DYNAMICS AND DETERMINANTS OF ECONOMIC DEVELOPMENT OF INDIA (Dynamika i determinanty rozwoju gospodarczego Indii)
The article describes the development experience of India since its nascency as a democratic state in 1947. The early adopted economic system of the so-called 'Indian socialism', which included both elements of a free market and of central planning, failed to bring the expected results. The Indian economy experienced slow growth. and India's share in the Asian and world economy was systematically decreasing. In the early 1990-ties India introduced radical reforms aimed at liberalization of the economy and its opening towards the world. The reforms positively influenced the process of modernization of the economy and accelerated its development. The Indian economy has become one of the biggest and fastest developing in the world. The paper includes an international comparison of competitiveness of the Indian economy. It shows that India has great chances of dynamic development in the future.
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