ABSTRACT
India is increasingly regarded (along with China) as one of the ‘success stories’ of globalization, likely to emerge as a giant economy in the twenty-first century. This perception has been bolstered by the apparent ability of the Indian economic growth process to withstand the worst effects of the global financial crisis, and to experience only a minor slowdown of output growth rather than any actual decline in national income. The subsequent post-recession resurgence has further reinforced the idea that the Indian economy is now capable of rapid expansion under its own steam, and has led some to argue that it, along with other dynamic parts of developing Asia, can become an alternative growth pole in the global economy. The country has recently experienced an economic boom that has been relatively prolonged, with a confident capitalist class increasingly taking on the world not only in exports but also through investment abroad, and growing self-confidence among the elite, professional and middle classes.
