Chapter

Economic development: from import-substitution industrialization to economic liberalization

Sagarika Dutt

in India in a Globalized World

Published by Manchester University Press

Published in print July 2006 | ISBN: 9780719069000
Published online July 2012 | e-ISBN: 9781781701409 | DOI: http://dx.doi.org/10.7228/manchester/9780719069000.003.0004
Economic development: from import-substitution industrialization to economic liberalization

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This chapter identifies the problems that negatively affected economic development in India. It suggests that the policy of import substitution industrialization had outlived its usefulness and that the licence-permit raj is hampering economic growth. This chapter discusses India's launch of economic liberalisation initiatives in the early 1990s and explains and highlights the controversies and debates to which it has given rise.

Keywords: economic development; India; import substitution industrialization; licence-permit raj; economic growth; economic liberalisation

Chapter.  11678 words. 

Subjects: International Relations

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