Economy: As Globalisation Spread ; India Is More Globalised Than It Imagines It Is. The Government and the People Will Have to Accept This Fact to Better Understand and Respond to the Global Crisis.
Summary
Unable to believe what he saw on one of the slides, Prime Minister Manmohan Singh had the presentation being made to him at 7 Race Course Road one afternoon in July 2007, put on pause. He removed his glasses and placed it on the desk in front of him and picked up a pencil. The economist and former professor, then, himself recalculated on the margins of his printed copy, the statistic on the paused slide. The result was no different.
The statistic that startled Singh is the ratio of the capital brought in and sent out of the country to the GDP. A measure for the degree of globalisation achieved by an economy, the number stood at 110 per cent for 2006-07 for the Indian economy. Singh's disbelief stemmed from the big leap in the figure over the last decade-and-a- half the ratio was barely 40 per cent when as the Finance Minister, he had opened up the Indian economy in the 1990s.See the full content of this document
Extract
Economy: As Globalisation Spread ; India Is More Globalised Than It Imagines It Is. The Government and the People Will Have to Accept This Fact to Better Understand and Respond to the Global Crisis.
It's hard to find out if the latest data trickling in on the sudden plumetting of industrial output and export growths is again stirring a sense of disbelief ...
See the full content of this document