Reflections on India's Emergence in the World Economy

Amit Ray and Sunandan Ghosh

Working Papers from eSocialSciences

Abstract: This paper attempts to capture how India embraced the world economy against the backdrop of the evolving domestic and international economic policy environment. It began with a brief overview of the evolution of India’s development policy framework. Next, it attempt to understand why India failed to join the league of ‘Asian Miracle’ economies that embarked upon a phenomenal growth path during 1960s, 70s and 80s. This is followed by a quantitative presentation of the process of India’s integration with the world economy that was effectively set in motion only after a turnaround in its policy regime in the 1990s. Finally, it concludes that India’s post-colonial policy thrust on public funded higher education and research in science & technology, creating a strong base of human capital and technological capability, acted as the key drivers of India’s economic emergence during the last couple of decades.

Keywords: Indian Economic Development; Development Policy; Trade and Openness; World Economy; International Economic Policy Environment; Asian Miracle; Higher Education; Human Capital; Technological Capability; India. (search for similar items in EconPapers)
Date: 2015-06
Note: Institutional Papers
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