part of the methodology, the testing ground chosen for the empirical chapters, i.e. mainly India. The Indian emerging market has been undergoing economic reforms since 1991, prior to which it was characterised by high controls and extensive public ownership. Prior to reforms a licensing system required firms to obtain clearances for many routine operations. Clearances were typically determined not on economic or social basis but by the relative lobbying power of firms. Indeed, this may explain the
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International trade as a proportion of GDP reached 24% by 2006, up from 6% in 1985 and still relatively moderate.[3][4] India currently accounts for 1.2% of World trade as of 2006 according to the World Trade Organisation (WTO).[5] Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its fledgling economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign
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Economy of India From Wikipedia, the free encyclopedia Jump to: navigation, search Economy of The Republic of India | Mumbai, financial center of India | Rank | 10th (nominal) / 3rd (PPP) | Currency | 1 Indian Rupee (INR) () = 100 Paise | Fiscal year | 1 April – 31 March | Trade organizations | WTO, SAFTA, G-20 and others | Statistics | GDP | $1.843 trillion (nominal: 10th; 2011)[1]$4.469 trillion (PPP: 3rd; 2011)[1] | GDP growth | 6.9% (2011-12)[2] | GDP per capita | $1
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Sustained growth in India since the 90s According to the neo-classical theory, growth is only sustainable if it is driven by technological progress or productivity growth. Innovation and incentives to innovate are therefore essential. In order to increase incentives, some institutions and/or policies should be put in place. Firstly, well established property rights create incentives for innovation through increased returns mainly because investors can keep a bigger portion of the profit they make
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Chapter - I Introduction Economic development is one of the main objectives of every society in the world and economic growth is fundamental to economic development (Anwer and Sampath, 2000). There are several economic and non-economic factors affecting economic growth and development. Foreign trade plays an important role in the economic development and growth of a country (Meier, 1980). It serves as an important engine of economic growth and development. Foreign trade as a highway of learning
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opportunity. I will be speaking on the Indian Economy. India is home to 1.21 billion people, which is about 17.4 per cent of the global population. However, it accounts for only 2.4 per cent of world GDP in US dollar terms and 5.5 per cent in purchasing power parity (ppp) terms. Hence, there exists a huge potential for catch up. The global welfare too is linked to progress in India as reflected in the keen global interest in India. But, India seems to inspire and disappoint at the same time. This
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2/12/13 Planning Commission, Government of India || INDIA’S ECONOMIC REFORMS: AN APPRAISAL Montek S. Ahluwalia Printable Version 26.8.99 India’s economic reforms began in 1991 when a newly elected Congress government, facing an exceptionally severe balance of payments crisis, embarked on a programme of short term stabilisation combined with a longer term programme of comprehensive structural reforms. Rethinking on economic policy had begun earlier in the mid-eighties by when the limitations
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India's Economic Reforms an Appraisal India's economic reforms began in 1991 when a newly elected Congress government, facing an exceptionally severe balance-of-payments crisis, embarked on a programme of short-term stabilization combined with a longer-term programme of comprehensive structural reforms. Rethinking on economic policy had begun earlier in the mid-1980s by which time the limitations of a development strategy based on import substitution, public sector dominance, and pervasive government
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Economics 1,( BUS 121) Graded project number (05047700) The economic development in India followed socialist -inspired policies for most of its independent history, including state-ownership of many sectors; India’s per capita income increased at only around 1% annualized rate in the three decades after its independence. Since the mid-1980s, India has slowly opened up its markets through economic liberalization after more fundamental reforms since 1991 and their renewal in the 2000s, India
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globalization must be defined. That’s the easy part. Globalization is defined as free cross-border flow of goods, services, capital, labour, information, ideas, intellectual property. Everything in fact. Defined thus, globalization is more than mere trade reform. Globalization has a descriptive component, as well as a prescriptive one, with the latter more important than the former. The former is simply a factual statement. Over a period of time, globalization has increased in importance and countries have
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