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

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Economic Reforms and the External Sector

Economic Reforms and the External Sector Aditya Bhattacharjea THE government's Economic Survey 1995-96 has been seen in many quarters as an attempt to put I he best possible gloss on its economic record, with an eye to the elections. Instead of focusing on the year under review, the Survey takes the longer view, looking back over the entire period of economic reforms since 1991. The chapter on the external sector is no exception. It claims that the last five years have been marked by "a noticeable structural change towards a more stable and sustainable balance of payments", whose "strength and resilience" is attributed to "robust export growth". The country's external indebtedness has declined; the volatility of the exchange rate in the latter hall of the year is downplayed, and is said to have resulted in a desirable depreciation of the rupee.

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