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Economic Reforms in India Since 1991: Has Gradualism Worked?

Economic Reforms in India Since 1991: Has Gradualism Worked? Abstract Opinions on the causes of India's growth deceleration vary. World economic growth was slower in the second half of the 1990s, and that would have had some dampening effect, but India's dependence on the world economy is not large enough for this to account for the slowdown. Critics of liberalization have blamed the slowdown on the effect of trade policy reforms on domestic industry. However, the opposite view is that the slowdown is due not to the effects of reforms, but rather to the failure to implement the reforms effectively. This in turn is often attributed to India's gradualist approach to reform, which has meant a frustratingly slow pace of implementation. However, even a gradualist pace should be able to achieve significant policy changes over ten years. This paper examines India's experience with gradualist reforms from this perspective. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Perspectives American Economic Association

Economic Reforms in India Since 1991: Has Gradualism Worked?

Journal of Economic Perspectives , Volume 16 (3) – Sep 1, 2002

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References (45)

Publisher
American Economic Association
Copyright
Copyright © 2002 by the American Economic Association
ISSN
0895-3309
DOI
10.1257/089533002760278721
Publisher site
See Article on Publisher Site

Abstract

Abstract Opinions on the causes of India's growth deceleration vary. World economic growth was slower in the second half of the 1990s, and that would have had some dampening effect, but India's dependence on the world economy is not large enough for this to account for the slowdown. Critics of liberalization have blamed the slowdown on the effect of trade policy reforms on domestic industry. However, the opposite view is that the slowdown is due not to the effects of reforms, but rather to the failure to implement the reforms effectively. This in turn is often attributed to India's gradualist approach to reform, which has meant a frustratingly slow pace of implementation. However, even a gradualist pace should be able to achieve significant policy changes over ten years. This paper examines India's experience with gradualist reforms from this perspective.

Journal

Journal of Economic PerspectivesAmerican Economic Association

Published: Sep 1, 2002

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