Mumbai Consensus

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The Mumbai Consensus is a term used to refer to India's model of economic development, with a "people-centric" approach for managing its economy which may be taken up by other developing nations in time.^[1] The Indian model of economic growth, which relies on its domestic market more than exports, boosted domestic consumption rather than investment, pursued service-oriented industries rather than low-skilled manufacturing industries, and has greatly differed from the typical Asian strategy of exporting labor-intensive, low-priced manufactured goods to the West.^[2] This model of economic development remains distinct from the Beijing Consensus with an export-led growth economy, and the Washington Consensus focused instead on encouraging the spread of democracy and free trade.