The Mumbai Consensus is a term coined by Lawrence Summers (noted economist) in 2010 underlined the significance of India’s economic strength in the coming decades. The Mumbai Consensus is a particular model of economic development which emphasizes:
- "people-centric" approach to managing its economy
- relied on its domestic market more than exports,
- boosted domestic consumption rather than investment,
- pursued service-oriented industries rather than low-skilled manufacturing industries.
The strength of the model lies in domestic demand driven inclusive growth in a robust democratic framework. The Mumbai Consensus model of economic development remains distinct from the:
Beijing Consensus: state driven export-led growth paradigm of East Asia (also called Shanghai Consensus)
Washington Consensus: of liberalisation, privatisation, deregulation with faith in the market to deliver the best possible outcomes.
www.cumberlandplace.co.uk/.../7CF8-
- "people-centric" approach to managing its economy
- relied on its domestic market more than exports,
- boosted domestic consumption rather than investment,
- pursued service-oriented industries rather than low-skilled manufacturing industries.
The strength of the model lies in domestic demand driven inclusive growth in a robust democratic framework. The Mumbai Consensus model of economic development remains distinct from the:
Beijing Consensus: state driven export-led growth paradigm of East Asia (also called Shanghai Consensus)
Washington Consensus: of liberalisation, privatisation, deregulation with faith in the market to deliver the best possible outcomes.
The following principles have been outlined as core to the Mumbai Consenses in order of relevance:
- Pluralistic Democratic (Polity)
- Gradualism and decentralization (Policy)
- Grassroots development and empowerment (Social-economic)
- Domestic demand driven and services dominated (Economy)
- Private entrepreneurship and innovation (Business)
- Non-expansionist, internationally status quoist (Geopolitical)
www.cumberlandplace.co.uk/.../7CF8-
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