This book examines some of the complex issues facing post-reforms India. Contributors – including eminent academics, CEOs, and policy-makers – analyse the complexities and loopholes in India’s reforms journey. They discuss why, after unprecedented GDP growth in the 1990s, the reforms process has lost steam, and suggest corrective measures needed to redress the situation. Looking at India in the international context, the volume examines policies towards global trade and capital inflows, including issues in exchange-rate policy. The contributors concur that for India to transform into an outward-looking economy, it needs: Reduction in the mean level of import duties, Relaxation in the sectoral cap on foreign direct investment, Market-determination of forex rate and depreciation in the real exchange rate The second part reviews the reforms in banking and financial markets and establishes the need for upgraded technology. The final section compares India’s fiscal performance with that of other developing economies, highlighting worrying trends, such as the high incidence of non-performing loans and inefficient deposit mobilization, and provides concrete policy recommendations. The key message of the volume for policy-makers in India: jump-start the reforms process so that India can attain an annual rate of GDP growth of 7-8 per cent. These essays address current concerns of the Indian economy in an informed and analytically sound manner. They will be invaluable to policy-makers, journalists, and India watchers as well as students and researchers of the Indian economy.
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