Reintegrating India with the World Economy

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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 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.

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Product Details

  • ISBN-13: 9780881322804
  • Publisher: Peterson Institute for International Economics
  • Publication date: 3/31/2003
  • 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

Preface ix
Acknowledgments xiii
1 Introduction: Macroeconomic Crisis and Radical Reforms 1
Polity and Society 2
Economic Development Strategy and Performance: An Overview 4
2 India in the World Trading System: A Quantitative Assessment 11
Economic Nationalism and Autarchic Industrialization, 1950-73 13
Piecemeal Deregulation, 1974-91 20
The Crisis of 1991: A Turning Point 27
India's Exports in Asian Perspective 53
Invisibles in India's Current Account and Software Exports 58
3 India in the GATT and the WTO 79
The Uruguay Round 80
TRIPS and India 86
India and the New Round of Multilateral Trade Negotiations 88
The Failed Ministerial at Seattle 90
Labor, Environmental Standards, and the WTO: Key Misconceptions 92
India and Multilateral Trade Negotiations after Doha 93
Appendix 3.1 Origins and Founding of the GATT 101
4 Domestic Constraints on International Participation 107
Macroeconomic Management of the Economy 111
Physical Infrastructure Constraints 112
Financial Intermediation 122
Enhancing Flexibility for Industrial Restructuring 123
Conclusion 132
5 Conclusions and the Tasks Ahead 133
The First Generation of Reforms: Achievements and Problems 134
Tasks Ahead 136
India and the Global Trading Environment 148
Conclusion 151
References 153
Index 159
Table 2.1 Indicators of aggregate economic performance for India, 1950-51 to 2001-02
Table 2.2 Selected indicators of the external sector for India, 1990-91 to 2000-01
Table 2.3 India's GDP growth, 1981-2001
Table 2.4 Composition of capital account inflows to India, 1990-91 to 2000-01
Table 2.5 India's tariff structure, 1990-91 to 1999-2000
Table 2.6 Types of nontariff barriers imposed on India's imports, 1996-2001
Table 2.7 International comparison of tariff barriers
Table 2.8 Foreign investment inflows to India by various categories
Table 2.9 Total long-term resource flows to selected developing countries, 1990-2000
Table 2.10 Foreign direct investment flows to selected developing countries, 1990-2000
Table 2.11 Portfolio investment flows to selected developing countries, 1990-2000
Table 2.12 Official debt flows to selected developing countries, 1990-2000
Table 2.13 Private debt flows to selected developing countries, 1990-2000
Table 2.14 Average imports to India of selected principal commodities, prereform and postreform triennia
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