Economics
India Future World Superpower Term Paper

Question Description

I’m trying to study for my Economics course and I need some help to understand this question.

I have to do a presentation and a term paper on India for my World Economy class. I based my topic on the likeliness of India being a future world superpower. I already did the presentation so I just need help with the term paper. Attached i included guidelines for the paper as well as points and videos i included in the presentation to give an idea of the direction i am following.Unfortunately i couldn't upload the actual presentation because the file is too large .If it will be easier for you to change the direction or train of thought, you can, once the topic remains to be India and its likeness of being a world superpower in the future. This is due April 20th.

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Intro History • • • • • • • Britain ruled India from 1858- 1947 The end of colonialism is what started to shape what India’s economy is today. Due to the history of colonialism India turned into a protectionist economy and tried to survive decades without international trade Protectionism is when a country chooses to favor its local goods and industries over foreign goods and industries. This is normal for a country as may countries engage in protectionists practices by implementing quotas trade tariffs etc.to protect local industries. India took protectionism to an extreme however and did not engage in any international trade at all but for a different reason. India choose to do this because it had experienced firsthand what colonialism and early international trade does to a country so it decided to do everything on its own to not subject another country to what they formerly endured So what Type of Economy was India at the time • • • • Well, let us take a look at some of the characteristics of India Protectionist Economy In the 1950’s and onwards India nationalized most of its industries. And its biggest trading partner was the Soviet Union at the time • With these characteristics many began to wrongly label India as a communist country but there were not. But they weren’t capitalist either. • Rajaji, the founder of the first market friendly political party, the Swatantra Party, in the late 1950s coined the term “Quota-Permit License Raj”. • The License of Raj is a collection of laws depicting what people can do in the economy. • So, individuals were able to make their own decisions, choose where to work or to open up their own business once they follow the License which was however filled with a lot of bureaucratic red tape. • So, India wasn’t a capitalist nor a communist nation but a kind of middle ground nation where the state implemented central planning with myriad controls over prices and quantities to achieve a socialist pattern society • Also, India allowed individuals the right to vote making India the world’s biggest democracy. Source http://indiabefore91.in/license-raj • Eventually the cold war came along and India tried really hard to remain neutral but eventually, leaned more towards the side of the soviet union which made them stronger trading partners. • This relationship with the soviet Union would eventually cause the structure of India’s economy to change. India’s Economic Crisis • The Soviet Union was India’s major training partner but then collapsed in 1991. • In the past 2 years India had 4 Prime ministers and four finance ministers which led to virtual economic paralysis. • Additionally, there was an increase in oil prices which the economy heavily relied on • 1991 was the slowest growth year the country experienced since its independence • All this led to a debt burden. • India’s foreign exchange reserves were at $1.2 billion in January 1991 and depleted by half by June. • The situation was so dire that India’s foreign exchange reserves could barely finance 3 weeks’ worth of imports. This low reserve led to the depreciation of the rupee by 20%. • From 1980-81 India’s external debt burden was $20.7 billion and in 1991-92 it increased to 85.4 billion. https://shodhganga.inflibnet.ac.in/bitstream/10603/12952/13/13_chapter%206.pdf • India then had no other choice but to reach out to the IMF for a $2.2. billion bailout loan. • For this loan India had to pledge 67 tons of their gold reserve as collateral security. • 47 tons of their gold reserve had to be airlifted to t6he Bank of England and 20 tons to the Union Bank of Switzerland. • Other terms laid out by the IMF for this loan was for India to deregulate and open the economy, diminish its maze of licensing requirements, cut subsidies and liberalize investment. https://www.nytimes.com/1991/06/29/world/economic-crisis-forcing-once-self-reliant-india-toseek-aid.html Modern Day India • Since borrowing from the IMF a lot of privatization occurred • India’s very strict trade policies were relaxed • The license of Raj was terminated • GDP grew at an extremely rapid rate since 1991. • The country doubled in size every 5 years. This growth rate has only veer been rivaled by China and Japan. Why India may end up as the world’s superpower – https://www.youtube.com/watch?v=Yitka3CP3TM WRITING THE TERM z PAPER This Photo by Unknown Author is licensed under CC BY-SA z ▪ The term paper ▪ SHOULD be TYPED ▪ DOUBLE spaced on STANDART-sized paper ▪ Not less than 10 PAGES, excluding the TITLE and REFERENCES, ▪ with 1” MARGINS on ALL SIDES. ▪ Use 12 pt. times New Roman font This Photo by Unknown Author is licensed under CC BY-NC-ND z TERM PAPER SHOULD INCLUDE THESE MAJOR SECTIONS: ▪ 1. TITLE PAGE ▪ 2. ABSTRACT ▪ 3. INTRODUCTION ▪ 4. MAIN BODY ▪ 5. CONCLUSION ▪ 6. REFERENCES z TITLE PAGE The title page should contain the ▪ TITLE of the paper, ▪ the AUTHOR’s NAME, ▪ FIU ID ▪ COURSE Name ▪ Name of the INSTRUCTOR ▪ DATE The title should summarize the the papers main idea z OUTLINE OF THE TERM PAPER IS LIKE A ROAD MAP TO GUIDE z ▪ Title Page ▪ Abstract: Usually half page, the abstract describes your paper. It lets the instructor know where the paper is headed, the issue at hand and why the subject was interesting or important enough that you decided to write about it. ▪ Introductiton: Overall purpose which will acquaint the reader to the subject and arguments being explored. Don't forget to define the words contained in the subject! Words like "globalization" have many differing meanings and it's important to state which ones you'll be using as part of your introductory section. z ▪ Body: Divided into multiple headings (history /literature survey of the issue, subject being exposed, different arguments, solutions, etc. Convince the reader with the body paragraphs. Make sure each paragraph supports your argument in a new way. • Conclusion: Summary of the points made. Wrap it up. • Clincher – where you give the reader something left to think about. ▪ References: The reference list should appear at the end of your paper. All lines after the first line of each entry in your reference list should be intended one-half inch from the left margin. z ▪ Works Cited vs. Bibliography vs. References ▪ Reference list entries should be alphabetized by the last name of the first author of each work. For multiple articles by the same author, or authors listed in the same order, list the entries in chronological order, from earliest to the most recent. z ▪ In the References: Authors names are inverted (last name first); give the last name and initials for all authors of particular work for up to and including seven authors. If the work has more than seven authors, list the first six authors and then use ellipses after the six author's name. After the ellipses, list the last author’s name of the work. z ▪ Present the journal title in full. Capitalize all major words in journal titles. Maintain the punctuation and capitalization that is used by the journal in its title ▪ For example: ReCALL not RECALL ▪ or ▪ Knowledge Management Research & Practice not Knowledge Management and Practice. z ▪ Proofreading: Examine your text carefully to find and correct typographical errors and mistakes in grammar, style and spelling. ▪ Footnotes: In the text, note numbers are superscripted. z z ▪ Place all foot notes at the bottom of the page on which they appear. Note numbers should begin with “1” and follow consecutively through a given paper. z ▪ Footnotes vs Endnotes The main difference at ▪ Footnotes are placed numerically at the foot of the very same page where direct references are made, while Endnotes are placed numerically at the end of the essay on a separate page entitled Endnotes or Notes. same page where the citation occurs. z ▪ Copyright Permission Notes: If you quote more than 500 words of published material or think you may be in violation of “Fair Use” copywrite laws, you must get the formal permissions of the author(s). ▪ If you are reproducing a graphics, chart or table, from some other source, please cite the reference and in certain cases you must provide a special note at the bottom of the item that includes copyright information. ...
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Final Answer

