Abstract:
This paper attempts to capture how India embraced the world
economy against the backdrop of the evolving domestic and international
economic policy environment. We begin with a brief overview of the
evolution of India’s development policy framework. Next, we attempt
to understand why India failed to join the league of ‘Asian Miracle’
economies that embarked upon a phenomenal growth path during 1960s,
70s and 80s. This is followed by a quantitative presentation of the
process of India’s integration with the world economy that was effectively
set in motion only after a turnaround in its policy regime in the 1990s.
Finally, we conclude that India’s post-colonial policy thrust on public
funded higher education and research in science & technology, creating
a strong base of human capital and technological capability, acted as
the key drivers of India’s economic emergence during the last couple of
decades.
