‘India Rising’ and the Mixed Blessings of Globalisation

Shalendra D. Sharma
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Shalendra D. Sharma: Shalendra D. Sharma is Professor of Political Science at the University of San Francisco and Lee Shau Kee Foundation; Chair Professor of Political Science at Lingnan University, Hong Kong. sharmas@usfca.edu

India Quarterly: A Journal of International Affairs, 2014, vol. 70, issue 4, 283-297

Abstract: India has been a major beneficiary of economic globalisation. Yet, integration into the global economy has also made India vulnerable to the unpredictable swings in market sentiment. Nevertheless, the ultimate effects of cross-border economic forces also depend on the robustness of domestic policies. Potential vulnerabilities such as disruption in trade or financial flows can be mitigated by sound macroeconomic policies. Although ‘licence raj’ and ‘export pessimism’ is now a thing of the past, India’s quasi-protectionist policies, coupled with the failure to deepen its integration into the global economy, have made the economy increasingly vulnerable to external forces—as seen when the United States Federal Reserve announced its decision to unwind its stimulus programme in mid-2013, resulting in deep sell-offs in emerging economies, especially India’s currency, bond and equity markets.

Keywords: Indian economy; globalisation; quantitative easing; India rising; liberalisation (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:sae:indqtr:v:70:y:2014:i:4:p:283-297

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