ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Economic Reforms and Macro-Economic Policy

The resurgence of conservative economic thinking in policy matters and the international pressures faced by the government in 1991 led to a thorough going revision of macro-economic policies. However, the task of stabilisation has been far from successful. Even without implementing the really painful prescriptions, demand and business expectations have posed problems. Uncertainties and shrinking employment opportunities have compounded the difficulties. Structural adjustments, in terms of institution building, organisational changes and redefining the role of government, particularly in actively easing infrastructural bottlenecks and creating basic capabilities for the large number of the underprivileged (in whose name all the reforms are being undertaken) have been patchy and hesitant. A quick and substantial integration with the world economy has, however, been attempted and is bound to have transitional costs in agriculture and the capital goods sector.

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