The deregulation of the Indian economy, which started in the 1980s, received an impetus in 1991. While the balance of payments crisis may have provided the immediate trigger, there were structural and deeper long-term reasons underlying a paradigm shift of the economy in 1991. thus the period 1992-2004 marks a decisive break with the past trend of macroeconomic growth. Most development indicators are favourable with foreign exchange reserves rising above US$ 130 billion, some segments of manufacturing acquiring international competitiveness, growth of Indian financial system, likely acceleration in IT sector and enhanced trade and investment cooperation between India and ASEAN and East Asian countries. The services sector is expected to gain further momentum from the commodity producing sectors, particularly in the trade, transport and communication segments and in “new economy†activities. But there is a compelling need to make the economy more competitive, open and efficient through appropriate macroeconomic policies and financial standards. There are many daunting challenges hampering the ushering in of a “new delâ€. In the ultimate analysis, the crux of the issue lies in a revival of investment, a transformation of agriculture, check on deficits of the Central and State government, privatization, change in labour laws, availability of efficient and sufficient infrastructure at reasonable cost, rise in per capita income, reduced regional disparities and the social dimension of growth-a sharper focus on employment, health, education and gender equality for broad-based socio-economic ‘inclusive’ development. For, the success of the development strategy requires a sustained and rising income for everyone and removal of poverty and deprivation within a reasonable time frame. The book would be useful to a wide cross section of the reading public, including scholars and academics, government executives, international institutions, business communities and planners and policymakers.
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