This essay proposal intends to review the book “Globalization and the Indian Economy” written by Satyenda Nayak: Routledge, New York, 2007. Dr. Nayak Satyenda is a Ph.D. holder in international economics and finance from the University of Bombay, India. He is also a lecturer at ICFAI Business School in Mumbai. In this book, Dr. Satyenda looks at globalization and its consequences on the Indian economy.
Globalization is a phenomenon that cannot be ignored as it influences world economies directly, through improvement in communication, capital mobility, transport, and communication. It also enables countries to integrate in order to reduce tariffs. The Indian economy, just like any other has been directly affected by globalization. In this book, an economics and finance scholar is able to learn the effects of globalization on the Indian economy in depth.
This book delves deeply into issues such as trade, investment, and finance, how the balance of payments and currency exchange rates are affected by globalization. The role played by the United States of America through its capital market in driving the globalization process is enumerated. Furthermore, it critically discusses the 90’s Asian financial crises and the lessons that came out of it, for instance, the importance of having strong financial systems, and having regulatory and supervisory systems that assist financial institutions to manage risks effectively.
Dr. Satyendra describes globalization broadly in the context of India’s development.During the Asian crisis in the ’90s, Dr. Satyendra argues that India’s Reserve bank’s caution on holding off on rupee conversion assisted in avoiding the crisis.
To this effect, the book discusses gradualism in the context of this crisis. The author looks at the beginning of economic reforms and liberalization in India. According to this book, the theme of the reform process has been gradual, cautious, and carefully integrated into the Indian economy. As a result of Liberalization, the author explains that both foreign direct investment and portfolio investment have made it possible for the Indian currency to be convertible to global investors.
This is an excellent book I would recommend to anyone in learning economic and financial disciplines. I chose to review this book because it explicitly explores the impact of globalization on the financial reforms and liberalization in India’s economic development. I was unable to find any reviews on this book, however, I have referenced the web pages I tried to locate.
References
Alfred E Eckes. Global Economy Journal: Ohio Eminent Research (2008): 8, pp.3.
Antoine W. Agtmael. Globalization and Indian Economy (2007).
Mishra S. K. Icfai Journal of managerial Economics (2007): 5.1, pp. 63-80.
Nayak Satyendra. Global Economy Journal: Globalization—Indian Experience and Perspective (2007): 7.2, pp. 5.