DOCSLIB.ORG

Openness and Growth of the Indian Economy: an Empirical Analysis

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Openness and Growth of the Indian Economy: an Empirical Analysis EXPORT-IMPORT BANK OF INDIA OCCASIONAL PAPER NO. 150 OPENNESS AND GROWTH OF THE INDIAN ECONOMY: AN EMPIRICAL ANALYSIS This study is based on the award winning entry for EXIM Bank International Economic Development Research Annual (IEDRA) Award 2010 for the doctoral dissertation titled “Openness and Growth of the Indian Economy: An Empirical Analysis”, submitted to the Indian Institute of Technology Bombay, Mumbai by Dr. Narayan Chandra Pradhan, Research Officer, Reserve Bank of India, Mumbai. The dissertation was written under the supervision of Prof. Pushpa Trivedi, and was sponsored by the Reserve Bank of India. The views expressed here are those of the author and do not necessarily reflect those of the Export-Import Bank of India. EXIM Bank’s Occasional Paper Series is an attempt to disseminate the findings of research studies carried out in the Bank. The results of research studies can interest exporters, policy makers, industrialists, export promotion agencies as well as researchers. However, views expressed do not necessarily reflect those of the Bank. While reasonable care has been taken to ensure authenticity of information and data, EXIM Bank accepts no responsibility for authenticity, accuracy or completeness of such items. © Export-Import Bank of India August 2011 1 2 CONTENTS Page No. List of Tables 5 List of Charts 5 Executive Summary 7 1. Introduction 10 2. Trade Openness and Growth: A Brief Survey of Literature 18 3. Openness and Growth: The Role of International Institutions 22 4. India’s Trade Openness, Trade Policy and Growth 27 5. Trade in Services and Growth 39 6. Labour Migration and Financial Flows 49 7. Exports and Economic Growth: An Econometric Analysis 57 8. Nexus between Capital Flows and Growth 73 9. Conclusions 79 Appendix 82 References 90 3 4 LIST OF TABLES Table No. Title Page No. 4.1 Trends in Trade Openness of Major Trading Economies 30 4.2 India’s Trade Performance since 1980 33 4.3 India’s Exports of Principal Commodities 34 4.4 Direction of India’s Exports 35 4.5 India’s Imports of Principal Commodities 36 4.6 Sources of India’s Imports 37 5.1 Indicator of Services in Indian Economy 42 5.2 Structure of India’s Services Exports 43 5.3 Software Services Exports of India 45 6.1 World Remittances 51 6.2 Relative Volatility of Workers’ Remittances 52 6.3 Workers’ Remittances - Top Ten Receiving Countries 53 7.1 ADF and PP Unit Root Tests for the Data Series 61 7.2 KPSS Stationarity Tests 62 7.3 Granger Causality Tests 69 8.1 ADF Unit Root Test 74 8.2 Granger Causality between DLNAGDP and DLCAPFL 78 LIST OF CHARTS Chart No. Title Page No. 4.1 India’s Share of Global Merchandise Exports and Imports 32 5.1 Growth Rate of Total GDP, Services GDP and Services Trade 41 5 6 EXECUTIVE SUMMARY The study focuses on ‘openness’ and affects analysis and policy even which is expected to have a positive in the present day context. impact on the growth of Indian economy. Each chapter deals The role of multilateral international with a theoretical perspective on institutions, such as, WTO, IMF, openness and growth. Although, the World Bank and ILO in promoting background of the study includes the trade openness and growth has post-independence period so as to been discussed in depth. The WTO highlight the lessons learnt from the focuses on rules for multilateral trade import substituting industrialization, liberalization and transparency; the the analytical content focuses on the IMF on overall macroeconomic policy liberalization period beginning the framework and balance of payments 1980s, reinforced during 1990s and disequilibria; and the World Bank carried forward during 2000s. The on long-term growth, development temporal coverage of the empirical and sectoral trade issues. The ILO’s analysis carried out spans the period role has been to ensure that the 1970-71 to 2008-09. The research human face of labourer is not lost in question addressed in the study is: implementing the competitive agenda “whether openness has impacted of trade openness and growth. India’s growth rate, and if so, then in what direction?” In recognition of the growing importance of external openness in An overview of literature on the nexus Indian economy, the focus is assigned between openness and growth reveals on changing trade policy regimes of many aspects. The theories of trade India; trade performance in the global discussed are those based on certain context during the liberalization assumptions and tried to explain: period; changing trade pattern – (i) how and why different countries both composition and direction since may gain from trade; and (ii) pattern of 1980-81 in order to compare pre- trade specialisation, i.e., why certain and post-liberalization performance. countries export particular goods and Services exports have opened up import others. The theory written over new