India: Macroeconomics and political economy 1964–1991

Artha-Journal of Social Sciences , 2017

Review of Vijay Joshi's India's Long Road: The Search for Prosperity (2016)

The Journal of Economic History, 1963

Indian society is one of the most complex in existence, and we know little about its structure, functioning, or—more important—its development and dynamics. The neglect of Indian's economic history, particularly the period 1800–1947, is one of the most distressing gaps. It is dismaying to realize that even within very broad ranges of error we do not know whether during the past century-and-a-half the economy's performance improved, stagnated, or actually declined. Not only is ignorance of Indian economic behavior over time disturbing in itself, but the attempts at planning since 1947 have suffered because of this. It is difficult to predict outcome and consequences of any major development policy in the absence of any clear clues about the long-run dynamics of the Indian economy and society.

Economic and Political Weekly, 2014

The social coalition that benefited from India's central government's economic policies remained unchanged between the pre- and post-economic reforms periods. The economic policies promoted by the central government between 1980 and 2004 - irrespective of the political party heading the Cabinet - mostly benefited the middle class and the corporate sector, while the poor and the rural world were clearly relegated to a secondary position in the governments' policy priorities. From this point of view the election of the United Progressive Alliance government in 2004 might constitute a more important break with the past.

International Journal of Engineering and Advanced Technology (IJEAT), 2019

The purpose of this research is to examine the impact of reforms that took place in Indian economy in 1991. Balance of payment difficulty resulted in acute economic crisis and therefore economic reforms were inevitable. Post this incident; there have been three more phases of economic reforms. Economic reforms were compelled due to international pressure of the situation post balance of payment crisis of 1991. The significance of this study lies in the derivation of various ways in which these reforms played a major role in the transformation of Indian economy in the form of its impact on poverty, education, socio-cultural mixture, economic growth etc. We have tried to revisit situation of payments crisis and tried to understand if these reforms were enough and were they concrete measures to tackle long-term problem or if they were only sufficient to handle the crisis. Finally we have tried to find out, as to what was left out of reforms or what other measures could have been taken. Balance of payment difficulties are difficulties faced by most of the underdeveloped or developing countries.

Pointing out some more recent critical perspectives on India's post-Independence economic development that have been formulated within the latest body of academic work, Corbridge makes an argument for a more realistic assessment of the relevance and the impact of the economic reforms of the 1990s. These have often been referred to, and not infrequently worshiped, equally in India and in the West, as The Reforms that have opened-up and restructured Indian economy, enabling its high economic growth and elevation of millions out of poverty. One would not be wrong to assert that these words of praise have to a large extent been coming from a particular, ideologically based standpoint, which favours neoliberal economic and political concepts and often, somewhat uncritically, merits them for all the economic growth occurring worldwide in the past two decades.

2010

First of all, I am extremely grateful to professor and my co-author Pasquale Scaramozzino, who has been constantly and generously supervising the state of my PhD works. A special thanks go to my co-authors Tullio Buccellato, Michael Enowbi Batuo, Bassam Fattouh and Benno Ferrarini who have directly contributed with their ideas and suggestions to the realization of many papers during my PhD program and some of the chapters collected in this thesis. Very helpful were also all the advices received by

ANU Press eBooks, 2021

Asian Journal of Science, 2013

Since its independence from the British raj in 1947, India has followed (is still following) an extremely polarized economic policy and reforms. India’s economic history can be divided into four different phases: 1947-1965, 1966-1980, 1981-1991, and post 1991. Each phase represents an economic policy vastly different from others. The era begins with the leadership of Jawaharlal Nehru. Nehru was a strong believer of a stable socialist government that would control all major industries, borrowing many examples from the Soviet Union, most famously, the idea of 5 year plan, exclusively aimed to increase the production in industries followed by growth in agriculture sectors. Under the leadership of Nehru, India’s economy flourished phenomenally, mostly due to the presence of Congress party in the center and Nehru’s ideas and ability to lead people.

1994

Its working paper series is intended for prompt distribution of research results. This distribution is preliminary work; work is later published in refereed professional journals or books. The Working Papers include work produced by economists outside the Economics Division but completed in cooperation with researchers from the Division or using the facilities of the Division. Papers are subject to an anonymous review process. All papers are the responsibility of the authors, not the Economics Division.

Indian state after introducing economic reforms in 1992 has accelerated the economic growth. This has led to profound changes in the Indian economy, amidst other changes that have taken place simultaneously. The other changes include demographic change, the birth of a 300 million middle class, and rapid social change. Economic reforms have also resulted in widening of the gap between the economic groups, in addition to regional disparities in the country, and rural-urban disparities. It is controversial whether this growth, led primarily by market, should be called 'development' without, however, gainsaying that the middleclass and the upper classes have benefited from it. This scenario is compounded by multiple changes in Indian society. While village as a microcosm of Indian civilization has ceased to be so, the overall changes brought by the economic basis of the country have resulted in complex social and political scenarios. These changes are also compounded by the 2014 election of Hindu nationalist government, which leads the state, and has tough task to maintain social cohesion, and meet popular expectations, amidst the tumult of changes in India.

The article defines the perimeter of political economy as an independent field of enquiry emerging out of the discipline of International Relations during the growth of behavioral approaches in the study of global politics. This understanding is applied to trace the development of political economy in India from 1951 to 1991 to assess how the post-colonial economy grew to adopt the neo-liberal measures in 1991. The study analyses the impulses that prompted the policy direction soon after independence in 1947, during the 1960s and 1970s and finally in the 1980s to prepare the economy with modest neo-liberal economic measures. Peter Evans? theory of embedded autonomy has been used to study the nature of state intervention in economic affairs and Michal Kalecki?s concept of intermediate classes in intermediate regimes have been applied to understand how certain classes have always stood to gain more from policy planning, irrespective of the orientation of policies.

SSRN Electronic Journal, 2011

It is well known that at the end of the last and during the present century the Indian economy performed much stronger than during the first decades after independence. In common discourse this improved performance is usually linked to the change in policy framework which was introduced in 1991 and thereafter continued by successive governments. As a result far reaching regulation of