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Contemporary India by Praveen Priyadarshi, Neera Chandhoke

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3

Some Important Constituents of Economic Policy

Samir Kumar Singh

Reforms in any sector cannot be seen in isolation. There is a huge degree of complementarity among different kinds of reforms. If there is delicensing of the export of a particular item/good but production of that good remains controlled, then the benefit of the reform will be limited. Instead, if the industrial policy deregulates production of goods, then the benefit will be much greater. Similarly, external-sector reforms will reach its potential if sufficient reforms are introduced in the financial, fiscal, industrial and agricultural sectors. Although I will concentrate on the external sector in this section, the implications of reforms in the other sectors must be recognized. ...

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