opportunities for India since the a hundred years ago still resonates liberalization process started and 7 seen a structural shift starting from relationship. The coefficient of error 2003-04 driven by the emergence of correction term decides how quickly new avenues – exports of software the equilibrium is restored. About 17 services and business services per cent of disequilibrium is corrected that augur well for the services led every year in the case of relationship growth. between exports of goods and GDP; and about 14 per cent disequilibrium This study puts forward the impact is corrected every year in the case of labour mobility since 1980s. There of relationship between ‘goods and are two major impacts of international services’ and GDP. The significance labour migration from India, on the of the error correction term at 5% balance of payments: (i) through level suggests a robust relationship remittances from migrant labour; and between export growth and growth of (ii) through repatriated deposits held real GDP. This reinforces the nexus with the Indian Banks. In recent years, between export and GDP growth in the world has witnessed migration of both short and long run. The test of labour as a major feature despite the Granger causality suggests that the restrictive immigration laws, owing direction of causality from export growth to GDP growth; since the to the differences in demographic estimated F-statistics is significant, at pressure and income levels among the 5% level up to 4 lags, at the 10% countries. At the same time, spread level at lag 5. On the other hand, there of education and communication are is no ‘reverse causation’ from GDP also facilitating the progress of labour growth to export growth. The test of openness from developing countries Granger causality/Block Exogeneity to developed ones. in VAR framework indicates lead- lag relationship between exports Empirical testing of export-led growth and GDP. The empirical evidence hypothesis by applying various time indicates that the movements in the series techniques reveals both short- exports of goods and services appear and long-run relationship between to lead the movement of GDP in Indian export and output growth. Application economy. This also indicates that one of stationarity/unit root tests, viz., can use exports to better predict the ADF, PP and KPSS, confirms that all GDP than simply by the past history the variables are non-stationary at log of GDP. levels and there is existence of unit root in the series used. Subsequent The Cointegration tests demonstrate residual based cointegration test a long run relationship between net on log levels between exports capital flows and non agricultural and GDP confirms their long run GDP. The Granger causality results, 8 however, do not point out to the Given the recent success of software validation of temporal causation exports from India along with the between net capital inflows and focus area approach to merchandise growth. Hence, based on these tests, exports including its diversification, neither can we make any claims the finding is plausible and consistent about the predictability of growth with prior expectation that growth from capital inflows nor can we infer of exports – both merchandise whether capital inflows have been and services – stimulates economic due to pull factor. growth. 9 1 INTRODUCTION Since 1980s, interdependence endangered the ability of countries to among nation-states has increased insulate themselves from the external significantly in respect of trade to shocks. Gross Domestic Product (GDP) ratios. Now, it is an established fact In the above background of that the growth of world merchandise world economy, the structure of trade has surpassed the growth of Indian economy has undergone a world GDP leading to even doubling considerable change since mid-1991. of the trade-to-GDP ratios for some These changes include, increasing emerging economies between 1980 importance of international trade and and 2008. This has emanated mostly capital flows. The services sector from the increasing openness of the has become a major driver of the world’s trade and financial markets economy with GDP share of more and ongoing labour migration. These than 50 per cent and the country phenomena, in turn, have been becoming an important hub for stimulated by policy efforts, both export of Information and Technology at bilateral and multilateral levels enabled services (ITES). The share through liberalising the rules governing of merchandise trade to GDP in trade and investment and by market India increased from 7.2 per cent in forces that prompt MNCs to seek out 1980-81 to 13.3 per cent in 1990-91 better factor costs and conditions to and further to 38.9 per cent in 2008- site their locations outside the state of 09. India has been perceived as their origin. an attractive destination for capital inflows and net capital inflows, due to With technological change in the various socio-political and economic information sector, huge capital considerations.
