From the ‘Hindu rate of growth’ to ‘unstoppable India’: has the services sector played a role?

Seema Joshi

The Service Industries Journal, 2008, vol. 30, issue 8, 1299-1312

Abstract: India shifted from an import substitution growth strategy (ISS) to an export-led-growth strategy (ELGS) in July 1991. Consequently, liberalisation was promulgated not only in the industrial sector but in the services sector too in the post-1991 period. ‘services-led-growth strategy’ -- a concomitant of ELGS -- has led to an improvement in the revealed comparative advantage in the export of commercial services during the period 1990--2005. Furthermore, the openness of services and foreign direct investment in services have emerged as important determinants of gross domestic product growth during the period 1995--2005. The author therefore argues that if ISS led to the ‘Hindu rate of growth’ in the first three decades of planning, it is the services-led growth which has made ‘India unstoppable’ on the economic front.

Date: 2008
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DOI: 10.1080/02642060802337331

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The Service Industries Journal is currently edited by Eileen Bridges, Professor Domingo Ribeiro, Ronald Goldsmith, Barry Howcroft and Youjae Yi

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