Economic Reforms in India
Economic reforms in India were set in motion, though on a modest scale, when controls on industries were reduced by India's 1985 industrial policy. The economic reforms program got a big boost when the government announced a new industrial policy in the Indian Parliament in July 1991. Since then, it has been liberalization, privatization, and globalization all the way. In the new liberalized industrial and trade environment, the government is progressively assuming the role of a promoter, facilitator, and catalytic agent instead of a regulator and controller of economic activities. The Indian economy has responded well to the economic reforms initiated since 1991. The economy has shown that it is capable of achieving high growth rates in response to the implementation of appropriate economic reform policies. The process of economic reforms in India initiated in 1991 seems irreversible. There is enough evidence that the government is withdrawing, though gradually, as a controller and licenser of private activity and allowing competition and market forces to guide investment decisions. The debate on the dimensions, achievements, and failures of economic reforms is raging in the country. Containing 21 papers authored by scholars in Indian economic policy, this book provides a focus on India's economic reforms.
Publication Date: 10/1/2007