ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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In Praise of Economic Reforms

 In Praise of Economic Reforms Pulin B Nayak This book is about the reform process in the Indian economy initiated in 1991. This is a competent account and the reader stands to learn much from a close reading of the book. The sequence of events leading up to the start, and even the inevitability, of the reform process is well adumbrated. This is however not to say that one need straightaway agree with every nuance of the analysis that the authors have to offer. Though there are many who may claim to be the intellectual progenitors of the reform process it would perhaps not be incorrect to say that the two principals amongst them are the then finance minister Manmohan Singh and his political mentor and the then prime minister Narasimha Rao. There is no denying that the Indian economy at the beginning of 1991 was in the midst of a deep fiscal crisis as well as a payments crisis in the external sector. The fiscal crisis was the result of decade-long spell of extravagance in government expenditure, both at the central and state levels, running substantially ahead of available resources. The foreign trade sector was beset with poor showing on the export front coupled with rising foreign exchange outgo owing principally to sharp increases in oil prices.

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