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Economic Crisis, Structural Reforms And The Prospects Of Growth In India

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  • Bajpai, Nirupam

Abstract

This paper traces the genesis of India's 1991 economic crisis and analyzes the policy response of the goverment in terms of macroeconomic stabilization and structural reforms. It is suggested that the economic crisis was primarily due to the large and growing fiscal imbalances over the 1980s. Large fiscal deficits, overtime, had a spill over effect on the trade deficit culminating in a external payments crisis. A program of economic policy reform has since been put in place which has yielded very satisfactory results so far. While a lot still remains on the unfinished reform agenda, the prospects of macro stability and growth are indeed encouraging.

Suggested Citation

  • Bajpai, Nirupam, 1996. "Economic Crisis, Structural Reforms And The Prospects Of Growth In India," Harvard Institute for International Development (HIID) Papers 294053, Harvard University, Kennedy School of Government.
    • Handle: RePEc:ags:hariid:294053
    DOI: 10.22004/ag.econ.294053
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    File URL: https://ageconsearch.umn.edu/record/294053/files/harvard007.pdf
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    Cited by:

    1. Mohd. FAYAZ & Kaur Bhatia SANDEEP, 2016. "Trends , Patterns and Determinants of Indian Current Account Deficit," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 16(1).

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