TY - JOUR
T1 - ‘India rising’ and the mixed blessings of globalisation
AU - SHARMA, Shalendra D.
PY - 2014/12
Y1 - 2014/12
N2 - 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.
AB - 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.
KW - Indian economy
KW - globalisation
KW - quantitative easing
KW - India rising
KW - liberalisation
UR - http://commons.ln.edu.hk/sw_master/3457
UR - https://www.scopus.com/inward/record.uri?eid=2-s2.0-85011425662&doi=10.1177%2f0974928414545925&partnerID=40&md5=bbd7a96b14c028d86824bf181d1e4f7b
U2 - 10.1177/0974928414545925
DO - 10.1177/0974928414545925
M3 - Journal Article (refereed)
SN - 0974-9284
VL - 70
SP - 283
EP - 297
JO - India Quarterly: A Journal of International Affairs
JF - India Quarterly: A Journal of International Affairs
IS - 4
ER -