India's Globalization

by Baldev Raj Nayar

This study systematically evaluates the economic consequences of globalization for India in the light of the attack of the critics against globalization on grounds of economic stagnation, “deindustrialization,” “denationalization,” destabilization, and impoverishment. On the basis of abundant qualitative and quantitative data, it strongly repudiates the case of the critics, and demonstrates that India has been a significant beneficiary of the globalization process. Instead of economic stagnation, India has seen acceleration in its average annual rate of economic growth. Instead of deindustrialization, there has been substantial industrial growth and, indeed, acceleration in the industrial growth rate. Instead of denationalization, business in India is now more competitive and is venturing forth into the global market; increased imports and the entry of foreign multinationals have not swamped it; essentially, India is master of its own destiny. Instead of economic destabilization, there