Twenty Years of Economic Reforms in India: 1991-2011

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9788177082821: Twenty Years of Economic Reforms in India: 1991-2011
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The economic development pattern of India during the first three decades after independence in 1947 was characterized by strong centralized planning, government ownership of key industries, excessive regulation of private enterprise, trade protectionism, and a cautious and selective approach towards foreign capital - all guided and controlled by a bureaucracy trained in colonial style. However, in the 1980s, policy makers started to realize the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected. After assuming power, the government of Prime Minister Rajiv Gandhi introduced a series of measures to reduce control on industries, particularly large ones. The process of economic reforms initiated in 1985 got a further boost when the government of Prime Minister P.V. Narasimha Rao announced a new industrial policy in the Indian Parliament in 1991. The new policy introduced radical changes "to unshackle the Indian industrial economy from the cobwebs of unnecessary bureaucratic controls." Since the reforms, India's economy has been growing faster than its historical growth rate. On the flip side, India's "moral virtues" - in terms of equity and environment - are falling by the wayside. Of late, India's government has become complacent in introducing further reforms, such as opening up the retail sector to foreigners, implementation of infrastructure projects, flexible labor laws, etc. This book provides a comprehensive account and assessment of reform measures introduced in various sectors of the Indian economy during the last 20 years.

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by M.M. Sury
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Book Description New Century Publications. Hardcover. Condition: New. Development pattern of India during the first three decades (1950-80) after attaining Independence in 1947 was characterised by strong centralised planning, government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism?through tariff and non-tariff barriers?and a cautious and selective approach towards foreign capital. It was a quota, permit and license regime all the way, guided and controlled by a bureaucracy trained in colonial style. This so-called inward-looking, import substitution strategy of economic development began to be widely questioned with the beginning of 1980s. Policy makers started realising the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected. After assuming power at the Centre, the Government of Prime Minister Rajiv Gandhi introduced a series of measures?through 1985 Industrial Policy?to reduce control on industries, particularly large ones. These measures, described as New Economic Policy, coincided with the policy framework of the Seventh Five Year Plan (1985-90). The process of economic reforms initiated in 1985 got a big boost when the Government of Prime Minister P.V. Narasimha Rao announced a new industrial policy in the Indian Parliament on July 24, 1991. The new policy introduced radical changes ?to unshackle the Indian industrial economy from the cobwebs of unnecessary bureaucratic controls.? The new policy was widely welcomed for ensuring competitive and market economy in place of the outmoded command and controlled economy. Many saw it as a reversal of the 1956 Industrial Policy Resolution. After the reforms, the Indian economy has been growing faster than its historical growth rate. Tenth Five Year Plan (2002-07) recorded annual growth rate of 7.2 percent and the underway Eleventh Five Year Plan (2007-12) aims to achieve 9.0 percent growth rate per annum. On the flip side, India's high growth rate is all very well but its moral virtues?in terms of equity and environment?are falling by the wayside. In other words, the growth process must be made as inclusive and as environment-friendly as possible. Of late, Government has become complacent in introducing further reforms. Opening up retail sector to foreigners, implementation of infrastructure projects, flexible labour laws and implementation of National Level Goods and Services Tax (GST) are some of the key reform measures being awaited keenly. This book provides a comprehensive account and assessment of reform measures introduced in various sectors of the Indian economy during the last 20 years (1991-2011). The sectors covered include agriculture, rural development, industry, minerals, infrastructure, energy, fiscal policy, monetary policy, credit management, financial institutions, financial markets, financial instruments, labour laws, employment generation, health, education, empowerment of disadvantaged and vulnerable groups, environment, disaster management, climate change, foreign trade, foreign debt/aid and foreign investment. Seller Inventory # NewCentury-9788177082821

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M.M. Sury
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Book Description New Century Publications, 2011. Hardcover. Condition: New. font FACE="Arial" SIZE="2"> Development pattern of India during the first three decades (1950-80) after attaining Independence in 1947 was characterised by strong centralised planning, government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism-through tariff and non-tariff barriers and a cautious and selective approach towards foreign capital. It was a quota, permit and license regime all the way, guided and controlled by a bureaucracy trained in colonial style. This so-called inward-looking, import substitution strategy of economic development began to be widely questioned with the beginning of 1980s. Policy makers started realising the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected. After assuming power at the Centre, the Government of Prime Minister Rajiv Gandhi introduced a series of measures-through 1985 Industrial Policy-to reduce control on industries, particularly large ones. These measures, described as New Economic Policy, coincided with the policy framework of the Seventh Five Year Plan (1985-90). The process of economic reforms initiated in 1985 got a big boost when the Government of Prime Minister P.V. Narasimha Rao announced a new industrial policy in the Indian Parliament on July 24, 1991. The new policy introduced radical changes "to unshackle the Indian industrial economy from the cobwebs of unnecessary bureaucratic controls." The new policy was widely welcomed for ensuring competitive and market economy in place of the outmoded command and controlled economy. Many saw it as a reversal of the 1956 Industrial Policy Resolution. After the reforms, the Indian economy has been growing faster than its historical growth rate. Tenth Five Year Plan (2002-07) recorded annual growth rate of 7.2 percent and the underway Eleventh Five Year Plan (2007-12) aims to achieve 9.0 percent growth rate per annum. On the flip side, India`s high growth rate is all very well but its moral virtues-in terms of equity and environment-are falling by the wayside. In other words, the growth process must be made as inclusive and as environment-friendly as possible. Of late, Government has become complacent in introducing further reforms. Opening up retail sector to foreigners, implementation of infrastructure projects, flexible labour laws and implementation of National Level Goods and Services Tax (GST) are some of the key reform measures being awaited keenly. This book provides a comprehensive account and assessment of reform measures introduced in various sectors of the Indian economy during the last 20 years (1991-2011). The sectors covered include agriculture, rural development, industry, minerals, infrastructure, energy, fiscal policy, monetary policy, credit management, financial institutions, financial markets, financial instruments, labour laws, employment generation, health, education, empowerment of disadvantaged and vulnerable groups, environment, disaster management, climate change, foreign trade, foreign debt/aid and foreign investment. CONTENTS CONTENTS Part I: Resources, Poverty and Economic Planning in India 1. Human Resources: Magnitude, Quality and Deployment ? Demographic Trends and Policy; Characteristics of India`s Population; Highlights of 2011 Census; Population Policy; Demographic Dividend Hypothesis. 2. Natural Resources: Utilization and Sustainability ? Introduction; Land Resources; Water Resources; Forest Resources; Mineral Resources. 3. Poverty: Concept, Causes and Incidence ? Problem of Poverty; Meaning of Poverty Line; Causes of Poverty; Incidence of Poverty; Expert Group on Poverty (Chairman: Suresh Tendulkar), 2009. 4. Economic Planning: A Mixed Blessing ? Establi Printed Pages: 774. Seller Inventory # 52886

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