India Rising’ and the Mixed Blessings of Globalisation

Bibliographic Data

ID12322784
AuthorsShalendra D Sharma (0000-0002-5091-9248, Shalendra D. Sharma is Professor of Political Science at the University of San Francisco and Lee Shau Kee Foundation; Chair Professor of Political Science at Lingnan University, Hong Kong., corresponding author)
Year2014
Volume70
Issue4
Pages283-297
Publication date2014-11-05
Open AccessYes
TypeARTICLE
VenueIndia Quarterly A Journal of International Affairs (JOURNAL)
Journal identifiersISSN: 0974-9284 • E-ISSN: 0975-2684
PublisherSAGE Publishing (PUBLISHER • US)
DOI10.1177/0974928414545925
OpenAlexW1995314938
LanguageEN
Citations received1
References cited6

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 quasi-protectionist 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 sell-offs in emerging economies, especially India’s currency, bond and equity markets

Beneficiary · Currency · Economic policy · Economics · Equity (law · Globalization · International economics · International trade · Market economy · Monetary economics · Political science · Protectionism · Stimulus (psychology · Economic Theory and Policy · Global Financial Crisis and Policies · Indian Economic and Social Development · Finance

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