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India's economic reforms: Progress, problems, prospects

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  • Vijay Joshi

Abstract

This paper is a review of India's progress in the 50 years of Independence, which is regarded as a mixture of the impressive and the disappointing. The country has managed to protect national unity, preserve democracy and dilute traditional social hierarchies. There has been economic growth and a reduction in the proportion of people falling below a standard poverty line. But the main requirement now is a sustained increase in the growth rate of national income that also increases the demand for labour. The relative failures of past decades are considered, and ways in which the reform programme begun in July 1991 could be strengthened are suggested.

Suggested Citation

  • Vijay Joshi, 1998. "India's economic reforms: Progress, problems, prospects," Oxford Development Studies, Taylor & Francis Journals, vol. 26(3), pages 333-350.
    • Handle: RePEc:taf:oxdevs:v:26:y:1998:i:3:p:333-350
    DOI: 10.1080/13600819808424160
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    References listed on IDEAS

    as
    1. Mr. Richard Hemming & Woosik Chu & Mr. Charles Collyns & Ms. Karen Elizabeth Parker & Mr. Ajai Chopra & Mr. Oliver Fratzscher, 1995. "India: Economic Reform and Growth," IMF Occasional Papers 1995/004, International Monetary Fund.
    2. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
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    Cited by:

    1. Amit Bhandari & Almas Heshmati, 2005. "Labour Use and its Adjustment in Indian Manufacturing Industries," Global Economic Review, Taylor & Francis Journals, vol. 34(3), pages 261-290.
    2. T.G. Arun & J.D. Turner, 2003. "Financial Sector Reforms and Corporate Governance of Banks in Developing Economies: The Indian Experience," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 4(2), pages 187-204, September.
    3. Fromhold-Eisebith Martina & Eisebith Günter, 2003. "Globale Krise – regionale Gewinner?," ZFW – Advances in Economic Geography, De Gruyter, vol. 47(1), pages 82-96, October.
    4. Pandey, Manish & Dong, Xiao-yuan, 2009. "Manufacturing productivity in China and India: The role of institutional changes," China Economic Review, Elsevier, vol. 20(4), pages 754-766, December.
    5. Kaliappa Kalirajan & Kanhaiya Singh, 2010. "Economic liberalisation strategies and poverty reduction across Indian states," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 24(1), pages 26-42, May.

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