After more than three decades of economic restructuring and reforms, the consequences of that momentous decision of 1991 are still playing out in India. Meanwhile, the global economy has seen significant shifts—a slow recovery from the destruction of the Global Financial Crisis of 2008, China’s rise as a formidable economic force, the steady retreat from WTO-led multilateralism in tandem with a gradual but noticeable erosion of faith in democratic institutions.
The Post-Reform Indian Economy: An Unfolding Story brings together eminent economists of the country who deliberate on issues plaguing the contemporary Indian economy. The essays investigate the theoretical and methodological pitfalls of the many official and unofficial studies of India’s economic performance; the phenomena of growth cycle; and India’s post-reform growth volatility. The volume also analyses wealth inequality, fluctuations in the exchange rate of the rupee in response to capital flows, insights gained from the yield curve and the RBI’s intervention in the forex market. The nature of inflation in India, and the ramifications of the RBI’s newly adopted policy of inflation-targeting are also critically examined.
The book raises several key questions: Can the rise/fall of the stock market indicate real economic performance? It looks at movements in India’s trade and foreign investment policy, and the federal fiscal dynamics in recent times. It also emphasises the urgent need to check myopic, gain- and optics-driven approaches to protecting the natural environment of the country, and recognises that without essential life support systems, even GDP growth cannot be sustained.
This volume will interest students of economics, and informed readers curious about the performance of the modern Indian economy.