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Reflections on India's Emergence in the World Economy

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  • Amit Ray
  • Sunandan Ghosh

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.

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  • Amit Ray & Sunandan Ghosh, 2015. "Reflections on India's Emergence in the World Economy," Working Papers id:7041, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:7041
    Note: Institutional Papers
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    References listed on IDEAS

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