Load more

Recommended publications
  • JEBIS: Jurnal Ekonomi Dan Bisnis Islam REACTION
    JEBIS: Jurnal Ekonomi dan Bisnis Islam Volume 7, No.1, January – June 2021 p-ISSN : 2442-6563 e-ISSN : 2525-3027 Page 148 – 162 Available online at https://e-journal.unair.ac.id/JEBIS doi: 10.20473/jebis.v7i1. 25921 REACTION OF ISLAMIC STOCK MARKET TO MACROECONOMIC VARIABLES: A STUDY OF INDIA AND INDONESIA Mohammad Irfana Salina Kassimb Sonali Dhimmarc Mohd Zahidd Nasrul Fahmi Zaki Fuadie aDepartment of Management Studies, CMR Institute of Technology, Bengaluru, India b Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia cSchool of Business, Auro University, India dDepartment of Management, Rajiv Academy for Technology and Management, India eEconomy and Islamic Business, Walisongo State Islamic University, Indonesia Email: [email protected]; [email protected]; [email protected]; [email protected]; [email protected] ARTICLE HISTORY ABSTRACT Received: India and Indonesia are among the world-largest democracies, having a 13 January 2021 strong international presence through involvement in various economic Revised and intergovernmental organizations such as in the E7 countries and G20 8 April 2021 countries groups. This study aims to identify the impact of Accepted: 31 May 2021 macroeconomic variables on the Islamic stock markets of India and Online available: Indonesia. Two Islamic stock market indices are considered: the Indian 30 June 2021 Bombay Stock Exchange (BSE) Shariah Index and the Indonesian Jakarta Islamic Index (JII). At the same time, the macroeconomic variables are Keywords: foreign direct investment (FDI), import, export, gross domestic product BSE Shariah, (GDP), broad money (M3), and exchange rate (ER). The study adopts Jakarta Islamic Index, panel regression analysis on yearly data covering the period from 2011 Macroeconomic to 2020.
    [Show full text]
  • UNIT I FOREIGN TRADE and POLICY OBJECTIVES to Give Broader Understanding of the Foreign Trade and It‘S Policy
    UNIT I FOREIGN TRADE AND POLICY OBJECTIVES To give broader understanding of the foreign trade and it‘s policy. This unit given students an understanding of the aspects that how the various theories explain the development of foreign trade between the nations. The main objectives of this unit are: To analysis similarities and differences between internal and international trade. To provide an overview of various theories in foreign trade. To evaluate the terms of trade between the nations. To analysis the concept of Balance of Payment and Adjustment Mechanism in Balance of Payment. STRUCTURE 1. Introduction 1.1 Meaning of International Trade 1.2 Similarities and Differences between Internal and International Trade 1.3 Gains from International Trade 1.4 Adam Smith‘s Theory of Absolute Differences in Cost 1.5 David Ricardo‘s Theory of Comparative Cost 1.6 Haberler‘s Theory of Opportunity Cost in International Trade 1.7 Heckscher-Ohlin Theory or Modern Theory of International Trade 1.8 Terms of Trade 1.9 International Trade in Services 1 1.10 Meanings of Balance of Payment 1.11 Structure of Balance of Payment 1.12 Balance of Payments Disequilibrium 1.13 Adjustment Mechanism in balance of Payments Account 1.14 Summary 1.15 Self-Assessment Questions 1. Introduction:- The international trade has been growing faster than world output indicates that the international market is expanding faster than the domestic markets. There are indeed many Indian firms too whose foreign business is gro wing faster than the domestic business. Business, in fact, is increasingly becoming international or global in its competitive environment, orientation, content and strategic intent.
