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India Turns EastInternational Engagement and US-China Rivalry$
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Frédéric Grare

Print publication date: 2017

Print ISBN-13: 9780190859336

Published to Oxford Scholarship Online: December 2017

DOI: 10.1093/oso/9780190859336.001.0001

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India’s and China’s Economic Standing in Asia

India’s and China’s Economic Standing in Asia

The Political Economy of India’s Look East Policy

Chapter:
(p.159) 7 India’s and China’s Economic Standing in Asia
Source:
India Turns East
Author(s):

Frédéric Grare

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190859336.003.0008

Although entwined with other motivations, the primary objective of the Look East Policy was and remains economic. Indian policy makers felt the need to bridge the gap caused by China’s twelve years year head start in liberalizing its economy or risk being marginalized in Asia. The two countries choose, however, radically different strategies:, China becoming became in the process a massive exporter of manufactured goods while India while India specializedspecialized in high-skill service exports, alongside manufactures but failing failed to expand the latter as much as expected. Foreign direct investment played a key role in the strategies of both countries, leading to substantial differences in export output. Because it was meant to develop an export strategy, FDI gave China a decisive advantage in the region. In India, FDI essentially targeted the domestic market and its contribution to manufactured product exports remained limited. China rapidly emerged as the pivot of the Asian export platform, a position that also enhanced its political influence across Asia.

Keywords:   Look East policy, Economic reforms China liberalized economy, India service exports, Foreign direct investment (FDI), Free Trade Agreements (FTA), Export strategies, Asian economic architecture export platform, Chinese export strategy

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