India’s economic reforms and challenges for industrialisation

Economic Reforms and Global Integration

India's Economic Reforms

The past three years have seen major changes in India's economic policies marking a new phase in India's development strategy. The broad thrust of the new policies is not very different from the changes being implemented in other developing countries and also all over the erstwhile socialist world. They aim at reducing the extent of Government controls over various aspects of the domestic econo...

Economic Policy Reforms 2015: Going for Growth

This chapter reviews the evidence on the potential effect of pro-growth structural reforms on wage dispersion and household income inequality and examines whether specific policies driving GDP growth over the past decades may have also contributed to widening inequalities. In doing so, it distinguishes between the main channels via which policies affect growth and income distribution and identi...

India’s Economic Growth and Global Integration: Experience since Reforms and Future Challenges

Although a large share of gross domestic product (GDP) and an even larger share of employment were generated by the private sector, the state played a dominant role in three ways: first, by emphasizing import substitution across the board and industrialization as core strategies; second, by appropriating a large share of the savings of the economy for its own use, largely for public investment ...

India's Economic Reforms an Appraisal

India's economic reforms began in 1991 when a newly elected Congress government, facing an exceptionally severe balance-of-payments crisis, embarked on a programme of shortterm stabilization combined with a longer-term programme of comprehensive structural reforms. Rethinking on economic policy had begun earlier in the mid-1980s by which time the limitations of a development strategy based on i...