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India as Emerging Market - Essay Example
The year of 1991 marks a turning point in the history of independent India. The minority Congress government of Narasimha Rao at the center initiated a paradigm shift in the politics and economics of the country. The drastic policy changes introduced in 1991 were more or less inspired by the laissez-faire capitalism and neoliberalism of models such as "Washington Consensus", "Structural Adjustment Plan" and "New World Order"…
This paper intends to introduce briefly the internal and external realities of contemporary India and its strengths and prospects vis--vis the rest of the world. To understand India as an emerging market, the paper would examine a variety of interrelated but distinct factors such as its social and economic indicators, trade and markets, place in the international system and its unique political and cultural aspects.
In the years of the so-called Hindu Growth Rate, India had been seen as a "caged tiger". As the ruling regime in India introduced market reforms and free market policies, the global perception of India acquired a new turn from a pessimistic overview to an optimistic but critical appraisal. India has been praised from around the corners for not only being the largest democracy but also the only surviving postcolonial state, which has a history of free elections and democratic rule except the brief period of 1975-77 Emergency.
The preamble of Indian constitution declares India as sovereign, socialist, secular and democratic republic and importantly promises social, economic and political justice. ...