India S Economic Reforms 1991 2001

Introduction -- Stabilization policy -- Fiscal policy and trade policy -- Financial sector reform -- Industrial policy and factor markets -- The social sectors, poverty, and reform -- Summary and afterthoughts.

Focusing on the economic reforms introduced after the financial crisis of 1991, this is a follow-up study to an earlier work tracing India's economy up to 1991. The authors examine the different areas of the economy and outline the successes and effects of reform measures.

Introduction -- Stabilization policy -- Fiscal policy and trade policy -- Financial sector reform -- Industrial policy and factor markets -- The social sectors, poverty, and reform -- Summary and afterthoughts.

India's development pattern during 1950-80 was characterised by strong centralised planning, Government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism through tariff and non-tariff barriers and a cautious and selective approach towards foreign capital. This so-called inward-looking, import substitution strategy of economic development began to be widely questioned with the beginning of 1980s. Consequently, economic reforms were set in motion when controls on industries were reduced by the 1985 industrial policy. The economic reforms programme got a big boost when the Government announced a new industrial policy in the Indian Parliament on July 24, 1991. Since then, it is liberalisation, privatisation and globalisation all the way and the process is underway. This book presents a comprehensive, in-depth and balanced description and assessment of the economic reforms programme covering the period 1991-2001.

This book takes issue with existing theories of the relationship between democracy and economic liberalisation.

Papers presented at the 83rd Annual Conference of Indian Economic Association held at Jammu during December 30, 2000 to January 1, 2001.