India’s Economic Crises, Debt Burden and Stabilisation

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The current economic scene in the country is under great stress. There is an acute shortage of foreign exchange, external debt is mounting and the inflation rate has accelerated to more than 14 per cent per annum. What is worse, gold has been sold and mortgaged abroad and the Governments, both at the Centre and in the States, are borrowing heavily, not only to finance capital expenditure but also revenue expenditure. The new Trade Policy deregulates several categories of imports and the scope of public sector has been redefined. Besides, foreign equity participation has been raised upto 51 per cent in general and upto 100% in export-oriented industries. This study examines the effects of those policy changes on the Indian economy and should well serve the general economists, economic journalists, policy makers and the intelligentsia.

ABOUT THE AUTHOR B B Bhattacharya

Dr. B.B. Bhattacharya is currently a professor of economics at the Institute of Economic Growth, Delhi. He was formerly a visiting scholar in the University of California, Berkeley. Dr. Bhattacharya is one of the leading economists of the country with specialistion in macro-economics, public finance, monetary economics and development economics. He is the author of a number of scholarly books and technical papers in leading journals in India and abroad. He has served as technical expert in numerous committees and commissions of the Government of India, Planning Commission, Finance Commission, Economic Administration and Reforms Commission, Central Statistical Organisation and Reserve Bank of India.