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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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The Management and Impact of Cross-border Capital Flows in India

The Management and Impact of Cross-border Capital Flows in India

Chapter:
(p.169) 5 The Management and Impact of Cross-border Capital Flows in India
Source:
Economics
Author(s):

Parthapratim Pal

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199458943.003.0005

This chapter reviews the academic work on the changing nature of foreign capital flows to India in the post-liberalization period. The discussion shows that India has almost moved full circle in its approach towards capital flows. During the early phases of planning, foreign capital was deemed important. But gradually India developed a cautious approach about it since the 1960s. India opened up in 1991 and since then the government has gradually moved towards a more open and accommodating policy regime regarding foreign capital. The review of literature indicates that there has been significant increase in capital flows to India over the last two decades and India no longer faces a major foreign exchange constraint. While the literature is divided about the extent of benefits brought about by the inflow of foreign capital, it clearly establishes the policy constraints and threat increased inflow of foreign capital has introduced in the Indian economy.

Keywords:   foreign direct investment (FDI), portfolio capital flows, current account, capital account, foreign institutional investor (FII), capital control, India

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