    [Show full text]
  • Economic Reforms and Its Impact on External Sector in India
    ECONOMIC REFORMS AND ITS IMPACT ON EXTERNAL SECTOR IN INDIA A BS.TRACT OF THE' _ 1 - F THESIS' SUBMITTED FOR THE AWARD OF THE DEGREE OF = of ji ottor - o v l ECQNOMIQS BY SIi.11RI,N RAIS UNDER THE SUPERVISION OF PROF. , ABD.UL WAHAB. (Chairman) • DEPARTMENT OF ECONOMICS ALIGAR H MUSLIM UNIVERSITY ALIGARH'-202002.(INDIA) 2012 6 s: I .~:`j I:,_.... :~J J~}•r ` %.': 1 1:: .. ~•''' . ~.. Y.7 ,.,_J.!~.l • ' I. :1r..'1f i. r •~i'r:. i fl tJ`.. 't 'a ~ t\?~J~ ' .. ..,'!C. iJ :.): Ish'if;i .;-t'J'.. ..t .. ..~1t. ?1'i. ,.. _ ii 1. : . :.:SS: J f {w: . " '~.n ._ • ~ - r . h 1.: ~ '1. o- v3 , Fray M ~ ,~ t:r ar ...' :i•`I11:)`~ .F• n' - r+i • ~J~ ?'r': y [ £.n.lr a:1 . } : '• {,r _ - ;-s r~ v a.c-.~+ ;' R_ ,~ ~ sync;s „•qi 'I C.. _.il li~ ~.1 •'1'r,' 1`:t[ 'I ~ .1:.. .. 1, i~~ ' iar;..:► !Jflsi 1'j•"r ,iG•._L.:7. -(1r'Jy •*r_ ..;f-.I 'yo::LJ ..s[ - :'~ :T,,;j-..r1r . .'j .i_t.Tt. '..- Jr .. Jai . =tli.`1!f~_.. .- A la - •~ r '3 - .~. ... .,~ .. Ji V . i[; .'{ :iil ..I= 5; _ ...'_.i J:.'•.. ,_~-.. ._ .y.'.~:':i: .a ." _ -'~~b~ .''k:n~•.,~-~','~1 '`.' ~`tr.`r:_...'1 r ;;r ~_r_, 'd ,} `?•r Jf tli.. ..- ,.. L • -. l'i• i- :) ire 1 •h l.:Si! `JiE:J(` f f. a r ?~' _ _ _ ;_. ._ .. ,'r (': (1 :~_ J ` A~ 1 ,•-•rl 1. 1, I.l`, •11~ ...i'i~', `'f /• 1 a i I '[r.,i'ln r.~:1 I'.I i ) :.
    [Show full text]
  • Indian Economy on the Eve of Independence
    1 Q.1)What do you mean by economic structure? Ans) Economic structure is a term that describes the changing balance of output, trade, incomes and employment drawn from different economic sectors – ranging from primary (farming, fishing, mining etc) to secondary (manufacturing and construction industries) to tertiary and quaternary sectors. 2 Q.2)Discuss occupational structure of Indian economy at the time of Independence. Ans) The occupational structure, which refers to the distribution of population working in different sectors, showed no variation throughout the British rule. The following are the salient features of India’s pre-independence occupational structure (i) Predominance of agriculture: Under the colonial rule, India was basically an agrarian economy, with nearly 70.75% of its workforce engaged directly or indirectly in agriculture. Due to massive poverty and widespread illiteracy during the colonial rule, a large proportion of the population was engaged in farming and related activities to earn their subsistence. But agricultural sector suffered from low productivity and, thereby its growth was highly constrained despite employing a significant proportion of the population. (ii) Lack of Opportunities in Industry: Only a small proportion of population was employed in manufacturing sector. Nearly 10% of the total workforce was engaged in manufacturing and industrial sector. This was due to the stiff competition that the Indian industries faced from the machine made cheap goods from Britain, Further, the lack of investment initiatives and the unfavourable tariff structure constrained industrial sector. Thus, the Indian industrial sector failed to provide significant employment opportunities. 3 Q.3) What were the main causes of slow growth of population during British rule? Ans)During British rule India was in first stage of demographic transition.
