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

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What Has Happened since 1991-Assessment of India s Economic Reforms

What Has Happened since 1991? Assessment of India's Economic Reforms R Nagaraj This preliminary and partial assessment of India's orthodox reforms initiated in mid-1991 shows a mixed outcome so far: overcoming the liquidity crisis, the economy has broadly got hack to the growth charted in 1980s, with a modest yet statistically significant slower growth of the secondary sector. The investment-GDP ratio has improved, however, with unfavourable compositional changes; social sector spending has been maintained as allocations for defence and economic services were cut. The fiscal correction has been mainly due to a reduction in public investment and expenditure, Industrial recovery is partial and uneven; and public sector output and profitability improved despite the policy shocks, though their sustainability seem suspect.

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