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Economic reforms: A long way to go

In response to a fiscal and balance of payments crisis in 1991, India launched a programme of economic policy reforms. The programme, consisting of stabilization-cum-structural adjustment measures, was put in place with a view to attain macroeconomic stability and higher rates of economic growth. Some rethinking on economic policy had begun in the early 1980s, by when the limitations of the earlier strategy based upon import substitution, public sector dominance… (1760 more words) …

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