasks Ahead133
The First Generation of Reforms: Achievements and Problems134
Tasks Ahead136
India and the Global Trading Environment148
Conclusion151
References153
Index159
Tables
Table 2.1Indicators of aggregate economic performance for India, 1950-51 to 2001-02
Table 2.2Selected indicators of the external sector for India, 1990-91 to 2000-01
Table 2.3India's GDP growth, 1981-2001
Table 2.4Composition of capital account inflows to India, 1990-91 to 2000-01
Table 2.5India's tariff structure, 1990-91 to 1999-2000
Table 2.6Types of nontariff barriers imposed on India's imports, 1996-2001
Table 2.7International comparison of tariff barriers
Table 2.8Foreign investment inflows to India by various categories
Table 2.9Total long-term resource flows to selected developing countries, 1990-2000
Table 2.10Foreign direct investment flows to selected developing countries, 1990-2000
Table 2.11Portfolio investment flows to selected developing countries, 1990-2000
Table 2.12Official debt flows to selected developing countries, 1990-2000
Table 2.13Private debt flows to selected developing countries, 1990-2000
Table 2.14Average imports to India of selected principal commodities, prereform and postreform triennia

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