ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Explaining Post-Reform Industrial Growth

C P Chandrasekhar A close scrutiny of the estimates of capital formation in the post-reform period shows that no linkage can be established between liberalisation, private investment and industrial growth. What liberalisation has done is to unleash a consumption boom, fuelled by a surge in consumer credit that has accompanied financial sector reform. Such a boom not only increases balance of payments vulnerability, but also offers, in terms of markets, only a once-for all boost that would exhaust itself unless some other stimuli ensure expansion of the home market for manufacturers.

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