By T.N. Srinivasan and Suresh D. Tendulkar , Institute for International Economics, March 2003

In the 19th and first half of the 20th centuries India was well integrated into the world economy, with its merchandise exports accounting for 4.5 percent of the world total in 1913. But India saw a steady decline of its share over the course of the century, dropping to 2.9 percent in 1950, and finally plunging to less than 0.5 percent by the 1980s. The decline was largely attributed to a post-independence strategy of national self-sufficiency premised on a closed economy. As other countries in the region gradually liberalized their economies, India finally followed suit in the early 1990s.

In this study, Professors Srinivasan and Tendulkar examine this history in greater detail and analyze its implications for today's India. They explore the hypothesis that had the country followed a different development strategy, the country's GDP growth would have been more rapid and Indian trade would have grown even faster than GDP. Chapters focus on trade issues, external factors, and foreign direct investment. Looking to the future, the authors discuss India's role in the World Trade Organization, especially with regard to the proposed "Millenium Round" of multilateral negotiations and current attempts to relate trade to labor, environmental and human rights issues. The final chapter evaluates the process of economic reform and offers policy recommendations in this regard.

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Book Contents:

Preface

Acknowledgments

1. Introduction: Macroeconomic Crisis and Radical Reform 130.2KB

2. India in the World Trading System: A Quantitative Assessment 419.8KB

3. India in the GATT and the WTO 220.8KB

4. Domestic Constraints on International Participation 240.6KB

5. Conclusions and the Tasks Ahead 199.8KB

References

Index

About the Author:

T.N. Srinivasan is the Samuel C. Park, Jr. Professor of Economics and Chairman of the Department of Economics at Yale University, where he has taught since 1980. He was a special adviser to the Development Research Center at the World Bank from 1977 to 1980, and has taught at numerous academic institutions over the past four decades, including MIT, Stanford University, and the Indian Statistical Institute. He has authored a prolific collection of books and articles on econometrics, world trade, and developing country economics.

Suresh D. Tendulkar is professor of economics at the Delhi School of Economics, University of Delhi, India where he was head of the department of economics (1986-89) and director of the school (1995-98). He has also served as a part-time member on various committees of the government of India. He has written extensively on issues and problems relating to Indian development and policies, including those on liberalization and globalization

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