Libmonster ID: UK-1322
Author(s) of the publication: N. V. GALISHCHEVA

N. V. GALISHCHEVA

Doctor of Economics, MGIMO (U), Ministry of Foreign Affairs of the Russian Federation

Keywords: Indian economy, economic liberalization, "Delhi consensus", "Beijing consensus", "Washington consensus"

The period of the 80s-early 90s of the XX century was marked by the liberalization of the economy of a number of developing countries in Africa, Latin America and Asia. Most of them, unable to solve the problem of external debt, decided to launch economic reforms under the influence of the IMF and the World Bank (WB), which offered them their own action plan.

This package consisted of a number of recommendations aimed at restoring fiscal discipline in the countries (keeping the state budget deficit at a minimum level), strengthening the role of the market and reducing state interference in the economy (privatizing, reducing tax rates, liberalizing financial markets, protecting investors ' rights, deregulating the economy), as well as actively integrating the country into the global economy. agriculture (introduction of a free exchange rate of the national currency, reduction of import duties, reduction of restrictions on attracting foreign direct investment to the country)1. In 1989, the British economist John Williamson called such a plan of action the "Washington consensus" on the location of the headquarters of the IMF and the World Bank, not far from the White House.

As the experience of implementing the "Washington consensus" has shown, it proved to be poorly viable and finally discredited itself during the current global financial crisis. Thus, IMF Managing Director Strauss-Kahn stated in April 2011 that " during the crisis, this set of liberal prescriptions failed, assuming that simple monetary and fiscal policies guarantee stability; deregulation and privatization lead to growth and prosperity; financial markets as channels for the flow of resources to production-

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The Washington Consensus is one of the definitions of Structural Adjustment Programs (SAPs). They were developed on the basis of neoliberal approaches of the" Chicago school " led by Nobel Prize-winning economist M. Friedman in order to overcome the severe consequences of the structural economic crisis of the 70s-80s of the XX century-a cardinal increase in oil prices, stagflation (a combination of high inflation and unemployment in the United States), etc. These recipes were first and generally quite effectively applied in Chile in 1975. Developing countries, especially those in Africa and Latin America, have a huge external debt burden. In fact, the main source of loans was the IMF and the World Bank (private banks refused to provide loans), which since the early 1980s linked them to strict structural adjustment programs. By the end of the 1980s, this led to severe, sometimes disastrous, consequences for the economy and social situation of most developing countries. Nevertheless, neoliberal experiments of economic restructuring were also applied to Eastern European and post-Soviet states, including in an extreme form of " shock therapy "(although, for example, in Poland it more or less worked, although with difficulty). Structural adjustment programmes were strongly criticized at the UN Conference in New York in 1994.4 In particular, it was noted that most Sub-Saharan African and Latin American countries experienced a decline in per capita income in the early 1990s compared to 1980.5 and their debt increased, respectively, compared to the previous decade. $57 billion. from $ 354 billion in 1982 to $144 billion and $470 billion in 1991.6 In the mid-1990s, both the IMF and the World Bank "repented" by relaxing the most extreme requirements of structural adjustment, and in 1999 they proposed a Poverty Reduction Strategy Papers7. However, it seems that the failure of extreme neoliberal approaches does not mean that due to the cyclical development of the global and national economies (excessive state intervention - market - state intervention), the pendulum cannot swing back towards the market in the future.

E. M. Rusakov, Candidate of Historical Sciences, columnist of the magazine "Asia and Africa Today" on the problems of East and South Asia

the water industry is efficient in itself, and globalization a priori stimulates the development of the economy, the "Washington Consensus" (see above) is left behind"2. In his opinion, "at present, when developing macroeconomic policy, the pendulum is increasingly deviating from the market to the state." 3

At the same time, some developing countries initially chose the path of liberal transformation in the economy, taking into account their national realities. The most convincing examples were China and India. In recent decades, both countries have been developing national development models that provide for a harmonious combination of economic liberalization with the solution of the problem of human development that is so relevant for any developing and emerging market state and take into account the specifics of the complex organization of the socio-economic structure.

There are similarities and differences between the Chinese and Indian models of economic reform.

The specifics of liberalization and the actual formation of the Chinese development model were first identified as the "Beijing consensus" by economist Joshua K. Ramo. Numerous works of foreign and Russian sinologists are devoted to the analysis of this model*. This will be discussed below.

