The Political Economy of India’s Postplanning Economic Reform: A Critical Review

Research output: Contribution to journalArticle

Abstract

A quarter of a century has passed since neo-liberal economic policies were first adopted in India in 1991 and it is timely to review their outcome. The study is important because there currently seems to be a gap in the literature, since most published research has highlighted India’s overall GDP growth rates. In the post-planning reform period, India reduced the role of the state and public sector, and dismantled controls, while increasing the role of the market and private sector within the economy. As a result, foreign capital investment and foreign exchange reserves improved. The study intends to examine what happened to the industrial sector after neoliberalism was adopted. This article primarily focuses on the discourse about neoliberal economic policy and its effects on Indian economy, especially in the context of sectoral change. The article centres on a critical review of the available literature and a contribution to the substantive topics indicated in the title. The study contributes to the existing literature by focusing on the industrial and the agricultural sector, which has been neglected by the mainstream economists, who have focused largely on growth rates.Key words: Indian economy, neoliberalism, economic structuring, growth rates and poverty
LanguageEnglish
Pages235-264
Number of pages30
JournalWorld Review of Political Economy
Volume9
Issue number2
DOIs
Publication statusPublished - 17 Aug 2018

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Political economy
Economic reform
India
Neoliberalism
Economic policy
Indian economy
Planning
Foreign capital
Public sector
Economists
GDP growth
Private sector
Role of the state
Capital investment
Discourse
Foreign exchange reserves
Economics
Poverty
Key words
Industrial sector

Cite this

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abstract = "A quarter of a century has passed since neo-liberal economic policies were first adopted in India in 1991 and it is timely to review their outcome. The study is important because there currently seems to be a gap in the literature, since most published research has highlighted India’s overall GDP growth rates. In the post-planning reform period, India reduced the role of the state and public sector, and dismantled controls, while increasing the role of the market and private sector within the economy. As a result, foreign capital investment and foreign exchange reserves improved. The study intends to examine what happened to the industrial sector after neoliberalism was adopted. This article primarily focuses on the discourse about neoliberal economic policy and its effects on Indian economy, especially in the context of sectoral change. The article centres on a critical review of the available literature and a contribution to the substantive topics indicated in the title. The study contributes to the existing literature by focusing on the industrial and the agricultural sector, which has been neglected by the mainstream economists, who have focused largely on growth rates.Key words: Indian economy, neoliberalism, economic structuring, growth rates and poverty",
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The Political Economy of India’s Postplanning Economic Reform : A Critical Review. / Siddiqui, Kalim.

In: World Review of Political Economy, Vol. 9, No. 2, 17.08.2018, p. 235-264.

Research output: Contribution to journalArticle

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