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After nearly five decades of insulation from world markets, state controls, and slow growth, India embarked in 1991 on a process of liberalization of controls and progressive integration with the global economy in an effort to put its economy on a path of rapid and sustained growth. Despite major changes in the government since then, the thrust of reforms has been maintained. According to the World Bank, only 19 out of 137 countries had more rapid growth than India's at over six percent per year in the 1990s. In this study, Professors Srinivasan and Tendulkar analyze the economics and politics of India's recent and growing integration with the world economy. They argue that this process has to be nurtured and accelerated if India is to eradicate its poverty and take its rightful place in the global economic system. The topics covered include historical roots and the political economy of India's late integration; domestic and external constraints on integration; external capital inflows including foreign direct investment; and India's emerging comparative advantage in the information technology industry and services, particularly computer software. The final chapter offers policy recommendations.

All India Services - All India Services are the supreme civil administrative services of India. There are three All India Services

India Index Services and Products Ltd. - India Index Services & Products Ltd. (IISL) is a joint venture between the National Stock Exchange of India Ltd.

Banking in India - Banking in India originated in the first decade of 18th century with The General Bank of India coming into existence in 1786. This was followed by Bank of Hindustan.

U.S. House Committee on Financial Services - The United States House Committee on Financial Services (or House Banking Committee) oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.

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