Economic Reforms in India: An Appraisal

In India, the outcome of the reform process is largely mixed. India is neither a closed economy now nor a country of scarcity with its foreign exchange reserves plentiful. Its inflation has been contained, external debt indicators have improved, exchange rate is flexible and the country is free of financial repression. Besides, liberalization has provided innumerable opportunities for starting and innovating into new business ventures, as in the software industry. However, in agriculture, electricity and government finances, the full potential of change due to reforms haven’t yet been realized. Against this background, this book assesses the various reforms measures initiated in India since the early 1990s in various sectors of the Indian economy. It is an invaluable resource for policy makers, researchers, teachers, students and practitioners. More importantly, liberalization has provided innumerable opportunities for starting and innovating in new business ventures, as evident from the remarkable success of Indian software industry. However, in areas such as agriculture, electricity and government finances, the full potential of change due to reforms haven’t been realized. Against this background, this book makes a performance assessment of the various reforms measures initiated in India since the early 1990s. The articles here critically analyze the reforms undertaken till recently in various sectors of the Indian economy.