Reintegrating India with the world economy / T.N. Srinivasan, Suresh D. Tendulkar.

Format:

Book

Author/Creator:

Srinivasan, T. N., 1933-2018.

Contributor:

Tendulkar, Suresh D.

Language:

English

Subjects (All):

India--Foreign economic relations.

India.

International economic relations.

India--Economic policy--1980-.

Economic policy.

India--Economic conditions--1947-.

Economic conditions.

Globalization--Economic aspects--India.

Globalization.

Globalization--Economic aspects.

Physical Description:

xiv, 167 pages : illustrations ; 23 cm

Place of Publication:

Washington, DC : Institute for International Economics, 2003.

Summary:

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 its economy on a path of rapid and sustained growth. Despite major changes in the government since then, the thrust on reforms has been maintained. According to the World Bank, only 10 out of 145 countries had more rapid growth than India, at over 6 percent per year in the 1990s, and two had the same as India's.

In this study, Professors T.N. Srinivasan and Suresh D. 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 study covers the historical roots and the political economy of India's late integration, domestic and external constraints on integration, external capital inflows including foreign direct investment, and India's emerging comparative advantage in information technology and services, particularly computer software. The final chapter offers policy recommendations including proposals that India could make at the ongoing Doha Round of multilateral trade negotiations.

Contents:

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

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

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.

Notes:

Includes bibliographical references (pages 153-157) and index.

ISBN:

0881322806

OCLC:

48836311