India's Modinomics and Korea's New Southern Policy

6 Pages Posted: 14 Dec 2018

See all articles by ChiHyun Yun

ChiHyun Yun

Korea Institute for International Economic Policy

Choong Jae Cho

Korea Institute for International Economic Policy

Date Written: August 21, 2018

Abstract

Since Narendra Modi took the prime minister's office in May 2014, India has grown into one of the fastest growing emerging markets with an annual average economic growth rate of over 7%. Under the vision of "sustainable economic growth based on structural reforms and open policy," the Modi government focused on lifting restrictions on investment, building governance, expanding infrastructure, and strengthening international economic cooperation to achieve macroeconomic stability and stimulate investment. Thanks to the government's so-called Modinomics, India's economic growth rate has risen above China's, and the country has grown to become the sixth largest economy in the world as of 2017.

This paper evaluates the progress of the core development policies of Modinomics - Make in India, reforms in tax (GST), labor and land acquisition, and the flagship urban development programs (Smart Cities) - and draws policy implications for Korea's New Southern Policy towards India.

Keywords: India, Modinomics, New Southern Policy, Korea

Suggested Citation

Yun, ChiHyun and Cho, Choong Jae, India's Modinomics and Korea's New Southern Policy (August 21, 2018). KIEP Research Paper, World Economy Brief 18-25. Available at SSRN: https://ssrn.com/abstract=3299395 or http://dx.doi.org/10.2139/ssrn.3299395

ChiHyun Yun (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Choong Jae Cho

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Register to save articles to
your library

Register

Paper statistics

Downloads
11
Abstract Views
80
PlumX Metrics
!

Under construction: SSRN citations while be offline until July when we will launch a brand new and improved citations service, check here for more details.

For more information