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Is India late in race to economic liberalisation?

Can it be said that India opened up its economy quite late?
That India should have adopted the Washington Consensus, without having to wait for the economic crisis of 1991?

Any examples of nations that opened up their economies before India did, and benefitted on account of that??
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Comments

  • One could definitely argue that. Cite examples of East Asian economies, China, and then Russia. Though, opening up of Indian economy started since after 1985.
    Sometimes a little bit of darkness is what we need to shine. You are a diamond in this coal mine. you can dazzle the world, trust me! All you need is a little patience. This too shall pass.
    ·
  • One could definitely argue that. Cite examples of East Asian economies, China, and then Russia. Though, opening up of Indian economy started since after 1985.

    Yes, but that was not comprehensive,
    :smile:
    Thank you for the examples..
    :smiley:
    ·
  • Can it be said that India opened up its economy quite late?
    That India should have adopted the Washington Consensus, without having to wait for the economic crisis of 1991?

    Any examples of nations that opened up their economies before India did, and benefitted on account of that??

    Actually it is never too late or too early to open up. It should remembered that India was not completely new to rule of global competition in 1991 and subsequently we have built up...We had our own strengths which were developed during earlier periods eg Good English speaking class, Good mathematics , Good technologists, good level of urbanisation etc. SO even if we opened up in 1991, we capitalized upon our strengths eg rise of service sector.
    The areas where we are lacking today even after liberalization are due to problems which existed in 1991 too and even earlier. So liberalization would have made no or worse effect.
    So my contention is , that right time to liberalize is when you have developed enough strength to compete at global level. In some areas 1991 was late, in others it was early.
    ·
  • jal said:

    Can it be said that India opened up its economy quite late?
    That India should have adopted the Washington Consensus, without having to wait for the economic crisis of 1991?

    Any examples of nations that opened up their economies before India did, and benefitted on account of that??

    Actually it is never too late or too early to open up. It should remembered that India was not completely new to rule of global competition in 1991 and subsequently we have built up...We had our own strengths which were developed during earlier periods eg Good English speaking class, Good mathematics , Good technologists, good level of urbanisation etc. SO even if we opened up in 1991, we capitalized upon our strengths eg rise of service sector.
    The areas where we are lacking today even after liberalization are due to problems which existed in 1991 too and even earlier. So liberalization would have made no or worse effect.
    So my contention is , that right time to liberalize is when you have developed enough strength to compete at global level. In some areas 1991 was late, in others it was early.
    Hmmmm...

    From what I have read, 1991 was more or less a time for India to undertake the reforms on an immediate basis(some suggest under pressure form IMF), given the BOP default that would have happened...

    U are corrct in saying that time does not matter really on these matters, but what I think is that we let this economic crisis fall on our heads.. Govt could have deliberately gone for liberalisation when it was evident that some crisis is indeed brewing
    ..

    Also, u have any idea about China in this regard?Did China take these steps deliberately beforehand, or waited for a crisis????
    ·
  • jaljal
    edited September 2016

    jal said:

    Can it be said that India opened up its economy quite late?
    That India should have adopted the Washington Consensus, without having to wait for the economic crisis of 1991?

    Any examples of nations that opened up their economies before India did, and benefitted on account of that??

    Actually it is never too late or too early to open up. It should remembered that India was not completely new to rule of global competition in 1991 and subsequently we have built up...We had our own strengths which were developed during earlier periods eg Good English speaking class, Good mathematics , Good technologists, good level of urbanisation etc. SO even if we opened up in 1991, we capitalized upon our strengths eg rise of service sector.
    The areas where we are lacking today even after liberalization are due to problems which existed in 1991 too and even earlier. So liberalization would have made no or worse effect.
    So my contention is , that right time to liberalize is when you have developed enough strength to compete at global level. In some areas 1991 was late, in others it was early.
    Hmmmm...

    From what I have read, 1991 was more or less a time for India to undertake the reforms on an immediate basis(some suggest under pressure form IMF), given the BOP default that would have happened...

    U are corrct in saying that time does not matter really on these matters, but what I think is that we let this economic crisis fall on our heads.. Govt could have deliberately gone for liberalisation when it was evident that some crisis is indeed brewing
    ..

    Also, u have any idea about China in this regard?Did China take these steps deliberately beforehand, or waited for a crisis????
    OO..yes..their faith in communism eroded after 'Cultural revolution" ...This was a revolution eradicate capitalism from every nook and corner of China. This proved heavily detrimental to Chinese economy and polity. Large industries were shut down and Small scale industries were encouraged. ( YOu know , farmers were given task of steel production..hahah)...Food items were exported to get hard currency, result: famine. After failure of cultural revolution , china Started thinking about capitalist path. But it was not ready to let go the hegemony of Communist party. Hence they invented new term " Market socialism"...
    ·
  • jal said:

    Can it be said that India opened up its economy quite late?
    That India should have adopted the Washington Consensus, without having to wait for the economic crisis of 1991?

    Any examples of nations that opened up their economies before India did, and benefitted on account of that??

    Actually it is never too late or too early to open up. It should remembered that India was not completely new to rule of global competition in 1991 and subsequently we have built up...We had our own strengths which were developed during earlier periods eg Good English speaking class, Good mathematics , Good technologists, good level of urbanisation etc. SO even if we opened up in 1991, we capitalized upon our strengths eg rise of service sector.
    The areas where we are lacking today even after liberalization are due to problems which existed in 1991 too and even earlier. So liberalization would have made no or worse effect.
    So my contention is , that right time to liberalize is when you have developed enough strength to compete at global level. In some areas 1991 was late, in others it was early.
    Hmmmm...

    From what I have read, 1991 was more or less a time for India to undertake the reforms on an immediate basis(some suggest under pressure form IMF), given the BOP default that would have happened...

    U are corrct in saying that time does not matter really on these matters, but what I think is that we let this economic crisis fall on our heads.. Govt could have deliberately gone for liberalisation when it was evident that some crisis is indeed brewing
    ..

    Also, u have any idea about China in this regard?Did China take these steps deliberately beforehand, or waited for a crisis????
    When u have brainwashed socialist dictators ruling an illiterate and diverse country like ours any radical change like liberalization is out of the window.It thus takes a crisis for things to automatically correct just like it took a black death or the worst plague pandemic which not only wiped 1/3rd of European population but also the vicious system of feudalism and well everyone knws hw Europe ascended ever since that catastrophe.In somewhat parallel the extinguishment of socialist lunacy is propelling India forward according to almost all stats conparing post91 vs pre91.So while u might write a balanced Upsc answer with all those rosy answers one should never forget that major changes could only happen if the rulers have the gumption to do so otherwise its all academic Gas.

    History will be kind to me for I intend to write it.
    ·
  • jal said:

    jal said:

    Can it be said that India opened up its economy quite late?
    That India should have adopted the Washington Consensus, without having to wait for the economic crisis of 1991?

    Any examples of nations that opened up their economies before India did, and benefitted on account of that??

    Actually it is never too late or too early to open up. It should remembered that India was not completely new to rule of global competition in 1991 and subsequently we have built up...We had our own strengths which were developed during earlier periods eg Good English speaking class, Good mathematics , Good technologists, good level of urbanisation etc. SO even if we opened up in 1991, we capitalized upon our strengths eg rise of service sector.
    The areas where we are lacking today even after liberalization are due to problems which existed in 1991 too and even earlier. So liberalization would have made no or worse effect.
    So my contention is , that right time to liberalize is when you have developed enough strength to compete at global level. In some areas 1991 was late, in others it was early.
    Hmmmm...

    From what I have read, 1991 was more or less a time for India to undertake the reforms on an immediate basis(some suggest under pressure form IMF), given the BOP default that would have happened...

    U are corrct in saying that time does not matter really on these matters, but what I think is that we let this economic crisis fall on our heads.. Govt could have deliberately gone for liberalisation when it was evident that some crisis is indeed brewing
    ..

    Also, u have any idea about China in this regard?Did China take these steps deliberately beforehand, or waited for a crisis????
    OO..yes..their faith in communism eroded after 'Cultural revolution" ...This was a revolution eradicate capitalism from every nook and corner of China. This proved heavily detrimental to Chinese economy and polity. Large industries were shut down and Small scale industries were encouraged. ( YOu know , farmers were given task of steel production..hahah)...Food items were exported to get hard currency, result: famine. After failure of cultural revolution , china Started thinking about capitalist path. But it was not ready to let go the hegemony of Communist party. Hence they invented new term " Market socialism"...
    SHUKRIYA :smiley:
    ·
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