PL EN
REVIEW PAPER
Liberal Economic Reforms in 1990s India: Process and Assessment
 
 
More details
Hide details
1
Katedra Ekonomii Rozwoju, Instytut Ekonomii, Wydział Ekonomiczno-Socjologiczny, Uniwersytet Łódzki, Polska
CORRESPONDING AUTHOR
Michał Zaremba   

Katedra Ekonomii Rozwoju, Instytut Ekonomii, Wydział Ekonomiczno-Socjologiczny, Uniwersytet Łódzki, Polska
Submission date: 2021-03-04
Final revision date: 2021-07-29
Acceptance date: 2021-10-21
Publication date: 2021-12-28
 
GNPJE 2021;308(4):103–124
 
KEYWORDS
JEL CLASSIFICATION CODES
ABSTRACT
The problem of economic development is one of the most interesting issues of both economic theory and practice. One of the most appealing cases is India, which has implemented various development strategies aimed at high economic growth since its liberation from British rule. Between 1956 and 1974 India’s GDP growth was relatively low and the economy itself was closed and highly regulated. The specific features of the Indian economy come from the conditions resulting from regulations and initiatives taken at the central, but also state and local, levels. A paradigm shift in economic policy after 1990 resulted in higher growth rates and India became one of the fastest growing economies in the world. The article describes changes in India’s economic development policy since 1990 that have gradually led to high growth rates. The study mainly uses historical analysis based on domestic and foreign literature as well as an analysis of existing data. The article concludes that reforms based on the recommendations of the Washington Consensus were accompanied by a strong role of the state, which created the foundations of the new institutional order, supervised changes and intervened when necessary. As a result, the economy entered a path of rapid growth and the efficiency of the entire market increased. Without the active and coordinated role of the state such great success would not have been possible in recent years.
 
REFERENCES (24)
1.
Ahluwalia M. S. [2005], India’s Economic Reforms an Appraisal, Planning Commission, New Dehli, http://planningcommission.nic.... (dostęp: 26.02.2018).
 
2.
Bywalec G. [2015], Reformy ekonomiczne i polityczne a rozwój gospodarczy Indii (1991–2012), Wydawnictwo Uniwersytetu Łódzkiego, Łódź.
 
3.
Central Statistical Organization, National Accounts Statistics http://www.mospi.gov.in/public... (dostęp: 20.02.2018).
 
4.
Chandra B., Mukherjee A., Mukherjee M. [1999], India after Independence, Viking Penguin India, New Delhi.
 
5.
Economic Reforms: Two Years after and the Tasks Ahead [1993], Finance Ministry, Discussion Paper, New Delhi.
 
6.
Hemming R., Chu W., Collyns Ch., Parker K. E., Chopra A., Fratzscher O. [1995], India: Economic Reform and Growth, International Monetary Fund, Washington.
 
7.
IMF, World Economic Outlook Database, http://www.imf.org/external/pu... (dostęp: 7.02.2021).
 
8.
Joshi V., Little I. M. D. [1996], India’s Economic Reforms 1991–2001, Oxford University Press, New Delhi.
 
9.
Kumar Ch. [2011], A discursive dominance theory of economic reforms sustainability: The case of India, India Review, 10 (2): 126–184, London.
 
10.
Mohan R. [2008], Capital flows to India, Reserve Bank of India, https://rbidocs.rbi.org.in/rdo... (dostęp: 20.02.2018).
 
11.
OECD, Society at a Glance Asia/Pacific 2011, https://www.oecd.org/els/soc/4... (dostęp: 22.02.2018).
 
12.
Reserve Bank of India, Exchange Rate of the Indian Rupee vis-a-vis the SDR, US Dollar, Pound Sterling, D. M./ Euro and Japanese Yen (Financial Year – Annual Average and end-Year Rates), https://www.rbi.org.in/scripts... (dostęp: 20.02.2018).
 
13.
Reserve Bank of India, Foreign Direct Investment Flows to India: Country-wise and Industry-wise, https://www.rbi.org.in/scripts... (dostęp: 25.02.2018).
 
14.
Reserve Bank of India, Handbook of Statistics on Indian Economy, https://www.rbi.org.in/scripts... (dostęp: 19.02.2018).
 
15.
Rodrik D. [2011], Jedna ekonomia, wiele recept. Globalizacja, instytucje i wzrost gospodarczy, Wydawnictwo Krytyki Politycznej, Warszawa.
 
16.
Singh J., Chittedi K. R. [2011], Performance of Public Sector Enterprises in India: Pre and Post Liberalization Scenario, The IUP Journal of Managerial Economics, IX (3): 7–25.
 
17.
Srinivas Sh. V. [2017], The economic history of India. India and the International Monetary Fund 1944–2017, http://nationalarchives.nic.in... (dostęp: 25.02.2018).
 
18.
Srinivasan T. N. [2000], Eight Lectures on India’s Economic Reforms, Oxford University Press, New Delhi.
 
19.
Stiglitz J. [1998], More instruments and broader goals: moving toward the post-Washington consensus, World Institute for Development Economics Research, Helsinki.
 
20.
Tendulkar S. [1998], Indian Economic Policy Reform and Poverty: An assessment, [w:] Ahluwalia I. J., Little I. M. D. (red.), India’s Economic Reforms and Development: Essays for Manmohan Singh: 157–180, Oxford University Press, New Dehli.
 
21.
Virmani A. [2001], India’s 1990–91 crisis: reforms, myths and paradoxes, Working Paper, 4, Planning Commission, New Delhi.
 
22.
Williamson J. [1990], What Washington Means by Policy Reform, [w:] Williamson J. (red.), Latin American adjustment: how much has happened?: 7–20, Institute for International Economics, Washington.
 
23.
World Bank, India 1998 Macroeconomic Update, Annex Table 10 http://documents.worldbank.org... (dostęp: 7.02.2021).
 
24.
World Bank Data Base, Tariff rate, applied, weighted mean, all products, https://data.worldbank.org/ind... (dostęp: 8.02.2021).
 
eISSN:2300-5238