India s Growth Of Domestic Market - 954 Words

Later that year, Brazil saw a brisk rise in inflation and a slow growth of domestic market. This led Brazil to a balance of payment shortcoming since there were more import goods rather than exports. Because of this flaw, there have been a lot of government’s intervention in the market. But such intervention could not fix the failure in the market and the import goods were still exceeding. This period of industrialization in Brazil is viewed as the background of the later decline of its regular commodities exports. Within the similar period, India also adopted the substitution industrialization policy. India adopted the strategy of ISI in the 1950s in the same intention as to create self-reliant economy. The ISI strategy, or more known as autarky, was based on the model of growth as propounded by Mahalonobis, which stresses the significance of basic industries for growth; and focus on long term patterns of growth by utilizing of the products of these industries. Similar with Brazil, the implementation of this policy was determined towards basic and capital goods industries substitution, tightening import regulations, giving incentives to the private sector, promoting the heavy industry, and overvalued exchange rate that facilitate the capital goods importations. This was based on the reasoning of lack of industries producing investment goods, which could detain high rates of investment and growth. In contrast with Brazil’s situation, the lack of competition in India createdShow MoreRelatedIndi Indias Economic Effect On The United States1717 Words   |  7 PagesCultivating India: How India Is Growing and Why It Matters to the United States Introduction A. The Importance of India in the Global Market (include problem and Thesis statement that answers it) B. Preview: why and how india’s economy is growing and competing globally C. 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