Economic Policy Reforms and the Indian Economy

by Krueger, Anne O.

• ISBN13: 9780226454528
• ISBN10: 0226454525
• eBook ISBN(s): 9780226454542
• Format: Hardcover
• Copyright: 2002-07-01
• Publisher: Univ of Chicago Pr

Summary

India is the second most populous country in the world and also one of the poorest. From the late 1940s to 1980, India's per capita income grew at an average annual rate of only two percent. Expansionist economic reforms during the 1980s boosted economic growth but also unfortunately resulted in high inflation and a balance of payments crisis. As a consequence, in 1991 the government announced sweeping new changes in economic policies. Economic Policy Reforms and the Indian Economy evaluates the effects of those changes and identifies areas of the Indian economy still in urgent need of reform. After an overview of Indian economic policies and development since independence, papers focus on the country's fiscal situation, the environment for private economic activity, education, the reservation of certain activities for small-scale industry, and determinants of differentials in rates of growth across the different Indian states. Contributors include respected academic specialists on India and policy reform, high-level Indian administrators, and present and past policymakers.

Author Biography

Anne O. Krueger is currently the first deputy managing director at the International Monetary Fund. While editing this volume, she was the Herald L. and Carolyn L. Ritch Professor in Humanities and Social Sciences and director of the Center for Research on Economic Development and Policy Reform at Stanford University. She is the author, editor, or coeditor of over a dozen books published by the University of Chicago Press.

Table of Contents

Foreword	vii
George P. Shultz
Acknowledgments	xi
Abbreviations	xiii
Chronology of Major Political and Economic Events	xv
Introduction	1	(8)
Anne O. Krueger
I. Current State of the Economy
The Indian Economy in Global Context	9	(38)
Anne O. Krueger
Sajjid Chinoy
India's Fiscal Situation: Is a Crisis Ahead?	47	(44)
T. N. Srinivasan
Shankar Acharya
Kenneth Kletzer
N. K. Singh
State-Level Performance under Economic Reforms in India	91	(38)
Montek S. Ahluwalia
Shankar Acharya
II. Private Economic Activity
Doing Business in India: What has Liberalization Changed?	129	(40)
Naushad Forbes
Bangalore: The Silicon Valley of Asia?	169	(44)
Annalee Saxenian
N. R. Narayana Murthy
Sandeep Raju
Ashok Desai
III. Government Activity
Small-Scale Industry Policy in India: A Critical Evaluation	213	(90)
Rakesh Mohan
Roger G. Noll
Emerging Challenges for Indian Education Policy	303	(26)
Anjini Kochar
Does Economic Growth Increase the Demand for Schools? Evidence from Rural India, 1960-99	329	(26)
Andrew D. Foster
Mark R. Rosenzweig
Priorities for Further Reforms	355	(8)
Anne O. Krueger
Conference Participants	363	(4)
Contributors	367	(2)
Author Index	369	(4)
Subject Index	373