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Globalization, Development and the StateIndia

Globalization, Development and the State: India [The 1970s saw the culmination of India’s quest for economic self-reliance.1 The long-term ambition of the Indian planners and politicians from the early 1950s onwards had been to develop an indigenous and independent industrial sector as the foundation for sustained economic growth. The economic strategy pursued by policymakers had emphasized strong state intervention, a policy of import-substitution and a largely restrictive policy towards foreign investments with the aim of promoting national control over the country’s economic assets. The Indian state had, on the one hand, put in place an impressive system of controls over private industrial investments, its core being the industrial licensing system. This system implied that practically all industrial investments required government approval in the form of an investment licence. On the other hand, the state had directly engaged itself in industrial development through public enterprises. Some of these were former private companies that were nationalized; others were enterprises established by the state in those economic sectors that were deemed strategic and in many instances reserved exclusively for state-owned enterprises.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Globalization, Development and the StateIndia

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Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2008
ISBN
978-1-349-30079-2
Pages
80 –123
DOI
10.1057/9780230227354_6
Publisher site
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Abstract

[The 1970s saw the culmination of India’s quest for economic self-reliance.1 The long-term ambition of the Indian planners and politicians from the early 1950s onwards had been to develop an indigenous and independent industrial sector as the foundation for sustained economic growth. The economic strategy pursued by policymakers had emphasized strong state intervention, a policy of import-substitution and a largely restrictive policy towards foreign investments with the aim of promoting national control over the country’s economic assets. The Indian state had, on the one hand, put in place an impressive system of controls over private industrial investments, its core being the industrial licensing system. This system implied that practically all industrial investments required government approval in the form of an investment licence. On the other hand, the state had directly engaged itself in industrial development through public enterprises. Some of these were former private companies that were nationalized; others were enterprises established by the state in those economic sectors that were deemed strategic and in many instances reserved exclusively for state-owned enterprises.]

Published: Oct 10, 2015

Keywords: Stock Market; Foreign Investment; Foreign Company; Uruguay Round; Indian Industry

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