Critical Exploration of Indian Economic Reforms of 1991: a lesson for Developing Economies
Ashutosh Kolte1, Dario Siggia2, Nitin B.Veer3, Ashish Daryani4
1Ashutosh Kolte, Assistant Professor, Department of Management Sciences (PUMBA),Savitribai Phule Pune University, India.
2Dario Siggia, Italian Ministry, The University and Research, University of Palermo & Formerly, Policy Adviser at European Parliament, Belgium
3Nitin B. Veer, Tilak Maharashtra University, India.
4Ashish Daryani, Oriental Bank of Commerce, India.
Manuscript received on 27 August 2019 | Revised Manuscript received on 03 September 2019 | Manuscript Published on 14 September 2019 | PP: 490-500 | Volume-8 Issue-5S3, July 2019 | Retrieval Number: E10730785S319/19©BEIESP | DOI: 10.35940/ijeat.E1073.0785S319
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Abstract: The purpose of this research is to examine the impact of reforms that took place in Indian economy in 1991. Balance of payment difficulty resulted in acute economic crisis and therefore economic reforms were inevitable. Post this incident; there have been three more phases of economic reforms. Economic reforms were compelled due to international pressure of the situation post balance of payment crisis of 1991. The significance of this study lies in the derivation of various ways in which these reforms played a major role in the transformation of Indian economy in the form of its impact on poverty, education, socio-cultural mixture, economic growth etc. We have tried to revisit situation of payments crisis and tried to understand if these reforms were enough and were they concrete measures to tackle long-term problem or if they were only sufficient to handle the crisis. Finally we have tried to find out, as to what was left out of reforms or what other measures could have been taken. Balance of payment difficulties are difficulties faced by most of the underdeveloped or developing countries.
Keywords: Globalization, Economic Reforms, Devaluation, Privatization, Economic Liberalization, Balance of Payment Crisis, India.
Scope of the Article: Software Economics