‘Globalized’ and ‘Decoupled’: Indian Economy in the Era of Global Crisis

This study would like to present theoretical and empirical critique of ‘globalized India’ and would like to challenge the myriad myths that surround the beneficial effects of neoliberal policies. According to the protagonists of reform Indian economy became a vibrant and dynamic economy in comparison to the pre-liberalization period by extracting benefits from growth rate 7 percent – 9 percent till recently. Though this growth process was service led, uneven, jobless and exclusive in nature; the global and Indian corporate and policy makers proposed the decoupling hypothesis that this growth was domestically driven and not only unaffected by the global economic crisis, but may serve as a shock absorber for Western economies.