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Arvind Subramanian: Globalisation and states' growth
India’s rapid globalisation is one of the clichés of our time. Since the major policy turnaround in 1991, the Indian economy has become increasingly integrated with the global markets through trade and finance channels. India’s trade-to-GDP ratio, a measure of trade openness, increased from 20 per cent in 1993 to 45 per cent in 2007. The ratio of foreign assets and liabilities
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