The role of the private sector in India's economic diplomacy: Opportunities and challenges

The economic performance of a country is intrinsically linked with its standing in international politics. India's economic performance after the reforms in 1990s has initiated a debate on the strategic consequences of the increased growth rate. Thus, Economic diplomacy has assumed great importance for the country in terms of investing resources for strategic reasons as well as hosting investment in key sectors. In the wake of reforms, private sector in India has also started playing a key role in the economic diplomacy of the country. The paper looks at the contribution of the private efforts to invest and seek resources in a globalized world and the challenges that it faces in realizing its full potential. It notes the importance of economic diplomacy in an interdependent world and also puts India's efforts for the same in perspective. An attempt has also been made here to engage with the conceptual discussion of the role of economic diplomacy and its various tools.