After nearly five decades of insulation from world markets, state controls, and slow growth, India embarked in 1991 on a process of liberalization. In this study, the authors analyze the economics and politics of India’s recent and progressive integration with the global economy. The process has to be nurtured and accelerated to eradicate poverty and put the Indian economy on a path of rapid and sustained growth. The book documents the background and explores the consequences of India’s shift from an inward-oriented, state-led development strategy to a policy of active reintegration with the world economy. It traces the evolution of India’s participation in world trade for commodities, services, capital, and technology, and evaluates the achievements of economic policy reforms since July 1991. India’s inward-looking development strategy did not preclude its participation as a leading representative in voicing developing-country concerns at international forums. The volume focuses on this participation, in particular on India’s role in the GATT and WTO, its reform agenda, addressing its domestic constraints in the broad sense as well as outlining the tasks ahead. The final chapter offers policy recommendations, including proposals that India could make at the ongoing Doha Round of multilateral trade negotiations. This book will interest students, researchers, policy-makers, the academia in general, and economists in particular.
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