Reflections on India's Emergence in the World Economy

Published By: Centre for Development Studies (CDS) | Published Date: May, 01 , 2015

This paper attempts to capture how India embraced the world economy against the backdrop of the evolving domestic and international economic policy environment. It began with a brief overview of the evolution of India’s development policy framework. Next, it attempt to understand why India failed to join the league of ‘Asian Miracle’ economies that embarked upon a phenomenal growth path during 1960s, 70s and 80s. This is followed by a quantitative presentation of the process of India’s integration with the world economy that was effectively set in motion only after a turnaround in its policy regime in the 1990s. Finally, it concludes that India’s post-colonial policy thrust on public funded higher education and research in science & technology, creating a strong base of human capital and technological capability, acted as the key drivers of India’s economic emergence during the last couple of decades.

Author(s): Amit Ray, Sunandan Ghosh | Posted on: Jun 24, 2015 | Views() | Download (549)

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