Economic and institutional aspects of India's economic development in the 21st century

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dc.contributor.authorČajková, Andrea
dc.contributor.authorČajka, Peter
dc.date.accessioned2025-04-25T08:41:53Z
dc.date.available2025-04-25T08:41:53Z
dc.date.issued2025
dc.descriptionIn: Terra Economicus. Rostov nad Donom : Southern Federal University, 2025. ISSN 2073-6606. Vol. 23, no. 1 (2025), pp. 103-117.
dc.description.abstractThis paper examines the economic and institutional aspects of India’s development in the 21st century, focusing on the analysis of the factors that determine the country’s economic growth as well as the challenges that the Indian economy currently faces. At the moment, India represents one of the most dynamically developing economies in the world, which is clearly predisposed by its positive demographic growth. India is already the most populous country in the world, which creates prospects of harnessing the labor force, as well as skilled and educated labor force, for the continuous positive economic growth of the country in the 21st century. Nevertheless, Indian GDP declined at the beginning of the third decade of the 21st century mainly due to the impact of the COVID-19 pandemic and the strict lockdown and social distancing measures that were put in place to control the spread of the coronavirus. These measures led to a sharp decline in economic activity in several sectors, including manufacturing, construction, as well as services. At the same time, the Indian economy is now showing signs of recovery after the perilous year of 2021. This paper demonstrates how the Indian government has taken several measures to promote economic growth as well as various policy reforms aimed at encouraging investment and consumption for supporting the economic recovery. In this study, we also discuss the principles of institutional economics and their specificities in the case of India, in particular path dependency and others, comparing the introduced reforms and their impacts on selected indicators with China as a similarly strong and large economy.
dc.description.sponsorshipKEGA 026UKF-4/2022 India v súčasných medzinárodných vzťahoch
dc.identifier.doihttps://doi.org/10.18522/2073-6606-2025-23-1-103-117
dc.identifier.issn2073-6606
dc.identifier.issn2410-4531
dc.identifier.urihttps://repo.umb.sk/handle/123456789/295
dc.language.isoen
dc.publisherSouthern Federal University : Rostov nad Donom
dc.rightsCC BY Creative Commons Attribution 4.0. International
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectverejná politika
dc.subjectpublic policy
dc.subjectpublic politics
dc.subjectekonomický vývoj
dc.subjecthospodársky vývoj
dc.subjectekonomický rozvoj
dc.subjecteconomic development
dc.subjectinštitucionálne reformy
dc.subjectinstitutional reforms
dc.subjectudržateľný rast
dc.subjectsustainable growth
dc.titleEconomic and institutional aspects of India's economic development in the 21st century
dc.title.alternativeEkonomičekije i institucionalnyje aspekty ekonomičeskogo pazvitija Indii v XXI veke
dc.typeArticle
dc.typeinfo:eu-repo/semantics/article

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