India’s External Sector Reforms

Before the onset of the reforms in India, the foreign trade, investment and debt scenario was in a state of serious distress with retrogressive consequences for the pace of economic development. This initiated the process of economic reforms and liberalization in the country. Of the gamut of reforms introduced in the early 1990s, this book focuses exclusively on those in the external sector. It examines the reform measures in this area and evaluates their adequacy and effectiveness. In particular it provides an analysis of Improvements in the size and structure of foreign trade with the ultimate goal of reducing the current account deficit, Increase in direct portfolio foreign investment to meet the deficit, Alleviation of the external debt burden, Strengthening of the balance of payments position through Indian ventures abroad. The picture that emerges does much to demystify the subject and unravel interrelated issues with clarity. This book will be of interest not just to students and researchers in economics and international trade but also to policy makers and general readers.