The Indian concept of implementing liberal economic reforms in terms of its significance and the positive results achieved is also a kind of alternative to the "Washington consensus" in a number of areas and, according to the author of this article, can be referred to as the "Delhi consensus". The Indian "action plan" for the transformation of the national economic system, which has been gradually crystallizing since the early 1990s, is now increasingly taking on the shape of a holistic economic development model. It seems that the main parameters of the "Delhi consensus" and its distinctive features have already been fully formed.

EFFECTIVE FIRST STAGE

In the economic history of India, there are two macro-stages: development based on the model of import substitution (until the early 1990s) and economic liberalization (1990s-2000s).

The socio-economic model used by India during the first macro-stage was very successful.

The stated goal of the Nehru Course was to build a "socialist-style society" (in the early 1960s, this goal was transformed into the idea of building "democratic socialism") by expanding the public sector and implementing the concept of a "mixed economy", which was inherently capitalist, but at the same time contained elements of social equality.

Large-scale industrialization has laid solid foundations for the development of the country's basic industries, helped diversify the national output, and reduced India's dependence on foreign aid. Agricultural reforms, including the Green Economy-


* For more information, see: Bazhenova E. S. 30 years of reforms in China: results, problems, prospects. Asia and Africa Today, 2009, No. 2; Berger Ya. Kitayskaya modeli razvitiya [The Chinese Model of Development] / / MEiMO, 2009, No. 9; Gelbras V. Thirty Years of the era of "reform and openness" in China // Ibid., 2009, No. 6.

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In addition, we have successfully implemented the Global Food revolution", solved the problem of hunger and promoted self - sufficiency in the field of food (currently, the share of food in India's imports does not exceed 2-3%).

Progress has also been made in solving many social problems, especially the elimination of illiteracy - the literacy rate in the country increased from 18.33% to 74.04% in 1951-2012. 8 During the period of independence, the scale of poverty has also significantly decreased. According to the national approach, i.e., taking into account the minimum subsistence level set by the Government of India, the poverty rate decreased from 45% in 1951 to 37.2% in 2005 and 21.9% in 2012.9 According to the World Bank, the population living on less than $2 a day in 2005 was 75.6in 2010-68.7%; less than $1.25 per day, respectively, in 2005 - 41.6% and in 2010-32.7% 10.

However, even at the turn of the 1970s and 1980s, there was a need to adjust the socio - economic model in India. To some extent, the launch of reforms was influenced by external "players" in the face of the IMF, which linked the provision of a $5 billion loan to India. with the fulfillment of the following conditions: import liberalization; loosening state control over prices; deregulation of industrial production in certain sectors; development of export-oriented industry; reduction of expenditures in the public sector of the economy; reduction of tax rates; opening the Indian market to foreign capital, etc. Meanwhile, even in India itself, representatives of the scientific, economic and political establishment were already aware of the need to find new ways of development.

Thus, from the beginning of the 1980s, India began to gradually move away from the previously "Nehru Course" and recognize new realities due to the inability to continue to adhere to a certain policy of distancing itself from the world economy. Famous for its results, the 6th five-year Plan (1980-1985) called for a" new path in the economy", which included liberalizing the economy, gradually opening the market to foreign capital, primarily in order to acquire modern technologies, expanding the private sector to improve production efficiency, and expanding ties with the world market.

It should be noted that already in the 1970s, the economic situation in India was becoming quite tense: GDP growth was noticeably reduced, there was a chronic deficit in the balance of payments and trade, unemployment and inflation were increasing, and there was a lack of capital investment in many sectors of the economy that needed serious infrastructure upgrades. The productivity of workers and employees in state-owned enterprises was much lower than in private ones.

Since 1980, the Gandhi Government has adopted a policy of actively encouraging foreign investment flows from non-residents of Indian origin by removing various barriers to their entry and granting concessions, as a result of which the 6th Five-year Plan was partially funded and relative economic stability was restored in the country.

The results achieved were encouraging. The average annual growth rates of industry in FY 1980/81* - FY 1984/85 were 6.1%, agriculture - 5.8%, transport, communications and trade - 5.7%, banking, insurance and other business services-5.3%. According to the results of FY 1984/85, the country's gold and foreign exchange reserves reached $5.952 billion, an increase of almost $1.6 billion compared to FY 1981/82. Positive trends were also observed in the external sector of the economy: the volume of exports increased and the trade deficit decreased 11.

As a result, the government of R. Gandhi, which came to power in 1984, in the 7th five-year plan (1985-1989) set as its goal to start modernization and continue the gradual liberalization of the economy. What was new here was a forward-looking approach (until 2000), as well as increased attention to the development of the private sector. Through some liberalization of industrial policies, the Indian government tried to give the public sector a new dimension, trying to increase its efficiency.

