Globalization and Development: India Since 1991

Among the predictions made vis-à-vis Globalization were the decline of the nation state and the rise to dominance of multinational corporations. Globalization was also promoted as a route to faster growth and declining poverty. These predictions are evaluated here based on the experience of India since 1991 when a concerted effort was made to integrate its economy with the rest of the world. The best evidence shows that while growth has accelerated the trend, decline in poverty has not. It appears that global integration cannot be a substitute for a national developmental strategy which continues to retain a salience.