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From the ‘Hindu rate of growth’ to ‘unstoppable India’: has the services sector played a role?


  • Seema Joshi


India shifted from an import substitution growth strategy (ISS) to an export-led-growth strategy (ELGS) in July 1991. Consequently, liberalisation was promulgated not only in the industrial sector but in the services sector too in the post-1991 period. ‘services-led-growth strategy’ -- a concomitant of ELGS -- has led to an improvement in the revealed comparative advantage in the export of commercial services during the period 1990--2005. Furthermore, the openness of services and foreign direct investment in services have emerged as important determinants of gross domestic product growth during the period 1995--2005. The author therefore argues that if ISS led to the ‘Hindu rate of growth’ in the first three decades of planning, it is the services-led growth which has made ‘India unstoppable’ on the economic front.

Suggested Citation

  • Seema Joshi, 2008. "From the ‘Hindu rate of growth’ to ‘unstoppable India’: has the services sector played a role?," The Service Industries Journal, Taylor & Francis Journals, vol. 30(8), pages 1299-1312, April.
  • Handle: RePEc:taf:servic:v:30:y:2008:i:8:p:1299-1312
    DOI: 10.1080/02642060802337331

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    References listed on IDEAS

    1. Sharma, Kishor, 2000. "Export Growth In India: Has FDI Played a Role?," Center Discussion Papers 28372, Yale University, Economic Growth Center.
    2. Kishor Sharma, 2000. "Export Growth in India: Has FDI Played a Role," Working Papers 816, Economic Growth Center, Yale University.
    3. Sharma, K., 2000. "Export Growth in India: Has FDI Played a Role?," Papers 816, Yale - Economic Growth Center.
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