11. India: the Next Economic Giant
- Author:
- Mark P Thirlwell
- Publication Date:
- 08-2004
- Content Type:
- Working Paper
- Institution:
- Lowy Institute for International Policy
- Abstract:
- The Indian economy is showing clear signs of realising its dormant potential. The impact of more than a decade of economic reforms, instigated by a 1991 balance of payments crisis, has now removed or at least mitigated some of the major economic distortions that have handicapped past economic performance. One important result has been a significant boost to the economy's overall potential growth rate. Another has been India's re-engagement with the global economy, which in turn has transformed the prospects of key sectors of the Indian economy. This transformation has been most visible in the case of information technology-related services exports, where India has already become an important global player. But there are also positive signs in the areas of merchandise trade and international capital flows. These trends will have important consequences for the international economy as a whole and for Australia in particular.
- Topic:
- Economics, Emerging Markets, and Globalization
- Political Geography:
- India, East Asia, Asia, and Australia