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Modinomics and its implications for Korea - India cooperation

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Frame of Image es, named ‘Modinomics’ after Prime Minister Narendra Modi, focusing on high growth and business-friendly environment. Modinomics emphasizes the virtuous circle of investment that promotes employment and consumption, which induces additional investment. The government of India has been concentrating on improving the business environment by easing or removing various regulations related to investment, and also by establishing reliable and efficient governance. The government of India has especially placed a priority on attracting private and foreign investment to infrastructure development and manufacturing sector promotion, based on key policies of Modinomics, such as smart cities, the development of the Industrial Corridor, and the Make in India campaign. As a part of his increasingly active ‘sales diplomacy’, Modi has visited several countries, including Japan and China; holding summit meetings with the leaders and receiving promises of massive investment. As a result, the government of India secured investment commitments of 35 billion
The
and 20 billion dollars, respectively, from Japan and China. Japan, in particular, has been pushing forward with the development of 11 industrial zones, a rapid transit railway, and a smart city.
Figure 1. Modinomics Mechanism
Key policies of Modinomics
Make in India
Make in India is the core policy of Modinomics. Prime Minister Modi launched the Make in India initiative with the primary goal of making India a global manufacturing hub, by


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Title Modinomics and its implications for Korea - India cooperation
Similar Titles
Material Type Reports
Author(English)

Cho, Choongjae; Song, Young-Chul; Lee, Jung-Mi

Publisher

Sejong, Korea:Korea Institute for International Economic Policy

Date 2016-08
Series Title; No World economy brief / vol. 6(no. 19)
Pages 5
Subject Country India(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Government and Law < International Politics
Holding Korea Institute for International Economic Policy