    [Show full text]
  • Gains and Losses of India-China Trade Cooperation: a Gravity Model Impact Analysis
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Bhattacharya, Swapan K.; Bhattacharyay, Biswa N. Working Paper Gains and losses of India-China trade cooperation: a gravity model impact analysis CESifo Working Paper, No. 1970 Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich Suggested Citation: Bhattacharya, Swapan K.; Bhattacharyay, Biswa N. (2007) : Gains and losses of India-China trade cooperation: a gravity model impact analysis, CESifo Working Paper, No. 1970, Center for Economic Studies and ifo Institute (CESifo), Munich This Version is available at: http://hdl.handle.net/10419/26015 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu GAINS AND LOSSES OF INDIA-CHINA TRADE COOPERATION – A GRAVITY MODEL IMPACT ANALYSIS SWAPAN K.
    [Show full text]
  • INDO-FRENCH ECONOMIC RELATIONS a Study of Trade and Investment Potential
    WORKING PAPER NO. 87 INDO-FRENCH ECONOMIC RELATIONS A Study of Trade and Investment Potential AJEET NARAIN MATHUR SEPTEMBER, 2002 INDIAN COUNCIL FOR RESEARCH ON INTERNATIONAL ECONOMIC RELATIONS Core-6A, 4th Floor, India Habitat Centre, Lodi Road, New Delhi-110 003 Contents Foreword.............................................................................................................................. i I. Introduction............................................................................................................. 1 II. Mutual Economic Interests of France and India..................................................... 4 III. Analysis of Indo-French Trade in goods .............................................................. 13 IV. India’s Export Potential to France ........................................................................ 16 V. French export potential to India............................................................................ 19 VI Untapped Potential in trade of goods between India and France.......................... 20 VII Potential for trade in services between India and France ..................................... 21 VIII Investment Potential..............................................................................................22 IX Institutional Barriers impeding Indo-French Trade and Investment..................... 24 X Conclusions........................................................................................................... 26 References........................................................................................................................
    [Show full text]
  • Growth and Structure of India's Foreign Trade Since the Post Reform Period
    International Journal of Foreign Trade and International Business 2020; 2(2): 08-10 E-ISSN: 2663-3159 P-ISSN: 2663-3140 Impact Factor: RJIF 5.22 Growth and structure of India’s foreign trade since IJFTIB 2020; 2(2): 08-10 Received: 25-04-2020 the post reform period Accepted: 12-06-2020 Damitha Amarasena Damitha Amarasena Faculty of Management Studies and Commerce, University of Jaffna, Sri Abstract Lanka In 1991, the Gulf War led India to a recession in the balance of payments. The people started to lose confidence in current policy. Together these trends undermined investor confidence in the Indian economy, which culminated in a fall in the country's credit ranking on the international capital market. Trade reforms, which are an integral part of the broader structural reform process, were essential at the moment. In an attempt to improve the efficiency and competitiveness of Indian industries 'New Economic Policy' was introduced to open the economy for rest of the world. The present paper has been compiled with a view to analyze the change and progress in exports and imports in post economic reform period from 1990-91 to 1917-18. Keywords: foreign trade, WTO, exports, imports Introduction Foreign trade has been one of the most important determinant for calculating economic growth and development of any country. The foreign trade consist of exchange of goods and services from one country to another. For an economy like India it is an effective tool for [1] employment generation and poverty alleviation . The policies introduced by the Government Of India in recent times like make in India, startup India, contribution of MSME etc.
