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India's Gradualist Road to Economic Liberalization: Achievements and Challenges

Author

Listed:
  • Sharma, Shalendra D.

    (University of San Francisco)

Abstract

Since the 1991 balance of payments crisis, India has embarked on an ambitious program of economic liberalization. Over the past decade the Indian government has introduced a series of far-reaching reforms that have transformed the once closed economy. This paper examines the policy reforms and its impact on the economy. Overall, it argues that the reforms have been beneficial. However, major challenges remain. While the first-generation reforms have taken root, the authorities will have to carry out the more-difficult second-generation reforms, if India is to benefit fully from its liberalization program.

Suggested Citation

  • Sharma, Shalendra D., 2003. "India's Gradualist Road to Economic Liberalization: Achievements and Challenges," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 7(2), pages 209-237, December.
    • Handle: RePEc:ris:eaerev:0215
    DOI: 10.11644/KIEP.JEAI.2003.7.2.112
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    More about this item

    Keywords

    Indias Economy; Economic Liberalization; Fiscal Federalism;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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