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Article
Publication date: 1 February 2004

Deepak Nayyar

This paper seeks to develop an understanding of the factors that made reforms possible and analyse the lessons that emerge from the experience. The external debt crisis…

Abstract

This paper seeks to develop an understanding of the factors that made reforms possible and analyse the lessons that emerge from the experience. The external debt crisis allowed the reforms to be introduced, while the changed international context supported the process. The lessons learnt are that: competition in the market is desirable; marketization, in itself, is not always desirable; and the speed and sequence of change matter. The lessons not yet learnt are that: a prudent macromanagement of the economy is essential; infrastructure is of critical importance; and the role of the state in a market economy must be redefined. Some essentials, however, are forgotten. This needs correctives.

Details

International Journal of Development Issues, vol. 3 no. 2
Type: Research Article
ISSN: 1446-8956

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Article
Publication date: 27 June 2008

Deepak Nayyar

This essay aims to analyze the process of structural adjustment in developing countries. Its focus is on macroeconomic stabilization in the short‐term, but the analysis is…

Abstract

Purpose

This essay aims to analyze the process of structural adjustment in developing countries. Its focus is on macroeconomic stabilization in the short‐term, but the analysis is situated in a wider context to consider how it relates to the implications of structural reform in the medium‐term and the prospects for economic growth in the long‐term.

Design/methodology/approach

The paper begins by setting out the contours of the orthodox, the Keynesian and the heterodox perspectives on stabilization and adjustment to highlight the differences. Such different perspectives on macroeconomic theory and policy, it suggests, are attributable to differences in objectives, assumptions and beliefs. These are made explicit.

Findings

The paper argues that the relationship between stabilization and growth is characterized by inter‐connections rather than trade‐offs and suggests that outcomes depend on modes of adjustment. It also provides a macroeconomic analysis of government deficits and public finances, which are critical in the process of adjustment. This highlights the macroeconomic significance of government deficits and points to the fallacies of deficit fetishism based on accounting frameworks. The intersection of economics and politics in the design and implementation of macroeconomic policies is also explored.

Practical implications

Going beyond a critique of orthodox stabilization programmes, it shows that there are alternatives in macro‐management for economies in crisis, for which it is necessary to shift the focus from the financial to the real economy, from the short‐term to the long‐term, and from equilibrium to development.

Originality/value

The paper develops a heterodox perspective on the macroeconomics of structural adjustment and public finances. And, it sets out an alternative framework which straddles time horizons, to understand the restructuring of economies over time.

Details

International Journal of Development Issues, vol. 7 no. 1
Type: Research Article
ISSN: 1446-8956

Keywords

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Article
Publication date: 31 July 2009

Kalpana C. Satija

The purpose of this paper is to specify some historical and current issue regarding this subject. Like, what has been the relative importance attached to the different…

Abstract

Purpose

The purpose of this paper is to specify some historical and current issue regarding this subject. Like, what has been the relative importance attached to the different aspects of policy; what has been the pace and progress of reform process.

Design/methodology/approach

The paper begins with a short discussion of the background of the study and overview of post‐independence economic policy. Hence it is a descriptive study that it finds some data from government site. This paper is thought to provide more reliable information about above impacts for policy makers and State and Central Government.

Findings

The paper specifically focuses upon economic reforms and social justice in India, issues relating to the progress of economic reforms, need of reforms for human face. More generally, the paper suggests that government should make relatively limited use of key performance Indicators for economic reforms and have high‐level participation rates benchmarking for social justice exercises.

Research limitations/implications

Some implications are the timing of the various policies and, more importantly, their sequencing and the relative importance attached to the different aspects of policy, in as much as domestic priorities relating to the provision of education, health and employment, globalization of the economy.

Practical implications

The paper can help to promote administrative, managerial, and financial support for economic reforms and social justice in India and emphasis the responsibility to the state and central to enlarge reforms opportunities and encourage economic development.

Originality/value

Indian Government decides to accelerate the rate of economic growth and to speed up industrialization, to develop heavy industries, to reduce disparities in income and wealth through economic reforms and social justice.

Details

International Journal of Social Economics, vol. 36 no. 9
Type: Research Article
ISSN: 0306-8293

Keywords

Content available
Article
Publication date: 6 April 2012

Abstract

Details

International Journal of Development Issues, vol. 11 no. 1
Type: Research Article
ISSN: 1446-8956

Keywords

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Book part
Publication date: 26 November 2013

Krishna K. Tummala

Corruption in India reached a crescendo between 2011 and 2013, with the exposure of the 2G Spectrum scandal and the “Coalgate” report fiasco at the top of all recent…

Abstract

Corruption in India reached a crescendo between 2011 and 2013, with the exposure of the 2G Spectrum scandal and the “Coalgate” report fiasco at the top of all recent events. The largest working democracy is under the scanner. As the third largest economy in Asia, a nuclear power, and an information technology powerhouse, India has a lot to clean up. Current experience shows the failure of the top investigative agencies and the lack of political will to tackle corruption. The spate of high-level corruption scandals has also led to a popular movement in 2011, which also fizzled out, including the newly introduced “Anti-Corruption, Grievance Redressal and Whistleblower Protection Act, 2011.” This chapter examines the several issues involved.

Details

Different Paths to Curbing Corruption
Type: Book
ISBN: 978-1-78190-731-3

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Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-85724-723-0

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Article
Publication date: 1 June 1999

Prathivadi Bhayankaram Anand

India embarked on economic reforms in July 1991, in the wake of a balance of payments crisis. In this article, an attempt is made to review two books and a set of World…

Abstract

India embarked on economic reforms in July 1991, in the wake of a balance of payments crisis. In this article, an attempt is made to review two books and a set of World Bank reports concerning the progress of these reforms. Issues concerning economic policy, impact of the reforms on poverty, sectoral issues relating to agriculture, industry and infrastructure are briefly discussed. As reforms enter a more difficult phase, several challenges remain. Some of these fall under the “economic agenda” of measures needed to maintain economic growth; others can be termed the “development agenda” – of improving human development. Progress with regard to the former is not sufficient to produce results concerning the latter.

Details

Journal of Economic Studies, vol. 26 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

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