Topic: Economics of Development
Country: India
Delegate Name: Luke Steiger
School: Roeper School
Topic page: background guide and all position papers All India position papers GLIMUN 2015 committees
In this day and age, we see an emergence of new markets throughout the world. The spread of capitalism has left few places untouched. Foreign investment has spread across developing nations, especially in the raw materials and manufacturing industries. Consequently, many countries must now evolve with a changing global economy.
India has been focusing on enhancing the private sector and foreign investment opportunities. This has been achieved with tremendous success. India has implemented significant changes under new President Narendra Modi. This year, India passed the Coal Mines Special Provisions Bill of 2015, which deconstructs governmental ownership of natural resources and allows private corporations to mine coal. Several months ago, India also increased its foreign domestic investment cap to 49%, and such investment has grown astronomically this decade. This trend is expected to continue.
India is proud of the economic development it has achieved in this century. Since renewed efforts to liberalize the economy in the 1990s, India has sustained consistent, impressive growth. Through reformation acts and regulatory policies, India has managed to substantially increase the private sector. India advises countries with equal economic aspirations to take similar steps. India believes that foreign investment is central to developing countries. The growth India has seen in infrastructure and energy would not be possible without the billions of dollars brought by foreign investors. To attract foreign investment, it is critical to have a strong private sector to invest in. Additionally, India encourages socialist countries to give up monopolies and seek legitimate competition with the private sector. Lastly, India and the rest of the world must focus more on maintaining an educated populace. Having a highly educated workforce has already shown great returns for India in the fields of technology and chemical manufacturing. Stable skilled labor opportunities provide for a stable middle-class, thus a stable economy.
