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The book, which is a compendium of 24 papers, covers a plethora of subjects relating to economic reforms, macro economic adjustments, stabilisation and sustainable growth and commentaries on a decade of economic reforms in India. The book also looks at the impact of reforms in agriculture (particularly marketing), industrial growth, foreign direct investment and export performance. While a few papers examine public-sector banks, transport, investment climate and fiscal balances, the others deal with current problems such as jobless growth and bad governance. Dealing comprehensively with reforms, H. K. Manmohan Singh argues that globalisation, in its present form, cannot be sustainable as long as benefits continue to ignore large masses. C. Rangrajan, Chairman of the 12th Finance Commission, says India is in a position to wrest significant gains from globalisation, but only through strategic planning and raising concerns for cooperation with other developing countries. While Ruddar Dutt gives an appraisal of the economic reforms in India, giving commentary how different indicators moved, Amalesh Banerjee discusses the distortions created by reforms in different sectors of the economy. M. R. Aggarwal excellently sums up the macro economic adjustment, stabilisation and sustainable growth in India with a past and future perspective. His paper, written along with K.M. Naidu and P. Jegadish Gandhi, discusses periodic trends with respect to different economic indicators such as inflation, deficits, budget aggregates, poverty estimates and employment. D. M. Nanjundappa, former Chairman, ICSSR, discusses the impact of economic reforms on public sector banks and points out that public sector banks should retain 51 per cent equity. Taking up the issue of export performance, Mohammad Abdus Salem point out that India, in many ways, is favourably placed to exploit certain provisions of the World Trade Organisation. C. H. Hanumantha Rao discusses the disinvestment policy in the context of second-generation economic reforms, while A. K. Sinha argues that smooth functioning of the market mechanism is the essential condition for development. He hopes to see good governance in the future for the smooth functioning of the market mechanism. The book is timely and
also an addition to the literature already existing on the subject, as
it discusses both theoretical and empirical analysis of globalisation
and the steps to be taken to make India a super power in the future. |
AFTER
triggering off several far-reaching reforms in 1991 in different sectors
of the economy, including trade, finance and industry, India is now on
the threshold of second-generation economic and labour reforms.