Economic Reforms in India Since 1991: Has Gradualism Worked?

Author:

Ahluwalia Montek S1

Affiliation:

1. Director, Independent Evaluation Office, International Monetary Fund, Washington, D.C. Prior to July 2001, he served in the Government of India as Member, Planning Commission, and before that as Finance Secretary in the Ministry of Finance.

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.

Publisher

American Economic Association

Subject

Economics and Econometrics,Economics and Econometrics

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