By C.P. Chandrasekhar
The 1st quantity strains the post-Independence evolution of the economic region in India via delineating adjustments in coverage regimes, taking pictures structural shifts, deciding upon sessions of development and stagnation, and assessing the criteria that designate those traits. It highlights the primary contributions within the monetary literature that improve the modern realizing of India’s post-Independence business background. the amount covers the advance of Indian ahead of and after 1991, while a stability of funds drawback ended in an incredible regime switch marked via the dismantling of the interventionist constructions that have been manage throughout the fast post-Independence years. The essays during this quantity revisit the facts and the debates on India’s post-Independence industrialization; severely study the function of the govt., the concepts it followed, and the effectiveness of implementation; and search to supply an realizing of why the expectancies that India might effectively make the economic transition were belied.
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Additional info for ICSSR Research Surveys And Explorations:: Economics
CHANGE IN ENVIRONMENT The weaknesses discussed in the previous paragraph were immaterial so long as the domestic market remained protected and new domestic 22 INDIAN INDUSTRIALIZATION entrants were discouraged by the barriers to entry created by minimum investment requirements, incumbent firm advantages, and state intervention. However, the period since the late 1970s has seen a substantial change in the context in which Indian monopoly capital operates. To start with, four decades of operation of processes of accumulation outside the terrain of traditional oligopoly had resulted in the emergence of a significant number of investors with the potential for and an inclination towards investment in industry.
Further, inasmuch as the size of the firm is independent of equity, to the extent that investment is financed with domestically borrowed capital, even profit repatriation is large relative to the inflow of capital. Thus, unless export revenues increase significantly and bring in additional foreign exchange revenues, net inflows (that are positive at the time when equity is flowing in) soon turn negative, and within a short period, cumulative inflows are negative. Contrary to this evidence, it has been argued that with the rise to dominance of the international firm, the reduction in transport and communication costs associated with the post-War technological revolution and the wave of liberalization that permits easy and low-taxed cross-border flows of capital, goods, and services, the nature of foreign direct investment must change.
The number of firms covered in each year’s selective survey, which provides data for two or three consecutive years for a common set of firms, varies over time. So the series is not strictly comparable over a long period. However, the numbers are indicative. The RBI provides details on movements in the exports–sales ratio for these sets of firms for the period. What the numbers indicate is that in the period when FDI inflows into India have been rising rapidly, the export intensity of FDICs has been more or less stable.
ICSSR Research Surveys And Explorations:: Economics by C.P. Chandrasekhar