    [Show full text]
  • Unit 13 OCEANIC Trade*
    UNIT 13 OCEANIC TRADE* Oceanic Trade Structure 13.0 Objectives 13.1 Introduction 13.2 Oceanic Trade under the Delhi Sultanate 13.2.1 Seaborne and Coastal Trade 13.2.2 Imports and Exports 13.2.3 The Portuguese Advent 13.3 Oceanic Trade under the Mughals 13.3.1 Coastal Trade 13.3.2 Overseas Routes 13.4 The Coming of the Portuguese 13.4.1 Commodities of Export and Import 13.4.2 Finances of the Portuguese Trade 13.4.3 Nature of the Portuguese Trade with India 13.5 The Indian Rulers and the European Companies 13.6 Summary 13.7 Keywords 13.8 Answers to Check Your Progress Exercises 13.9 Suggested Readings 13.10 Instructional Video Recommendations 13.0 OBJECTIVES In this Unit, you will study the expansion of oceanic trade under the Delhi Sultanate. Later under the Mughals, several interrelated developments occurred in this trading nexus. After going through this Unit, you should be able to: • understand the pattern of oceanic trade under the Delhi Sultanate and the Mughals, • know about the major merchant groups involved in these trading activities, • understand that the opening of the sea-route between Europe and Asia marked a period of great importance, • examine the fact that the monopoly over sea-borne trade was introduced by the Portuguese during this period, • analyze the role of Portuguese in the Indian Oceanic trade – including the financial mechanism and nature of this trade, • recognize the change introduced in the structure of Indian Oceanic trade by the cartaz system, *P rof. Shireen Moosvi, Centre of Advanced Study in History, Aligarh Muslim University, Aligarh; Prof.
    [Show full text]
  • A Short Narrative of India's External Trade in Recent Times
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Munich Personal RePEc Archive MPRA Munich Personal RePEc Archive Trading in Turbulent Times: A short Narrative of India's External Trade in Recent Times Dr.B.Pradeep Kumar Department of Economics, Government College, Ambalapuzha 5 September 2017 Online at https://mpra.ub.uni-muenchen.de/81803/ MPRA Paper No. 81803, posted 8 October 2017 15:36 UTC Trading in Turbulent Times: A short Narrative of India’s External Trade in Recent Times Dr.B.Pradeep Kumar Assistant Professor of Economics, Government Arts and Science College, Ambalapuzha Abstract This paper dwells on the changing structure of India’s foreign trade in the post reform period and attempts to portray some of the recent trends in foreign trade and initiatives. The foreign trade scenario in the pre-reform period was guided by the protectionist policies of the government. The protectionist policies and the consequent expenditure that the Government doled out in an ambitious movement to aid the manufacturing sector prevented, in retaliation, our chances to squeeze international market for India’s exports. In the post reform period, the easing of QRs and the cut in TRs led to augmenting the volume of trade which is evident from the fact that the share of foreign trade in the country’s GDP burgeoned to over 40 percent in 2014 from a level as low as 14 percent in the initial years of post-reform period. This apparently shows greater and deeper diversification that the direction of trade has witnessed in recent times, thanks to change in foreign trade policies in terms both tariff and quota.
    [Show full text]
  • Theoretical & Historical Observation of India's Exports
    International Journal of Education and Science Research Review E-ISSN 2348-6457 Volume-2, Issue-1 February- 2015 P-ISSN 2348-1817 www.ijesrr.org Email- [email protected] Theoretical & Historical Observation of India's Exports (Before 1100 AD to 1947AD) Dr. Himanshu Agarwal Associate Professor Faculty of Commerce and Business Administration D N (P.G.) College Meerut (U.P.) ABSTRACT: India is a developing country moving fast on the track of development. Success of development programmers and strategies depends to a large extent upon the availability of foreign exchange reserves. Exports being a key source of foreign exchange reserves play an important role in development process. Planning authority in India has adequately recognized the need and importance of augmenting exports. Process of export growth in India is influenced by a number of domestic and external factors. Recent economic changes and liberalizations have created new challenges before India's exports. All this has necessitated a fresh study and analysis-'of India's exports. Key words: export, economy, liberalization Introduction (Exports: A Base of Economic Development) The Economic prosperity of a country depends in a large measure on its foreign trade. Prof. Alfred Marshall, known as the father of Economics, has stated that the causes which determine the economic progress of a nation belong to the study of foreign or international trade. Foreign trade is the foundation of the economic structure of a country in the modern world. It has become a necessity of the present day Economic order for world peace & prosperity. The economic progress of most of the present industrially advanced countries of the worlds is largely attributable to their ever expanding foreign trade.
