Insights Publications India's Open-Economy Policy | India's Open-Economy Policy |
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In a new book titled India's Open-Economy Policy: Globalism, Rivalry, Continuity, Jalal Alamgir explains why India’s open-economy policy, initiated in 1991, has continued despite widespread political risks. Through an analysis of strategies pursued to establish and consolidate India's economic change, the book offers ideas for policymakers seeking to initiate large-scale transformations. India's economic transformation is one of the most significant of the twentieth century. It required skillful and complex political marketing. To justify the continuity of economic reforms in strongly resistant society, Dr. Alamgir argues, India's change leaders marketed two overarching ideas: globalism and rivalry. Globalism refers to India's long-standing project of national empowerment, of becoming a great power globally. Pro-change policy leaders presented economic openness as required for India to achieve great power status, a goal that had so far eluded India though it had fueled the country's independence movement. In addition, change leaders invoked a strong sense of rivalry with China, presenting China as India's main strategic and economic competitor. Throughout the 1980s, China's economic advances had outpaced India to the extent that they posed a strategic risk. It was urgent for India to not only catch up but persist with its economic change program despite hardship. The marketing of both of these concepts together allowed policymakers to privilege international or external drivers over internal issues when it came to resetting India's strategic direction. And it allowed them to unify political divisions under strong nationalism, ensuring that India’s economic openness could not be curtailed even though specific policies faced opposition. The analysis of India offers policymakers a set of strategies to manage the political risks arising from large-scale economic transformations. The book is published by Routledge (London and New York, 2009; ISBN 9780415776844). For more information, please visit the publisher's site: Routledge. To purchase the book: |