Understanding Reforms traces the remarkable transformation of India from a slow growing economy to one of the fastest growing in the world. Reviewing the background, context, timing, and persistence of economic reforms since July 1991 it describes in fascination detail the results achieved in the last fifteen years despite formidable hurdles. Discussing the events that led to a crisis situation in which reforms were initiated, the book describes how they were sustained in a low-income democracy with large diversities; how they successfully survived the emergence of several coalition governments at the Centre and the increasing regionalization of Indian politics. Overcoming the still widely prevalent hold of economic nationalism and Nehruvian socialism, the reforms continued through the last fifteen years despite the reforming leadership being in a political minority. The reforms unleashed India’s latent entrepreneurship through increasingly liberalized competitive markets and by enabling faster and sustainable economic growth. This contributed to improving living standards and reducing abject poverty. This textured review of the reforms process will interest all Indians who have experienced it as well as scholars, analysts, policymakers, and others who want to understand today’s India.
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