Author: T N Srinivasan
Publisher: Oxford University Press
Year: 2000
Language: English
Pages: 101
ISBN/UPC (if available):
Description
This volume succinctly describes he reforms process in India since the early 1990s.
It analyses the systematic economic reforms and liberalization introduced, following the serious macroeconomic and balance of payment crisis that led to near default on external debt. These reforms presented a major break from the 'inward oriented, state directed, public sector driven' approach pursued since independence. Srinivasan argues that the collapse of the Society Union and the spectacular growth of China after its opening up in 1978, played a major role in disenchantment with the earlier development strategy.
The accelerated growth rate in the early 1980s was based on massive fiscal deficits financed by expensive foreign and domestic borrowing. This led to the crisis and subsequent reforms of 1991. Srinivasan reviews the reforms undertaken in major sectors of the economy including agriculture, industry, foreign trade and investment, infrastructure, education and health, and financial markets. Their relevance for the overall objective of poverty eradication is also examined.
Srinivasan concludes that with further expansion of reforms and India's integration with the world economy, rapid and sustained growth I achievable. Srinivasan's view are both relevant and of interest to a wide audience. Economist, policy-makers and students as well as general readers will find this an excellent analysis of India's economic reforms.