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A Concise Handbook of the Indian Economy in the 21st Century$
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Ashima Goyal

Print publication date: 2019

Print ISBN-13: 9780199496464

Published to Oxford Scholarship Online: January 2020

DOI: 10.1093/oso/9780199496464.001.0001

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Reforms and Global Economic Integration of the Indian Economy

Reforms and Global Economic Integration of the Indian Economy

Emerging Patterns, Challenges, and Future Directions

Chapter:
(p.151) Chapter 6 Reforms and Global Economic Integration of the Indian Economy1
Source:
A Concise Handbook of the Indian Economy in the 21st Century
Author(s):

Nagesh Kumar

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199496464.003.0006

Nagesh Kumar brings out the reforms pursued since 1991 have deepened global integration of the Indian economy. Opportunities for product and market diversification remain to be fully exploited to sustain export growth and create more jobs. Despite healthy trade surpluses earned by services as India emerged as a global hub for ICT outsourcing, the balance of payment situation continues to face occasional pressures related to oil prices fluctuations. Export competitiveness needs to be strengthened through appropriate exchange rate management and opportunities for strategic import substitution need to be exploited by leveraging India’s large domestic market size using industrial policy measures, such as Make-in-India. While farsighted policies have led India becoming a part of emerging broader regional economic arrangement, Indian industry has yet to learn to exploit the opportunities provided by preferential access to East Asian markets rather than passively grant market access.

Keywords:   Global economic integration, export competitiveness, product and market diversification, strategic import substitution, East Asia

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