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China–IndiaPathways of Economic and Social Development$
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Delia Davin and Barbara Harriss-White

Print publication date: 2014

Print ISBN-13: 9780197265673

Published to British Academy Scholarship Online: January 2015

DOI: 10.5871/bacad/9780197265673.001.0001

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PRINTED FROM BRITISH ACADEMY SCHOLARSHIP ONLINE (www.britishacademy.universitypressscholarship.com). (c) Copyright British Academy, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in BASO for personal use.date: 03 April 2020

India and the World Economy

India and the World Economy

Chapter:
(p.77) 4 India and the World Economy
Source:
China–India
Author(s):

Vijay Joshi

Devesh Kapur

Publisher:
British Academy
DOI:10.5871/bacad/9780197265673.003.0005

The paper aims to analyse three questions which arise naturally in examining India’s closer engagement with the world economy in the last two decades. First, how has it evolved and what is its extent? Second, what is its impact on India? Third, what is its impact on the world? Evolution and Extent: For four decades after independence, India’s economic policies had a marked autarkic bias and by 1990 it had become one of the most closed economies in the world. A major goal of the historic reforms launched in 1991 was to reintegrate the country into the global economy, and there has been a progressive move in this direction Effect on India: In post-independent India, many sceptical voices made dire predictions about the effects of opening up, such as deindustrialisation and destabilisation of the economy, and impoverishment of the people. After opening-up, these alarming prophecies did not materialise. Undesirable features of India’s development, such as inadequate poverty alleviation despite rapid growth, have domestic causes and are not the result of globalisation. Effect on the World: India’s effect on the world economy is growing but has to be seen in the context of China’s simultaneous rapid rise. It is very likely that on all the major contentious global economic issues such as exchange rate coordination, trade liberalisation, and climate change mitigation, global action will have to involve the participation of China and India. For good or ill, China and India will matter in the 21st century both for each other and for the world.

Keywords:   economic policy, autarkic, global reintegration, rapid growth, India, China, trade liberalisation, climate change mitigation, global action

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