    [Show full text]
  • Organized by PG & Research Department of Commerce
    INTERNATIONAL JOURNAL OF COMMERCE (A Peer-Reviewed-Refereed/Scholarly Quarterly Journal Globally Indexed with Impact Factor) Vol. 6 Special Issue 3 January, 2018 Impact Factor: 3.017 ISSN: 2320-4168 UGC Approval No: 44120 ICWA Sponsored National Conference on INDIA’S FOREIGN POLICY WITH NEIGHBOURING COUNTRIES 24th & 25th January 2018 Organized by PG & Research Department of Commerce VIVEKANANDHA COLLEGE OF ARTS AND SCIENCE FOR WOMEN (AUTONOMOUS) An ISO 9001:2008 Certified Institution (Affiliated to Periyar University, Approved by AICTE, Re – accredited with A Grade by NAAC, Recognized u/s 2(f), 12(B) UGC act of 1956 ) ELAYAMPALAYAM - 637 205, TIRUCHENGODE, NAMAKKAL CONTENTS S. Title Page. No No 1 Policy Changes in Modi Government for Demonetization in Indian Currency 1 K.Ambika & V.Sindhu 2 Tourism Policies: From Global to India’s Perspective 7 C.Aruljothi & S.Ramaswamy 3 India – European Union Foreign Policy and Multilateral Governance 16 Foreign Policy with Neighboring Continental Countries Dr.P.Munusamy & Mr.A.Keerthi Vasan 4 Impact of Indian Foreign Policy Analysis and Contemporary Challenges in Current 20 Scenerio R.Meenakshi & Dr.T.A.Tamilselvi 5 WTO and Foreign Trade Policy in India 29 R.Priya 6 India’s Role in the Trade of SAARC Countries 34 R.Ramachandran 7 An Assessment on Threats of Climate Changes and Environmental Securities 42 Dr.J.Kannan 8 GST In India: A Key Tax Reform 47 T.Kayal Vizhi 9 Fatca – Impact in India 51 Dr.M.Manjula 10 WHO – Global Health and Foreign Policy 56 A.Siva Shankar & M.Ananda Raman 11 A Paradigm Shift
    [Show full text]
  • Recent Global Meltdown and Its Impact on Indian Economy
    2011 International Conference on Economics, Trade and Development IPEDR vol.7 (2011) © (2011) IACSIT Press, Singapore Recent Global Meltdown and its Impact on Indian Economy Dr. Rajiv Kumar Bhatt Associate Professor Department of Economics Banaras Hindu University Varanasi-221005, India e-mail: [email protected] Abstract—Today, India is much more integrated with the But the financial crisis really started to show its effects in the world economy through both the current and capital accounts. middle of 2007. Around the world, stock markets have fallen, The down turn that appears to have begun in the USA in large financial institutions have collapsed or been bought out September, 2008 have negative impact on Indian economy. The and governments in even the wealthiest nations have had to most immediate effect of this global financial crisis on India is come up with rescue packages to bail out their financial an out flow of foreign institutional investment (FII) from the systems. equity market. This withdrawal by the FIIs led to a steep The crisis has become one of the most radical reshaping depreciation of the rupee. The banking and non-banking of the global banking sector, as governments and the private financial institutions have been suffering losses. The recession sector battle to share up the financial system following the generated the financial crisis in USA and other developed disappearance of Lehman Brothers and Merrill as economies have adversely affected India’s exports of software and IT services. independent entities. Actually, the collapse of Lehman Brothers was a symbol of the global financial crisis. The real For fighting this crisis, government responded through its sector in many countries was already feeling the effects.
    [Show full text]