Globalization Has Propelled India to Prosperity

In 1991, India went bust and rushed to the International Monetary Fund (IMF) for help. At the time, India was famous (or perhaps infamous) for being the biggest beggar for foreign aid and food aid in the world. Attempts for three decades after becoming independent in 1947 to promote economic development through self‐​sufficiency, socialist planning, and public‐​sector dominance had yielded only 3.5 percent GDP growth per year, half that of the four Asian tigers (Korea, Taiwan, Singapore, and Hong Kong).