India-U.S. Economic Relations (Congressional Research Service Report for Congress)
Book Details
Author(s)Wayne Morrison Congressional Research Service, Alan Kronstadt Congressional Research Service
ISBN / ASINB0036FUSQ2
ISBN-13978B0036FUSQ1
MarketplaceFrance 🇫🇷
Description
Congressional Research Service Report for Congress
Upon achieving independence from British rule in 1947, India pursued policies that
sought to assert government planning over most sectors of the economy and strove to
promote relative economic self-sufficiency. These policies included extensive
government spending on infrastructure, the promotion of government-owned companies,
pervasive regulatory authority over private sector investment, and extensive use of trade
and investment barriers to protect local firms from foreign competition. While these
policies achieved some economic goals (such as rapid industrialization), the overall effect
was to promote widespread inefficiency throughout the economy (e.g., unprofitable staterun
firms and a constrained private sector) and to greatly restrict the level of foreign direct
investment (FDI) in India. India’s real GDP growth was relatively stagnant during the
1970s, averaging about 2.7%. Piecemeal economic reforms and increased government
spending during the 1980s helped boost average real GDP growth to 6.0%.1
Congressional Research Service
The Congressional Research Service (CRS) serves shared staff to congressional committees and Members of Congress. CRS experts assist at every stage of the legislative process — from the early considerations that precede bill drafting, through committee hearings and floor debate, to the oversight of enacted laws and various agency activities.
CRS's analytic capabilities integrate multiple disciplines and research methodologies. In a fast-paced, ever-changing environment, CRS provides Congress with the vital, analytical support it needs to address the most complex public policy issues facing the nation. Its work incorporates program and legislative expertise, quantitative methodologies, and legal and economic analysis.
Upon achieving independence from British rule in 1947, India pursued policies that
sought to assert government planning over most sectors of the economy and strove to
promote relative economic self-sufficiency. These policies included extensive
government spending on infrastructure, the promotion of government-owned companies,
pervasive regulatory authority over private sector investment, and extensive use of trade
and investment barriers to protect local firms from foreign competition. While these
policies achieved some economic goals (such as rapid industrialization), the overall effect
was to promote widespread inefficiency throughout the economy (e.g., unprofitable staterun
firms and a constrained private sector) and to greatly restrict the level of foreign direct
investment (FDI) in India. India’s real GDP growth was relatively stagnant during the
1970s, averaging about 2.7%. Piecemeal economic reforms and increased government
spending during the 1980s helped boost average real GDP growth to 6.0%.1
Congressional Research Service
The Congressional Research Service (CRS) serves shared staff to congressional committees and Members of Congress. CRS experts assist at every stage of the legislative process — from the early considerations that precede bill drafting, through committee hearings and floor debate, to the oversight of enacted laws and various agency activities.
CRS's analytic capabilities integrate multiple disciplines and research methodologies. In a fast-paced, ever-changing environment, CRS provides Congress with the vital, analytical support it needs to address the most complex public policy issues facing the nation. Its work incorporates program and legislative expertise, quantitative methodologies, and legal and economic analysis.
