Economic liberalization in India: analytics, experience and lessons
The object of this essay is to provide an analysis and an assessment of economic liberalization in India. It begins with a discussion of the crisis in the economy which surfaced in 1991. It examines the logic and the assumptions of the strategy adopted by the government in response, and sets out a critique based on economic theory and experience elsewhere. It assesses the impact of stabilization on inflation, balance of payments, output, employment and poverty.
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The response and the strategy
The stabilization experience
Macroeconomics of adjustment
4 other sections not shown
agricultural sector balance of payments Bank of India billion borrowing burden capital market cent of GDP central government expenditure commercial banks Consumer price index context current account deficit debt servicing depreciation deregulation economic liberalization Economic Survey economy end-March exchange rate exports external debt financial sector fiscal adjustment fiscal deficit foreign exchange reserves Government of India growth impact imports income increase industrial interest rates intervention labour liberalization in India long-term macro-economic adjustment macro-economic implications macro-level medium term Ministry of Finance monetized deficit Nayyar non-resident deposits output payments situation percentage of GDP policy reform political portfolio investment poverty line private sector public distribution system public investment public sector rate of inflation reduced Reserve Bank resource allocation restructuring revenue deficit rupee rural sector reform short-term debt social sectors squeeze strategy structural reform supply responses supply side sustainable Table total central government trade Union Budget wholesale price index