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Twenty Years of India's Liberalisation

Experiences and Lessons

image of Twenty Years of India's Liberalisation
India’s growth miracle has attracted worldwide attention, particularly because this growth has been pursuant to the wide ranging economic reforms introduced in the early 1990s. Many other developing countries intensified liberalisation during this period but were unable to experience a similar spurt in their economic growth. One distinctive feature of Indian liberalisation experience is the gradual and calibrated manner in which reforms were introduced, especially with respect to external liberalisation, be it in the financial, agricultural or manufacturing sector. This book brings together distinguished economists of India, who analyse the role played by trade and foreign direct investment (FDI) polices in growth and development of different sectors in India.

English

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Concluding observations

The global economic crisis in 2008 has fuelled debates on the link between Liberalization and growth. Conventional theories of export-led growth are being challenged, and growing financial Liberalization is being viewed with concern. This has drawn attention to the experiences of some developing countries, such as India, that have enjoyed a sustained period of strong economic growth, over a decade or more, to become ‘emerging economies’. This book attempts to document India’s experiences of twenty years of Liberalization and record the lessons learnt from its growth process.

English

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