N. V. GALISHCHEVA
Doctor of Economics
MGIMO (U) of the Russian Foreign Ministry
Key words: India, economic liberalization, foreign economic policy, "Looking to the East"
Since the early 1990s, India has embarked on large-scale economic liberalization, one of the goals of which was to open the economy to the outside world. As a result, India, which now has the third largest gross national income (GNI) calculated at purchasing power parity (PPP), has become one of the largest economies of our time. The experience of the past two decades shows that the reforms, in general, were successful. They allowed India to gradually and very effectively solve both internal problems (industrial modernization, human development, the fight against poverty and hunger, etc.), and to integrate into the system of modern world markets, occupying new niches in them, and often high-tech ones.
At the same time, there is a clear trend that with India's integration into the world economy, which is considered by its political and economic establishment as one of the factors for ensuring the accelerated development of the national economy, both the forms of India's presence on world markets and in individual regions of the world, as well as Indian foreign economic priorities, are changing. Their identification and analysis become important for the further development of multi-faceted Russian-Indian relations in the context of the ongoing difficult recovery from the global financial and economic crisis and the growing competition between the main economic centers of the world.
WHAT DO WE HAVE AND DON'T KEEP?
Until the early 1940s, India's foreign economic relations were mainly focused on Great Britain-the mother country and British colonies, and from the mid - 1940s and in the first years of independent development-also on the United States. In fy1950/51, the combined share of Great Britain and the United States in Indian exports was 42%, and in imports - 39.1%. The subsequent expansion of India' ... Read more