By Jati K. Sengupta

This ebook examines India’s new economic system -- its strengths, weaknesses and strength. The booklet covers 3 key parts of progress in India's economic system -- the IT (information know-how) zone, export exchange (with its externality results) and the monetary region (in specific, banking reforms).

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Extra info for India's New Economy: Industry Efficiency and Growth

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R&D investment plays an active role in innovations in new processes and in new products and services. Several dynamic features of R&D investment by firms are important for selection and industry evolution. First, R&D expenditure not only generates new knowledge and information about new technical processes and products, but also enhances the firm’s ability to assimilate, exploit and improve existing information and hence existing ‘knowledge capital’. Enhancing this ability to assimilate and improve existing information affects the learning process within an industry, which has a cumulative impact on the industry’s evolution.

Finally, India has to look for new market entries on both domestic and international fronts. Expanding export markets and developing new industries for the domestic economy are very critical to maintaining the high growth rate of the Indian economy achieved so far. The growth impact of spillover technology and externality effects have been strongly emphasized by modern growth theorists like Lucas (1993), Romer (1990) and others. Our object here is threefold. First, we discuss some models that are relevant for industry dynamics and growth.

They should develop clear channels for sharing knowledge about innovation and productivity. The spillover effects of innovations should be internalized as far as possible so that an ‘innovation culture’ can be fostered. 1057/9780230228245 - India's New Economy, Jati Sengupta and Chiranjib Neogi The New Knowledge Economy and India’s Growth 27 to more than 9 per cent in 2006. Outsourcing, telecoms and financial services are fueling much of the current rapid economic growth but India’s manufacturing industry still suffers from low investment, weak infrastructure and competition from manufacturers in China, Malaysia, Taiwan and other parts of Asia.

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