Book

Description

Indian planners evolved their own policy paradigm and development strategy for the attainment of long run self-reliant and self-sustained growth, based on development of basic and heavy goods industries. Adoption of New Economic Policy (NEP) in 1990-91 was designed primarily to replace slowly growing closed Indian economy by rapidly growing open economy. Export led growth strategy relies on the exploitation of economies of large scale production and permits importing such goods as may be available cheaper from abroad. Exports may be in conformance to factor endowments in the given development stage of the economy. The opening up of the closed economy is expected to have resulted in changes in magnitude, direction and composition of trade. So, the question one is compelled to ask is, ‘has the quantum and structure of trade with traditional partners and new partners, if any, changed under NEP?’ One of the chapters in the book focuses only on Indo-Southern African trade since 1990-91. Rationale of this choice is that both Indian and some Southern African Economies are emerging market economies and these two have close relations for long. The book aims at determining the degree of openness of Indian economy and the profile of time path traversed towards this goal under NEP. Chapters in the book also examine sustainability with regard to growth of the Indian economy over a long period of time.