India launched a programme of economic policy reforms in response to a fiscal and balance of payments crisis in July 1991. These reforms of the 1990 were much wider and deeper than the halting liberalization of the 1980s. This book presents a systematic assessment of the progress of reforms in different policy areas and of the politics involved, both at the central and state levels. It takes stock of what has been achieved, what remains undone, and develops explanations for why reforms have made substantial progress in some areas but stalled in others. Written by eminent economists and political scientists, the essays in this volume go much beyond an analysis of the impact of reforms on the economy as a whole. They also assess the state of India’s post 1991 public finances, agriculture, labour markets, exports, centre-state relations and the interlinkages between reforms, caste factors and secularism. Comparisons with China and lessons from the financial crisis of East Asia place this analysis of India’s reforms in the current international context. Experts and researchers in the field of political economy, developmentalists, economists, journalists and also multinational executives doing business in India will find this book an important resource.
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