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Article
‘India rising’ and the mixed blessings of globalisation
India Quarterly
  • Shalendra SHARMA, University of San Francisco, and Lingnan University, Hong Kong
Document Type
Journal article
Publication Date
12-1-2014
Keywords
  • Indian economy,
  • globalisation,
  • quantitative easing,
  • India rising,
  • liberalisation
Disciplines
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
Language
English
E-ISSN
09752684
Publisher Statement

Copyright © 2014 Indian Council of World Affairs (ICWA)

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Citation Information
Sharma, S. D. (2014). ‘India rising’ and the mixed blessings of globalisation. India Quarterly, 70(4), 283-297. doi: 10.1177/0974928414545925