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India’s Macroeconomic Performance and Policies since 2000

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  • Shankar Acharya

    (Indian Council for Research on International Economic Relations)

Abstract

The paper reviews Indias macroeconomic performance and policies since 2000. The first section briefly summarizes key macroeconomic developments regarding economic growth, inflation, external balance, the fiscal situation and aggregate savings and investment. The second section considers some of the challenges posed to macroeconomic management in this period and the efficacy of the policy responses adopted. In particular, it analyses the progress in fiscal consolidation and the policies adopted to deal with the challenge of the unprecedented surge in external capital inflows into India. The final section outlines some of the major macro policy issues that need to be addressed in the years ahead, including : the resurgence of high fiscal deficits; the issues relating to external convertibility and exchange rate management; the role of the Reserve Bank of India in macroeconomic policy and coping with a weak international economic environment.

Suggested Citation

  • Shankar Acharya, 2008. "India’s Macroeconomic Performance and Policies since 2000," Macroeconomics Working Papers 22138, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:macroe:22138
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    References listed on IDEAS

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    1. Jeffrey A. Frankel, 2003. "Experience of and Lessons from Exchange Rate Regime in Emerging Economies," NBER Working Papers 10032, National Bureau of Economic Research, Inc.
    2. Montek S. Ahluwalia, 2002. "Economic Reforms in India Since 1991: Has Gradualism Worked?," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 67-88, Summer.
    3. Panagariya, Arvind, 2011. "India: The Emerging Giant," OUP Catalogue, Oxford University Press, number 9780199751563.
    4. Bosworth, Barry & Collins, Susan M. & Virmani, Arvind, 2007. "Sources of Growth in the Indian Economy," India Policy Forum, National Council of Applied Economic Research, vol. 3(1), pages 1-69.
    5. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
    6. Ayhan Kose, M. & Prasad, Eswar S. & Terrones, Marco E., 2009. "Does openness to international financial flows raise productivity growth?," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 554-580, June.
    7. Mrs. Poonam Gupta & Mr. James P. F. Gordon, 2004. "Understanding India’s Services Revolution," IMF Working Papers 2004/171, International Monetary Fund.
    8. Kose, M. Ayhan & Prasad, Eswar & Terrones, Marco E., 2008. "Does Openness to International Financial Flows Contribute to Productivity Growth?," IZA Discussion Papers 3634, Institute of Labor Economics (IZA).
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    1. Pravakar Sahoo & Durgesh Kumar Rai & Rajiv Kumar, "undated". "India-Korea Trade and Investment Relations," Indian Council for Research on International Economic Relations, New Delhi Working Papers 242, Indian Council for Research on International Economic Relations, New Delhi, India.

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    Keywords

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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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