ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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A Shaky Balance Sheet WITH over five years behind us since the initiation of the so-called economic reforms programme, we have a fairly clear view of its consequences. Signs of a slowing down are now clear in almost every sphere of macro-level performance of the economy. For a while there were indications that some of the ground lost in the initial years of the reforms had been recovered in the subsequent two years, but doubts have emerged about the sustainability of the higher growth. Real GDP growth, which had dipped to 0.8 per cent in 1991-92, the first year of reforms, and was 5 per cent in each of the next two years, improved to 6.3 per cent in 1994-95 and possibly to 6.2 per cent in 1995-96. The CSO had earlier revised its advance estimate of GDP growth in 1995-96 from 6.2 per cent to a robust 7 per cent and forecast a growth of 6.6 per cent for 1996-97. Both these projections seemed rather stretched and the CSO has now restored the original 6.2 per cent growth estimate for

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