Liberalisation and Globalisation of Indian Economy

Book excerpt: The Government Of India Has Recently Introduced A Number Of Second Generation Reforms. But Unfortunately It Has Not Been Possible To Keep Up The Desired Pace Because Of Resistance From The Opposition, And Also From Some Allies On Certain Matters. The Opposition Is Guided Mainly By Political Considerations Rather Than Economic Considerations.In Order To Face Competition In The Fast Opening World Market, Some Of The Needed Reforms Are Likely To Adversely Affect The Economic Well-Being Of The Underprivileged Classes Particularly In Rural Areas And Those Engaged In The Small Scale Sector. Ten Years Of Economic Reforms Have Not Generated Adequate Employment. In Order To Mitigate Such Adverse Effects, Outlay Should Be Considerably Increased In The Rural Areas. This Increased Expenditure Should Be On Building Infrastructure And Other Assets And Not On Subsidies Guided By Political Considerations. Primary Education And Health Services Need Considerably Enhanced Outlays. Safety Valves In The Form Of Comprehensive Social Security Network Are Very Essential For Avoiding Tensions In Society And Lessening Opposition To Reforms.The Volume Has A Wide Coverage And Includes Papers Written By Nineteen Economists Spread Over The Whole Country. The Papers Closely Examine Important Implications And Impact Of Liberalisation And Globalisation Measures Taken By The Government In Recent Years.It Is Hoped That The Book Will Prove Very Useful To The Researchers And Students Of Economics, Businessmen, Government Executives Concerned With The Formulation And Execution Of Economic Policies, Parliamentarians And Legislators, And The Common Readers Interested In Knowing The Changes That Are Taking Place In Our Economy.