Economic reforms in India. Achievements and the agenda ahead

Abstract

Until recently, India was known for a highly regulated, closed economy that discouraged foreign investment. However, in June 1991 in the midst of a serious economic crisis, a new government began to reform India's economy. If fully implemented, the reform program could make India's economy one of the worlds most dynamic, and considerably reduce the incidence of poverty. Shirazi and Zagha describe the crisis of 1991, review the measures taken to liberalize the economy, and outline what, in their opinion, still needs to be done. © 1994.