Overview for A Decade of Economic Reforms in India: The Past, The Present, The Future
After pursuing an inward-looking development strategy with the state assuming an all important role for more than four decades, in 1990-91, in the midst of grave balance of payment crisis, India embarked on a comprehensive reform of the economy that would transform India from a controlled to a fairly open economy which is integrated with the world economy and in which the market would be given the prime role in the allocation of resources. The reforms of the â€˜nineties saw some significant achievements. Decontrol of industries, external sector reforms, tariff reductions, financial liberalisation, etc. The state monopoly has been abolished in virtually all sectors. India has done away with quantitative restrictions. Our highest tariff rates have come down from 400 per cent to 35 per cent with the average rate declining to approximately 25 per cent. Now that ten years have passed, one may ask : Were the reforms done right ? Could they have been better ? What have been the flaws ? Where have we gone wrong ? What is to be the agenda for the second generation reforms ? This volume is an attempt to provide insights into these questions in the writings of eminent economists.
Uma Kapila (Editor)
Uma Kapila is Reader in the Department of Economics, Miranda House, University of Delhi. She has been teaching the subject of Indian Economy to undergraduate students for over forty years now. An Honours Graduate from Miranda House, University of Delhi and M.A. and Ph.D. from Delhi School of Economics, Dr. Uma Kapila has also served on the Planning Commission Study Group on "Agricultural Strategies in the Eastern Region of India for the Seventh Five Year Plan" (Perspective Planning Division). Dr. (Mrs.) Uma Kapila is the author of the book entitled Oilseeds Economy of India (1982) published by the Institute of Economic Growth. She is also the author of two textbooks on Indian Economy, one meant for B.Com. (Hons.), and the other for B.A. (Pass) / B. Com. (Pass) / Eco. (Subsidiary). She has also co-edited along with Mr. Raj Kapila, a number of books on India's economy, banking and finance. Some of her major and recent publications are listed inside (page 2). Detailed information on these publications is readily available at the publishers's website: www.academicfoundation.com.
Raj Kapila (Editor)
Raj Kapila is the Director and Chief Editor of Academic Foundation, Delhi. He has written extensively and is also the author the following publications : The story of Industrialisation : Industries the world Over ( 1962 ), The Time Demands : A politico-Economic Analysis of Present-day India ( 1966 ), India at Cross : After 25 years of Independence ( 1972 ). Recently he co-edited with Dr. Uma Kapila, a six volume study entitled Understanding India's Economic Reforms. This was very well received and consequently led to the evolution of the concept of " updates " on Indian Economy. Together, they have also edited banking & Financial sector Reforms in India ( 6 vols.,1998). Presently, he is co-editing with Dr. Uma Kapila book series entitled Economic Developments In India.