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Understanding Reforms: Post-1991 India

Online ISBN:
9780199082087
Print ISBN:
9780198085584
Publisher:
Oxford University Press
Book

Understanding Reforms: Post-1991 India

Suresh Tendulkar,
Suresh Tendulkar

Retired Professor, Delhi School of Economics, Delhi.

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T.A. Bhavani
T.A. Bhavani

Professor of Economics, Institute of Economic Growth, Delhi.

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Published online:
20 September 2012
Published in print:
1 August 2012
Online ISBN:
9780199082087
Print ISBN:
9780198085584
Publisher:
Oxford University Press

Abstract

This book analyses the background and context of the reforms since 1991, while tracing the remarkable transformation of India from a slow-growing economy to one of the fastest in the world. It critically analyses the growth strategy under Nehruvian socialism and the slow growth rate of the Indian economy and, thus, draws attention to the factors that led to reforms. It also describes how reforms were sustained in a low-income economy with large diversities and how they successfully survived the emergence of several coalition governments at the centre as well as the increasing regionalization of Indian politics. It shows how reforms unleashed India’s latent entrepreneurship through increasingly liberalized competitive markets and enabled faster and sustained economic growth, which contributed to improved living standards and reduction of abject poverty. It takes stock of specific reforms initiatives undertaken by the government and the challenges that lie ahead.

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