Here you go, let me know if you need any edit

Outline
The assignment is done in the following sections, according to the paper requirements;
i.

Introduction

ii.

Historical Background

iii.

India's Economy before the Reforms

iv.

India's Economic Crisis

v.

Modern-Day India

vi.

Criticism

vii.

Conclusion


Running Head: IS INDIA A FUTURE WORLD SUPERPOWER?

Is India A Future World Superpower?
Student’s Name
Institutional Affiliation

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IS INDIA A FUTURE WORLD SUPERPOWER?

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Is India A Future World Superpower?
Introduction
International politics always contain elements of power struggles, and the quest to
become the best. Necessarily, power becomes the primary goal, with the hope that the
particular country's journey will materialize through various means like inner force and the
natural development of human affairs (Kolte & Simonetti, 2018) or even through nonpolitical means. In this sense, power can be characterized into four main elements. First off, a
superpower country ought to protect its citizens from internal and external threats and
violence, and involve itself in the acquisition and dissemination of knowledge, and the
determination of its financial structure. Next, the country has to have the capacity to exercise
proper economic and military capabilities to shape its political security in the global arena
and set up structures that ensure its global security. Also, a superpower should be able to
control the systems of goods and services and exert its influence on the decisions of foreign
nations. However, superpower countries are rarely content with their power level and will
struggle to achieve more, and change the status of politics and economics to their favor
(Blarel, 2012). Arguably, they hold revisionist intentions, which contribute to the alteration of
power balances in the world. Principally, such powerhouses consider themselves are the main
drivers of global events, and leveraging of power most times involves the formation of
successful alliances and negotiations based on the number of material resources a country
holds. India is one such country that has been speculated to become a global superpower
soon. In this, it is crucial to examine the country's historical background, and the type of
economy the country was before its transformation. India's previous economic crisis can also
give vital insights on the subject matter, and evaluation of modern-day India. The speculation
of India's potential as a global superpower is based on numerous factors, including its stable

IS INDIA A FUTURE WORLD SUPERPOWER?

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political system, immense militia, large population, global ambitions, and the continual rise in
its economic fortunes (Sanchez, 2012).
Historical Background
India attained its independence in 1947, freeing it from the British rule after about 400
years. The country then began its independent operation, with most citizens highly educated
and having transparent and well-defined administrative systems. In this regard, the
colonialism era contributed to India's current economic position today. The country had a
socialistic society and was deeply ingrained in socialism, which is what led to its
protectionism – favoring its local goods and services over foreign ones and tried to survive
without international trades for multiple decades. The implementation of strict trade policies
such as trade tariffs against some countries arguably strengthened the local industries,
promoting its growth. Mainly, the state sought to free itself from the colonial repercussions
and chose to promote the welfare of its citizens. Principally, this path taken by India was rigid
and included central planning and closed economic policies, which drew the country into
undertaking numerous controls, permits, and regulations. After about four decades of such
governmental investigations, the nation arguably became bankrupt (Kolte et al., 2019). Later
on, under the administration of Narasimha Rao, the then Prime Minister, India, discarded its
socialistic policies and introduced significant reform policies that liberated the economy and
opened it up to foreign investors – promoting the acquisition of the Foreign Direct Investment
(FDI) funds. The funds, from the North American Free Trade Agreement (NAFTA) and the
World Trade Organization (WTO), led to the liberalization of the country's trade, and also the
migration of some citizens to other countries such as Mexico to provide cheap labor (Gordon
& Gordon, 2014). As such, the state received substantial...

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Purdue University

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