Author: Bibek Debroy
Publisher: Academic Foundation
ISBN/UPC (if available): 8171883486
Economists may pretend otherwise. But Economics is about common sense. India needs economic reforms to push up growth. Growth is needed to eliminate poverty and reduce unemployment. And reforms are needed to eliminate India’s present status quo, with its pronounced anti-poor bias. All Indian citizens, present and future, need to argue for liberalization, instead of LPG (liberalization, privatization, globalization) being a dirty expression. But liberalization is thrust down from top. At least, that’s the perception.
No books exist to explain the need for reforms. Those that do, are written by specialists and the target audience is also specialists. There are no books addressed to the interested citizen who is not a specialist.
This book is not only an exception. It is the first of its kind. It removes the jargon and brings out the common sense in Indian economic policy making. There is no lecturing to the reader. The style is more of a dialogue. Read it and get convinced. Use you convictions to push for change. Don’t leave it to North Block and the PMO. That’s the only way India will change and fulfill the failed and promised tryst with destiny. The time has come to redeem the pledge.
I am glad that Bibek Debroy-who is also one of India’s outstanding economists-has decided to write a popular book on reforms. The style is lucid and reader friendly and this is a book that ordinary interested people should enjoy reading.
Adviser to Minister of Finance,
Government of India,
Where Do We Stand?
Development and Deprivation-154 Years
Growth and Poverty
Competition and Efficiency
Unintended Consequences and the 1990-91 Crisis
Handling the 1990-91 Crisis and QRs
Foreign Direct Investments
FDI Policy and Numbers
Exchange Rate Changes
External Sector Successes
The Legal Framework and Old Laws
Statutory Law Reform
Arrears in Courts
Health, Education and the Government
Interest Rates and Interest Payments
Defence Expenditure and Pensions
Public Sector Undertakings (PSUs)
Efficient Use of Capital
Efficient use of Labour
School Education and the State’s Role
Health and Infrastructure
The Golden BRIC Road
Postscript-Redeeming the Pledge