A gradual reduction in the scale of the "Permit Raj" system, which in the Indian economic literature, due to its excessive rigidity, and over-regulated regulation, has begun. figuratively compared with the system of "British Raj" (British Raj). It should be noted that the "permission rule" system perfectly describes the essence of India's trade and investment policy in the 1950s and 1980s, when it was necessary to obtain a state license (License Raj) to organize or expand a business, export or import goods, etc. The move away from this system in March 1985 was marked by the abolition of licensing for 25 types of goods, such as steel, agricultural and electrical equipment, and a number of electronic and mechanical products. In June 1985, 82 types of medicines were delicensed12. At the same time, the Indian government, under pressure from local businesses, which repeatedly raised the issue of raising the upper limit of the authorized capital of companies due to the changing economic situation in the country, also weakened antitrust laws.

Continuing to conduct a poly-


* The fiscal year begins in India on April 1 and ends on March 31 of the following calendar year.

page 4

In addition to attracting foreign investment from abroad for the development of the national economy, the Indian government saw potential creditors not only in the person of non-residents of Indian origin, but also in all other non-residents. It should be noted that the climate for foreign capital inflows since 1984 has become more attractive because the Federal Government's policies have been designed to open up the Indian economy to the outside world and encourage capital inflows to those industries where the latest technologies were needed and there were significant problems with output, or vice versa - there were opportunities to increase the number of export potential of the country. At that time, quite a lot of joint ventures (JVs) were created with firms from the UK, USA, Germany, Japan, etc.

In general, the Indian economy developed very dynamically in the 1980s, which makes it possible to state that the attempts to liberalize the economy were successful: the annual GDP growth rate was about 5.8%, and the conditions of reproduction (inflation, state budget deficits, unemployment, and the volume of public debt) were at an acceptable level for a developing country. In addition, despite the continued high level of government regulation, the importance of the private sector as an integral player in the national economy has increased.

Although the first attempts at liberal reforms were made by the governments of I. Gandhi and R. Gandhi back in the 1980s, the implementation of large-scale liberal reforms that affected all areas of the economy began in India in the 1990s.

LOOKING FOR A NEW MODEL

In the 1991/92 financial year, India experienced the most acute monetary and financial crisis since independence, accompanied by a significant slowdown in economic growth. GDP growth rates decreased from 5.8% to 2.5% compared to the previous year, and industrial production - from 7.0% to 0.9% 14. Unfavorable weather conditions for three consecutive years have led to a large-scale reduction in agricultural production.

Among the internal economic problems faced by India at that time, the following were highlighted: the need to modernize the Indian economy; excessive state intervention in economic processes; the need to transform the institutional system; the urgent problem of numerous chronically unprofitable public sector enterprises; problems accumulated in the banking sector and, above all, in state-owned banks; overregulation of the system of foreign economic relations unbalanced development of the financial sector (significant fiscal and income deficits, high inflation, irrational structure of the tax system), which forced the Indian government to increasingly resort to external borrowing. The absence of a stable government in the country for two consecutive years since 1989 has made it impossible to respond in a timely manner to the alarming signals in the economy. 15

The occupation of Kuwait by Iraq and the subsequent war of the international coalition led by the United States was marked by an increase in world oil prices, a reduction in export opportunities to the countries of this region, and a decrease in the volume of remittances to the Indian economy due to the mass return of Indian labor migrants to their homeland, etc. Thus, by the early 1990s, it became obvious that India's economic policy, including foreign economic policy, implemented in previous decades and carried out in line with the import substitution model, had exhausted itself.

Declaring its commitment to the socially oriented "Nehru model", the government of the Indian National Congress (I)Party, 16 headed by Prime Minister P. V. Narasimha Rao, formed in June 1991, launched large-scale liberal reforms, which resulted in the gradual transformation of India into one of the modern engines of the world economy, which is up to the global level. The 2008-2009 financial crisis accounted for about 11-12% of global GDP growth 17.

