N. V. GALISHCHEVA
Candidate of Economic Sciences
export of capital Keywords:, foreign direct investment, foreign direct investment, India, South Asia, Africa
The internationalization of Indian capital is one of the most important manifestations of the openness of the Indian economy and its integration into the world economy. In the past, a colony that served for a long time as an object of expansion of British capital, India itself has begun to actively export capital to various countries of the world in recent decades.
Stimulating foreign investment by leading Indian companies, often in the form of direct investment, is currently considered by the Indian government as one of the most effective tools for accelerating the country's economic development by gaining access to advanced technologies and innovations, acquiring new markets for exported goods, and increasing the international competitiveness of Indian companies and key sectors of the economy.
NATIONAL FEATURES OF STATE REGULATION
State regulation of the export of Indian capital abroad at different stages of its development has changed depending on the evolution of the country's socio-economic model.
By the time of India's independence, the foundations of the light and food industries had been laid, separate heavy industry enterprises were functioning, and there was an extensive and capacious domestic market. Under these circumstances, the Indian government's choice of import substitution policy as a model of catch-up development was justified. This policy was implemented in conjunction with government regulation of foreign trade based on strict quantitative restrictions.
The creation of new branches of Indian heavy industry led to a noticeable increase in industrial production (in 1948-1964 it grew 2.5 times), and the share of the public sector in gross industrial output increased to 18% by 1960. The central point of India's economic strategy until the early 1980s was the full development of basic industries ... Read more