Twenty Years of India's Liberalisation

Experiences and Lessons

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.