Economic Reforms in India : Issues & Challenges

Economic reforms in India were set in motion, though on a modest scale, when controls on industries were reduced by the 1985 industrial policy. The economic reforms programme got a big boost when the Government announced a new industrial policy in the Indian Parliament on July 24, 1991. Since then, it is liberalisation, privatisation and globalisation all the way and the process is underway. The process of economic reforms in India initiated in 1991 seems irreversible. There is enough evidence that Government is withdrawing, though gradually, as a controller and licenser of private activity and allowing competition and market forces to guide investment decisions. The debate on the dimensions, achievements and failures of economic reforms is raging in the country. The present book is designed to contribute to the existing body of literature available on economic reforms. It consists of 21 papers authored by scholars in the area of economic policy of India.