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India's Long RoadThe Search for Prosperity$
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Vijay Joshi

Print publication date: 2017

Print ISBN-13: 9780190610135

Published to Oxford Scholarship Online: March 2017

DOI: 10.1093/acprof:oso/9780190610135.001.0001

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India and the World Economy

India and the World Economy

Chapter:
(p.247) Chapter 12 India and the World Economy
Source:
India's Long Road
Author(s):

Vijay Joshi

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190610135.003.0012

This chapter reviews the main features of India’s integration with the global economy and examines India’s stance on global economic issues. Since 1991, India’s trade and foreign investment flows have more than trebled as a proportion of GDP, consequent upon the liberalization of various restrictions. The effects on productivity and growth have been highly favourable. Instability has been avoided by retaining some capital controls on ‘hot money’. On international monetary issues, India has no axe to grind. It should use this neutral status to demand better mechanisms to adjust deficits and surpluses of key countries, and better arrangements for provision of international liquidity. In the trade arena, India needs urgently to fashion a coherent response to the global trend towards mega-regional trade agreements. Non-engagement runs the risk of leaving India vulnerable to discrimination, and exclusion from rule-making on ‘behind the border’ issues.

Keywords:   global integration, global economic issues, trade, foreign investment, capital controls, international balance of payments adjustment, international liquidity, preferential trade agreements, trade discrimination, ‘behind-the-border’ issues

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