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EconomicsVolume 2: India and the International Economy$
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Jayati Ghosh

Print publication date: 2015

Print ISBN-13: 9780199458943

Published to Oxford Scholarship Online: September 2016

DOI: 10.1093/acprof:oso/9780199458943.001.0001

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India in the Changing Global Economy

India in the Changing Global Economy

(p.1) 1 India in the Changing Global Economy

Jayati Ghosh

Oxford University Press

An overview of the changing nature of India’s interactions with the global economy shows that over the past three decades, policies of economic reform that included trade liberalization and easing of rules for capital inflows led to substantial increases in the extent of economic ‘openness’ of India, which, in turn, transformed some aspects of productive structures in the economy and had other wide-ranging effects. Some of the outcomes may appear to be contradictory: more rapid income growth yet poor employment generation; significant increases in the ‘middle classes’ yet the persisting predominance of low wage and informal workers in the population; dramatic expansion of both exports and imports yet poor human development indicators and food insecurity. These aspects are sought to be explained in terms of the implications of a growth strategy based on using external trade and investment openness to generate more investment and output, without adequate attention to the quality and inclusiveness of such growth.

Keywords:   India, international trade, international investment, structural change, production structures, employment, economic globalization

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