‘India rising’ and the mixed blessings of globalisation
Document Type
Journal article
Source Publication
India Quarterly
Publication Date
12-1-2014
Volume
70
Issue
4
First Page
283
Last Page
297
Keywords
Indian economy, globalisation, quantitative easing, India rising, liberalisation
Abstract
India has been a major beneficiary of economic globalisation. Yet, integration into the global economy has also made India vulnerable to the unpredictable swings in market sentiment. Nevertheless, the ultimate effects of cross-border economic forces also depend on the robustness of domestic policies. Potential vulnerabilities such as disruption in trade or financial flows can be mitigated by sound macroeconomic policies. Although ‘licence raj’ and ‘export pessimism’ is now a thing of the past, India’s quasiprotectionist policies, coupled with the failure to deepen its integration into the global economy, have made the economy increasingly vulnerable to external forces—as seen when the United States Federal Reserve announced its decision to unwind its stimulus programme in mid-2013, resulting in deep selloffs in emerging economies, especially India’s currency, bond and equity markets.
DOI
10.1177/0974928414545925
Print ISSN
09749284
E-ISSN
09752684
Publisher Statement
Copyright © 2014 Indian Council of World Affairs (ICWA)
Access to external full text or publisher's version may require subscription.
Full-text Version
Publisher’s Version
Language
English
Recommended Citation
Sharma, S. D. (2014). ‘India rising’ and the mixed blessings of globalisation. India Quarterly, 70(4), 283-297. doi: 10.1177/0974928414545925