CHAPTER 11

Economic Reforms in India

This chapter explains the concept, nature, need, and objectives of economic reforms in India. In any discussion on economic reforms, there ought to be three strands: (i) Why were reforms necessary and what was wrong with the earlier system? (ii) What reforms have been introduced? (iii) What remains to be done?

States do not function in a vacuum, but in specific social and political settings. The state (i.e., the government) does things that it should not and does not do things that it should. It is given “The Indian state has systematically underestimated the prevalence and the cost of “government failure.” It often intervenes, arbitrarily or to correct supposed market failures, without any clear evidence ...

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