Looking at the Rise and Fall of the Indian Economy Through the Lenses of Economic Policy
DOI:
https://doi.org/10.14666/2194-7759-4-1-002Keywords:
Macroeconomic reforms - Deceleration - Growth trajectory InfrastructureAbstract
This paper investigates the rises and falls in the Indian economic performance in the backdrop of its belatedly launched macroeconomic economic reforms and liberalization program and changing macroeconomic policy framework. After decades of underperformance, partial and moderate reforms adopted in the first half of the 1980s had a clear growth-enhancing impact. The methodical market-oriented reforms and liberalization program that followed the 1991 balanceof-payments crisis was an important policy measure in this regard, although its implementation was tardy and inefficacious. This article demonstrates that in close relation to its reform endeavors, the growth trajectory of India changed several times.
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