Academic journal article Seoul Journal of Economics

Understanding Economic Growth in India: Implications for India-Korea Cooperation

Academic journal article Seoul Journal of Economics

Understanding Economic Growth in India: Implications for India-Korea Cooperation

Article excerpt

Guest Editor's Introduction to the Special Issue

Economic growth performance of the Indian economy during the first decade of 21s' century has changed the perception of both the scholars and global institutions regarding her role in the future of the global economy. Since then the Indian economy has been widely recognized as one of the 'Southern Engines' of the global economy. While predicting about the future of the global economy, it has been remarked that 'the world's future lies in the hands of China and India.1 This is reflected from the growing importance of the cross border flows of trade, investment, technology and human resources.

The rise of Indian economy and her growing global influence is very much rooted in the accumulated capability building in production through long drawn nurturing of science, technology and innovative institutional arrangements. Apart from growing economic influence in the global economy, India has remained in the forefront in reshaping the global governance and global institutions for generating international economic order under which southern economies can participate and share the benefits of a growing global economy. India's democracy has allowed her to build interconnections both with the advanced and developing countries. The cooperation has been remained as an instrument of her legitimacy for playing a leading role in securing a space for developing countries in global governance institutional arrangements.

India's recent economic catch up experience has amply showed that the leading and dynamic sector that has emerged is the services sector. However, this is in sharp contrast to the historical growth experience and observed long term patterns of economic growth of the industrialized countries of the western world as well as of the newly industrializing countries of East Asia. The classical pattern of economic transformation has underlined unique innovation capabilities resided in the national economies. India followed non-traditional pattern of structural transformation. Therefore, understanding a recent spurt in the economic growth experience of the Indian economy and its underling processes and determinants are relevant and significant to be unraveled with a view to draw lessons for the future course of economic growth process for the other developing countries.

The sustainability of economic growth process in the increasingly interdependent world economy lies in the synergy and complementarities among the strategic partner countries. The growing coordination and cooperation between the strategic alliances will only be durable if it is mutually beneficial and rewarding to each other. The recent increasing strategic partnership between India and South Korea symbolizes this trend. To further strengthening the growing coordination and cooperation between India and South Korea, the understanding of the changing structure and dynamics of the economies of both the countries is required to identify the areas of complementarities and competitiveness.

Keeping this in view an international symposium on the theme 'Understanding Economic Growth in India: Implications for India-Korea Cooperation' was organized on September 3, 2013 by the Institute of Economic Research of the Seoul National University in collaboration with the Centre for Development Economics and Innovation Studies of Punjabi University in India as well as the Korea Economic Research Institute (KERI). The selected five papers out of the papers presented In the symposium while following the standard refereeing process of journal are included in this volume. The common thread that emerges from these set of five papers is the identification of complementarities and the areas of cooperation between India and South Korea.

The long term economic growth experience of India and South Korea, in a comparative framework, is analyzed in a set of two papers. First, the paper by Singh and Bhangoo. while following more inclusive approach of national innovation system, has analyzed the question of why growth rate differ across India and South Korea and over time. …

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