Socio-economic Dimensions of Globalization in India

After Independence, the managers of the Indian economy took very cautious steps. They found the world sharply divided into two blocs: the one led by the capitalist economies (the US in particular) and other led by the communist economies, primarily the then USSR. There was a cold war between these two blocs. Lessdeveloped economies had no option than to join either of the two and invite the ire of the opposite bloc. Especially those economies that were under the British Empire and won freedom in the near past faced a difficult choice. India chose to keep a safe distance from both the blocs by inventing the idea of a mixed economy. In doing so, India invited as much favor as suspicion from both the blocs. URL: [http://www.freewebs.com/nehu_economics/secoglob_india.pdf]