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The Political Economy of India's Economic Reforms

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  • Rahul MUKHERJI

Abstract

This paper analyzes the history of the relationship between the state and the private sector in India. It concludes that India's economic reforms, which made development policy more dependent on international trade and private initiative, depended on the evolution of technocratic and political conviction. Reformers needed the support of financial crises for overcoming the powerful vested interests opposed to reforms. Successful reforms involved largely homegrown strategies of policy and institutional change. They have produced impressive growth rates and have benefited the rich and the middle class. The challenge for development and sustainable reforms is to make it more inclusive for poor farmers and unorganized workers.

Suggested Citation

  • Rahul MUKHERJI, 2008. "The Political Economy of India's Economic Reforms," Asian Economic Policy Review, Japan Center for Economic Research, vol. 3(2), pages 315-331, December.
    • Handle: RePEc:bla:asiapr:v:3:y:2008:i:2:p:315-331
    DOI: 10.1111/j.1748-3131.2008.00118.x
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    References listed on IDEAS

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    5. Panagariya, Arvind, 2011. "India: The Emerging Giant," OUP Catalogue, Oxford University Press, number 9780199751563.
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    7. Tendulkar, Suresh D. & Bhavani,, 2007. "Understanding Reforms: Post 1991 India," OUP Catalogue, Oxford University Press, number 9780195687118.
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    1. International Monetary Fund, 2015. "Portugal: Selected Issues," IMF Staff Country Reports 2015/127, International Monetary Fund.

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