By Pravakar Sahoo
through the Nineteen Nineties, the governments of South Asian international locations acted as ‘facilitators’ to draw FDI. for that reason, the influx of FDI elevated. even though, to develop into an enticing FDI vacation spot as China, Singapore, or Brazil, South Asia has to enhance the neighborhood stipulations of doing enterprise. This e-book, according to examine that blends concept, empirical proof, and coverage, asks and makes an attempt to reply to a couple of center questions suitable to FDI coverage in South Asian international locations: Which significant reforms have succeeded? What are the criteria that impact FDI inflows? What has been the influence of FDI on macroeconomic functionality? Which coverage priorities/reforms had to strengthen FDI are pending? those questions and solutions should still curiosity coverage makers, lecturers, and all these attracted to FDI within the South Asian area and in India, Pakistan, Bangladesh, Sri Lanka and Pakistan.
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Extra info for Foreign Direct Investment in South Asia: Policy, Impact, Determinants and Challenges
There was also some limited relaxation in quantitative restrictions but little progress on tariffs. In fact, where quantitative import licensing was reduced, tariffs were actually raised to shift from quantitative restrictions to tariffs. Economic reforms started in the early 1980s. In July 1991, in the middle of a crisis of balance of payments and foreign exchange liquidity, a comprehensive liberalisation and privatisation process started. Import licensing was abolished for capital goods and intermediates, which became freely importable in 1993, simultaneously with the switch to a flexible exchange rate regime.
Reforms in industrial and trade policy were a central focus of much of India’s early reform effort. Prior to the reforms, industrial policy was characterised by multiple controls over private investment. These controls allowed private investors to operate only in some areas and often determined operation scale, new investment location, and even technology. The industrial structure that evolved under this regime was highly inefficient and needed to be supported by a highly protective trade policy, often providing tailor-made protection to each sector of industry.
However, current account deficit as a ratio of GDP has been negative and deteriorated during the last half of the 2000s. The growth experience of India’s economy over the past few decades has been well elaborated with great economic insights by prominent studies like Ahluwalia (2002), Panagariya (2004), Virmani (2004), Bosworth et al. (2007), and Acharya (2009), among others. Most of the studies have highlighted the positive impact of economic reforms, which has led to dent poverty levels; a few have lamented India’s gradualist approach to reforms and delay in implementing the reform measures announced.