It is noteworthy that not everyone in the country (both Indian businessmen and the general population) immediately supported the idea of liberal economic reforms. In this regard, the American indologist Paul I. Murdoch noted: "Some Indians still prefer economic security and protectionist protection provided by a regulated economy... which involved self-directed development... Representatives of the Indian working class oppose privatization, because they are afraid of losing jobs due to the fact that the activities of enterprises that were previously in the public sector will be rationalized and optimized... A number of businessmen fear that development with a focus on the free market will mean the loss of vital government subsidies, and that their business will either fail completely or suffer significant losses as a result. In addition, concerns were expressed... that foreign investors, especially from among the largest TNCs, will buy up the most profitable Indian enterprises, leaving only crumbs to Indian entrepreneurs. " 18

Despite alternative points of view, modern libe-

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Table 1

Comparative indicators of the BRICS countries ' gross investment rate (%of GDP)

Year

2007

2008

2009

2010

2011

2012

Brazil

22

21

18

20

20

18

Russia

25

26

19

23

25

26

India

38

36

36

37

35

36

China

44

44

48

48

48

48

SOUTH AFRICA

20

23

20

19

19

19



Source: Gross capital formation (%of GDP) / / World Bank. Data - http://data.worldbank.org/indicator/NE.GDI.TOTL.ZS

National reforms in India gradually and organically cover both the system of internal economic structure of the economy and the system of external economic relations. It was in the 1990s that the country began a serious shift from "inward-oriented development" to active integration into the world economy. At the same time, the large-scale reform processes of the last two decades took place without denying the past and contributed to the development of exactly the best of what was achieved with such difficulty before.

It seems that the modern concept of Indian liberal reforms, which has been implemented since the early 1990s, may well be called the " Delhi consensus "by analogy with the neoliberal" Washington consensus "and the"Beijing consensus" currently being implemented in China.

The Delhi Consensus includes the following specific features.

1) Focus on accelerated but balanced development, which provides for the harmonious implementation of domestic and foreign economic liberalization. It is noteworthy that liberalization is considered by the Indian political and economic establishment not as an end in itself, but as a tool that contributes to the modernization of the economy, strengthens the economic, including technological and military, power of the country and strengthens its position in the world economy.

2) Solving a complex of social problems, among which the Indian government pays special attention to improving the educational level of the population, including the elimination of illiteracy (if in 1951/52 fy.spending on education was only 0.6% of GDP, then in 2010/11 fy. - 3% of GDP, including spending on higher education - 0.37% 19), reducing poverty, fighting infectious diseases and epidemics, etc. All this, according to the architects of liberal reforms, should actively stimulate the development of human potential in India and contribute to more efficient use of labor resources.

3) Development of the innovation sphere and increasing the amount of R & D funding. Currently, the knowledge intensity of Indian GDP is already approaching 1%. Thanks to the expansion of the network of research institutions and the involvement of its large diaspora in the development of R & D, India is actively developing pharmaceuticals, computer, bio-and nanotechnologies, etc. The priority of R & D development is primarily determined by the goal of achieving technological self-sufficiency and is carried out taking into account both continuity to the positive experience of past decades, and taking into account modern approaches and guidelines of advanced powers. As this goal is achieved, it becomes essential for India to ensure the high competitiveness of Indian goods in the international market. This is really relevant, because the ways to acquire and further expand its own niche in the global market have now become quite complex, and therefore India is in a more difficult position than the new industrial countries (NIS) of the first wave. In this regard, the basis of India's economic development and the determining factor in the growth of its exports is the expansion of output and improving the quality of products, and not just cheap labor. Achieving a high level of competitiveness of Indian goods requires the government of the country to carefully and regularly adjust foreign economic, fiscal and monetary policies, as well as timely modernization of the industrial sector of the economy.

Table 2

Comparative characteristics of the economic development rates of India and China in 2005-2012 (%)

 

2005

2007

2009

2010

2011

2012

India

9,0

10,1

5,0

11,2

7,7

4,0

China

11,3

14,2

9,2

10,4

9,3

7,8



Источник: World Economic Outlook // International Monetary Fund, April 2013. P. 153.

page 6

4) Giving the state a special place and role in the economy. Despite a significant reduction in the scale of government regulation in the Indian economy, the government still has significant economic tools in its hands to influence the macroeconomic situation in the country. So, for example, state-owned banks account for 75% of all banking operations in India, and the state still acts as a major investor in fixed assets (about 1/3 of the total investment volume). At the same time, it is also necessary to mention the pragmatic approach of the Indian government to the formation and implementation of both foreign policy, one of the main priorities of which was to take into account the urgent economic needs of India, and the closely related foreign economic policy. An example of this is the unprecedented expansion of India's relations with the United States, the EU, China, Southeast Asian countries, etc., which began in the first half of the 2000s.

