June 30, 2021

India after 1991: Towards East Asia or Latin America?

Niranjan Rajadhyaksha discusses 1991 economic reforms and the road ahead.

Excerpts below:

"India reconnected with the global economy three decades ago. The Indian economy had begun to gather pace around 1980, after at least a decade of stagnation in living standards as economic growth barely kept pace with the rise in population. The growth spurt was accompanied by tentative changes in fiscal, monetary, trade, tax, exchange rate and industrial policies in the 1980s. However, the policy reforms of that decade were within the boundaries of the earlier system of economic management. July 1991 saw India shift to a new paradigm under a minority government led by P.V. Narasimha Rao, whose centenary year begins this week."

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