Understanding the Indian Economy from the Post-Reforms of 1991, Volume II

CHAPTER 12

Role of Noneconomic Factors Influencing Indian Economy: Cultural, Social, Legal, and Political

This chapter focuses on understanding the nature and working of all the noneconomic forces that have shaped the economy. Of course, their degree of influence differs from time to time. They are related to the social, cultural, legal, and political setup. Social and cultural factors are interrelated with other dimensions of the economy. Every economy is influenced by these forces, and the Indian economy is the product of the working of all these forces from time to time. Globalization has led to the growing interconnectedness of societies and has brought about significant changes, and nations have become multicultural. Political factors are ...