5) India's active inclusion in the global economy. Over the past two decades, there have been steady trends in strengthening India's position in the international movement of capital (both in import and export) and in world trade in goods and services, and India's integration ties have noticeably expanded, resulting in the emergence of new and activation of previously existing vectors of South-South cooperation, primarily within the framework of South Asian Association for Regional Cooperation (SAARC), IBSA Trilateral Dialogue Forum (India, Brazil, South Africa), BRICS, etc.

TWO "CONSENSUSES": SIMILARITIES AND DIFFERENCES

It should be noted that some features of the concept of the "Delhi consensus" put forward by the author are somewhat similar to the "Beijing consensus". Both models assume borrowing and implementing some liberal recipes of the "Washington consensus", taking into account national specifics in determining the pace, timing and methods of economic transformation. The most important feature of both models is the step-by-step nature of economic liberalization, the progressive nature of reforms, the organic combination of structural transformations with the solution of social problems, as well as the significant role of the state in the development and functioning of key sectors of the economy. At the same time, dynamic rates of economic growth are primarily ensured by a high rate of gross capital investment and an increase in labor productivity.

Both models are characterized by flexibility (countries are very successful in adapting to globalization), a rather complex organization of the socio-economic structure, and an interest in borrowing the best aspects of the experience of other models. Thus, the Indian and Chinese models are complex models of very harmonious socio-economic development that successfully synthesize national specifics and features of the current stage of development of the world economy.

However, there are also very significant differences between the Indian and Chinese models of development. Thus, while the Indian model relies on the active development of the tertiary ("service") sector, the Chinese model still focuses primarily on the implementation of large-scale industrialization, which is considered as the basis for economic growth and transformation of the country's economic structure. The secondary sector in India accounted for 27% of GDP in 2010 (46% in China), and the tertiary sector accounted for 55% of GDP (43% in China) .20 In addition, the Indian model relies much more on domestic resources than the Chinese one: the share of foreign direct investment in the gross domestic product is much higher than in the Chinese one. In the 2000s, India's accumulation rate averaged about 3-5% (in China -8-10%), and the foreign trade quota -25-30% of GDP (in China - 50-55% of GDP).21.

The fundamental difference between the "Delhi consensus" and the "Beijing consensus" is, first of all, in the essence of development models. Rather, the Beijing Consensus is a model of transition from command-and-control management methods to market-based ones, while simultaneously transforming economic and political institutions. According to J. Berger, "the core of the Chinese model in any of its interpretations is the tandem of solid authoritarian power and a market economy"22. In turn, the "Delhi Consensus" is an option for implementing liberal reforms based on capitalist relations. In this regard, it is more logical to consider the "Delhi consensus" as a completely reasonable alternative to the neoliberal "Washington consensus", which was actively imposed on developing countries, initially focused on capitalist economic methods in the 1990s, and then discredited itself.

* * *

The "Delhi Consensus" as a model of liberal reforms in India has proved to be very viable: the reforms have a positive impact on the modernization of the national industry, agriculture, accelerated development of the service sector, gradual solution of social problems and progressive integration of the country into the world economy.

page 7

The result of the renewal of the Indian economy was its rather high stability.

The global financial crisis of recent years has not affected India as much as most other countries: GDP growth in 2008 - 2009, although it declined, remained at the level of 5%. The current slight deterioration in reproduction conditions and the reduction in India's economic growth rate (to 4.0% in 2012,23) are also not critical. The increase in the inflation rate (in 2012 - 9.3% 24) was caused by a number of factors, both internal (the need to deal with the consequences of the global crisis, increased spending on social needs and financing of infrastructure facilities, the devaluation of the rupee in 2010-2013, etc.) and external (rising prices for imported raw materials, the impact of the crisis in the world's leading centers on the Indian economy through trade and investment channels, etc.). The fall in the Indian rupee's exchange rate from 55.4 rupees per $1 at the end of May 2013 to 68.4 rupees on August 28, 201325 resulted in a certain increase in inflation, but, according to foreign experts, it is of a short-term nature. At the same time, the devaluation of the rupee encourages a further increase in Indian exports.

According to the IMF, India's GDP growth in 2013 was 4.4%, in 2014 it is projected at 5.4%, and in 2015 it will increase to 6.4%, which will allow the country to approach this indicator to China, whose economy will grow by 7.3%26.

* * *

The current model of economic reforms - the Delhi Consensus-has already given India the 3rd place in the world ranking in terms of GDP calculated according to PPP, which allowed it to overtake Japan in this indicator. There is some reason to believe that the "Delhi consensus" in the next 10 to 15 years is quite capable of bringing India to the 5th-6th place in the world ranking of economic powers in terms of GDP calculated at the exchange rate.

