The course begins with an exposition of analytical foundations of economic reforms with supporting empirical observations.  The main themes to be discussed are:

-         The theory of economic reforms.

-         Limitations of planned industrialisation and import substitution as strategies of development.

-         The debt crisis of 1991 and initiation of fiscal and financial reforms and reforms in industry, trade, and agriculture.

-         The impact of reforms on poverty in India.

-         The unfinished agenda: reforms related to infrastructure, labour market and capital account convertibility.

Texts/References:

Isher Judge Ahluwalia and I.M.D. Little (eds.): India�s Economic Reforms and Development, Oxford University Press, Delhi, 1998.

Jeffrey D. Sachs, A. Varshney, and N. Bajpai (eds.):  India in the Era of Economic Reforms, Oxford University Press, Delhi, 1999.

Uma Kapila (ed.):  Recent Development in Indian Economy Part III, The Ongoing Economic Reforms, Academic Foundation, