Globalization and India's Economic Integration

Globalization and India's Economic Integration

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A common critique of globalization is that it causes economic segmentation and even disintegration of the national economy. Baldev Raj Nayar's examination of India's political economy challenges this critique by demonstrating that, on balance, the active role of the Indian state in the areas of economic planning, fiscal federalism, and tax reform, and the inherently expanding character of the market in areas such as trade, investment, entrepreneurship, and migration have resulted in improved economic integration and not increased segmentation. While globalization offers benefits such as higher economic growth as well as costs like external shocks, Nayar's findings show that India has benefited from globalization rather than having been victimized by it since its economic opening.Second and more important, the Cenvat structure was a a€œtruncateda€ one.17 Cenvat was not a true consumption tax since ... years, the number of services subject to the service tax was gradually increased from 75 in 2004a€“5 to 119 in 2011a€“12.

Title:Globalization and India's Economic Integration
Author:Baldev Raj Nayar
Publisher:Georgetown University Press - 2014-10-14


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