Read the following passage and answer the questions that follow. Certain words and phrases are printed in bold to help you locate them while answering some of the questions:
After a stringent regime of autarky and command and control economy, from 1956 to 1975, India started on a slow path of reintegration into the world economy, albeit in a nascent form. Empirical comparison of the period before and after liberalization demonstrates that, instead of economic stagnation, India achieved a marked acceleration in economic growth after liberalization. Indeed, India broke the barrier of stagnation that had been the lot of the country before globalization. India’s rate of growth from 1975 to 2007 has been over 5.5 percent, compared to the derisively termed “Hindu” rate of growth of 3.4 percent over the period 1956 to 1975, and especially to the pathetic 2.6
Percent over the decade prior to the nascent liberalization in 1975. In the dozen years from 1995 to 2007 the growth rate has been over 6.5 percent; during the last four years India has sustained an unprecedented average growth rate of over 8 percent.
It is difficult to exaggerate this accomplishment in growth acceleration. It has provided additional resources not only for investment in human capital but also for expenditures on the social sectors and poverty alleviation. Besides, the economic dynamism associated with this growth has imparted a self-confidence for successfully building a consolidated nation-state. It has indeed transformed a country that had been mocked as “the sick man of Asia” - an inveterate supplicant for foreign aid – into a credible contender for a major role in the balance of power in Asia. Similarly, far from the specter of deindustrialization held out by critics, foreign imports have not swamped Indian industry after tariffs were lowered as part of India’s reintegration into the world economy. Rather, Indian industry has grown at a higher rate than it had prior to liberalization of the economy. The growth rate of manufacturing has been around 6.5 percent since 1975 and close to 7 percent during the dozen years up to 2006.