The prospects for the development of the Indian economy as a whole will depend on the consistent implementation of its modernization and diversification, easing the current problems - territorial imbalances (a six-fold gap between the Indian states and the union territories in the level of GDP per capita), the quality of human capital (about 1/4 of the illiterate adult population), the elimination of "bottlenecks" in infrastructure (lack of modern roads and electricity in some states).


Ananyin O., Khaitkulov R., Shestakov D. 1 Washington Consensus: Landscape after the Battle / / World Economy and International Relations. 2010. N 12.

2 http://www.imf.org/external/np/speeches/2011/040411.htm

3 http://www.smh.com.au/business/washington-consensus-is-over-says-imf-chief-20110405-1d2vg.ht ml

4 Structural Adjustment in a Changing World // World Summit for Social Development. UNRISD Paper Series 4. Geneva. UNRISD (United Nations Research Institute for Social Development). P. i-iv, 5 - 15, 17 - 21.

5 Ibidem. P. ii .

6 Ibid. P. 12 .

7 Poverty Reduction Strategy Papers (PRSP) // International Monetary Factsheet - http://www.imf.org/external/np/exr/facts/pdf/ prsp.pdf

8 Economic Survey 2012/13 // Government of India. Ministry of Finance. Department of Economic Affairs. Economic Division. February 2013. Page A124.

9 http://planningcommission.nic.in/news/pre_pov2307.pdf; Economic Survey 2010/11 //Government of India... February 2011. P. 302 - 303.

10 Poverty and Inequality Database. Last Updated 22.10.2013. PovStats // World Bank. Data - http://data.worldbank.org/data-catalog/poverty-and-equity-database

11 Economic Survey 1995/96 // Government of India... February 1996. P. S-10, S-69, S-72.

Venkateswaran R.J., Mithani DM. 12 Rajiv Gandhi: Economic Perspective Towards 21st Century / Bombay, Himalaya Publishing House. 1989. P. 109.

13 In India, the State budget is analyzed using four types of deficits: fiscal, fiscal, primary, and revenue deficits. The fiscal deficit is calculated by deducting all total expenditures for both parts of the budget from the sum of regular budget revenues and domestic loans. The budget deficit is calculated by deducting all total expenditures from the sum of revenues for both parts of the federal budget. The primary deficit is the difference between the fiscal deficit and the amount of government debt repayments. A revenue deficit is a regular budget deficit.

14 Economic Survey 1995/96... P. S-10.

15 After the end of the term of office of the Government headed by Prime Minister Rajiv Gandhi (October 1984-December 1989), Governments headed by Prime Ministers V. P. Singh and C. Shekhar were replaced in India from 1989 to 1991, and a Government headed by the Prime Minister was formed on 21 June 1991.- Minister P. V. Narasimha Rao (served until May 16, 1996).

16 The Indian National Congress (INC) is the oldest political party founded in 1885. After the split of the INC in 1967, the part of the party that supported the Indian Prime Minister Indira Gandhi in the internal party struggle became known as the Indian National Congress (I).

17 Melyantsev V. A. Ekonomicheskiy rosta Kitai i Indii: dinamika, proportii i posledstviya [Economic Growth of China and India: Dynamics, Proportions and Consequences]. 2007. N 9. P. 19.

Murdock Paul I. 18 Tiger, Tiger Burning Bright - or Not? India-US Relations in the 21st Century // US Naval War College. Strategic Research Department. Research Report 6 - 96 - http://www.dtic.mil/cgibin/GetTRDoc? AD-ADA313473

19 Economic Survey 2010/11... P. 294.

20 World Development Report / The World Bank. Various Issues -http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRE SEARCH/EXTWDRS/0"contentMDK:20227703-pagePK:478093 - piP K:477627 - theSitePK:477624,00.html; http://www.worldbank.org/en/ country/india/overview

21 Ibidem.

J. Berger 22 the Chinese model of development of World economy and international relations, 2009. N 9.

23 World Economic Outlook // International Monetary Fund. April 2013. P. 153.

24 Ibid. P. 158.

25 http://www.tititudorancea.in/z/usd_to_inr_american_dollar_indian_rupees__exchange_rates_rbi.ht m

26 Table 1. Overview of the World Economic Outlook Projections // Is the Tide Rising? WEO Update, January 2014, p. 2. International Monetary Fund - http://www.imf.org/external/pubs/ft/weo/2014/ update/01/pdf/0114.pdf


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