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Economists have long argued that India needs to implement structural economic reforms to bring about meaningful progress. Last year, parliament lifted restrictions on foreign direct investment after much debate…
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In the 1990’s India developed a serious economical crisis in their country and were about to default on their international loans. The solution was to develop a multitude of domestic and external policies to push for a more open and market oriented economy. Measures included, tossing out the industrial licensing regime, reduction in the number of areas reserved for the public sector, amendment of the monopolies and the restrictive trade practices act, start of the privatisation program, reduction in tariff rates and change over to market determined exchange…
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Abstract: Is there a role for government in the economy? Yes, says Heritage analyst Karen Campbell—but the government must focus on maintaining economic stability. Fiscal responsibility is an important part of that stability. Government debt can quickly become a burden on the economy and weaken its foundations. Sound macroeconomic policies enhance the credibility of the government and strengthen the political institutions. This credibility is vital for economic stability and Americans’ long-term investment decisions that allow the U.S. economy to flourish. In order to restore economic stability, policymakers must focus on restoring the institutional role of governing. Government can provide a stable environment for economic growth when it can be depended upon to maintain the stability of the currency, enforce and defend property rights, and provide oversight that assures private citizens that their transaction partners in the marketplace are held accountable.1 This will allow market participants to begin putting their resources back to work in the areas where they are most beneficial.2 After decades of lecturing developing countries on how to emerge from economic crisis and stimulate economic growth through sound government policies, U.S. policymakers and some economists are throwing out all their advice during the first major crisis test. This is particularly true when it comes to advice on accumulating more and more debt.…
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Before 1991, India adopted an inward-looking policy. There was distrust among the policymakers regarding the intentions of the private sector. Further, imports were restricted. At one point of time, the marginal…
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India opened up the economy in the early nineties following a major crisis that led by a foreign exchange crunch that dragged the economy close to defaulting on loans. The response was a slew of Domestic and external sector policy measures partly prompted by the immediate needs and partly by the demand of the multilateral organizations. The new policy regime radically pushed forward in favor of a more open and market oriented economy.…
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Industrial sector in India has been undergoing significant changes both in its structure and pattern owing to the policy changes. Since the early 1950s up until the early 1980s the evolution of manufacturing sector was guided by protected industrial and trade policies, which restricted the growth of the economy in general and manufacturing sector, in particular. Under old industrial and trade policy regime, manufacturing sector was characterized by extensive public sector participation, regulation of the private sector firms, restrictions on foreign investment, high tariff and non-tariff restrictions on imports, which held up the growth of the manufacturing sector in India. This has been replaced by a more liberal industrial and trade policy regime, through the inception of new economic policy in 1991. The major focus of these policies had been to dismantle the complex web of controls that severely constrained the emergence and operation of the private entrepreneurs. Investment performance has been a key emphasis in the policy debate following the reforms (Athukorala and Sen 1998). It is observed that new policies have made tremendous effects on the industrial sector, in terms of conducive business environment and future growth process of industries.…
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Result: Change from Command economy to Market driven economy. Didn’t produce the desired results, hence need for 2nd round of reforms were felt.…
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A number of significant economic changes introduced by many a number of countries all the world over, the encouraging results of the liberalization measures introduced in 1980s by the Government of India, and the precarious economic situation that prevailed during the later part 80s have encouraged and forced the then Congress government, which came back to power at the center, under the leadership of Shri. P. V. Narasimha Rao—a non - Nehru family member, to take some bold measures to rejuvenate the economy and to accelerate the pace of development. In this background, the Government of India announced its New Industrial Policy (NIP or…
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References: Ahluwalia M S (2002): ―Economic reforms in India since 1991: has gradualism worked?”, Journal of Economic Perspectives, 16, 67-88.…
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Pre Liberalization Era This time started at the season of autonomy in 1947 and kept going till the presentation of New Economic Policy in 1991 by Dr. Manmohan Singh, the then Union back priest of India. This period is set apart by the rise and development of prominent 'Nehru Model' of improvement. Pandit Jawahar Lal Nehru is famously known as boss engineer of Indian arranging due to his incredible commitments in this field. His teaching of 'Law based Socialism' shaped the base of new model Of improvement he imagined for India. He assumed control over the reigns of administration of a major country in 1947 as first Prime Minister of free India. India was till then being ruled by remote trespassers…
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Economic reforms and trade unionism in India--a macro view. Publication: Indian Journal of Industrial Relations…
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