Gateway to the globe

Article Abstract:

Bombay, India serves as the country's gateway to the world of international capitalism. The city is India's economic and business center. Bombay's elite conspicuously purchase Western luxury goods and participate in a Westernized global culture. The majority of Bombay residents struggle to survive, living in slums, suffering from poor utility services and a crumbling public transit system. As the gap grows between the very rich and the rest of Bombay society, so does popular discontent. Unless the poor derive benefit from the global free enterprise system, conditions in Bombay will continue to destabilize.

Economic aspects, Economic development, International economic relations, Trade policy, Commercial policy, Bombay, India

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Staying on course to be a colossus

Article Abstract:

It is possible to speak of an economic miracle in India. The country has gone from a growth rate of 1.2% of GDP in 1991-1992 to about 5.5% in 1994-1995. For 1995-1996, 6.5% is the projected growth rate. Inflation is a relatively low 8%, the budget deficit is less, and interest rates are still high but decreased from 22% to 17%. Further reductions are expected. Foreign- exchange reserves amounted to $22 billion in Jan 1996, up from $1 billion in July 1991. Prime Minister P.V. Narasimha's actions contributing to India's economic growth are detailed.

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The World Trade Organization and implications for developing countries

Article Abstract:

The World Trade Organization (WTO) became fully operational on 01 January 1997. The WTO goes beyond the General Agreement on Tariffs and Trade (GATT) and places the existing and new obligations of world trade administration under one structure. Membership of the WTO can offer many opportunities for developing countries, particularly with regard to expanding trading opportunities and boosting economic development.

Membership, World Trade Organization

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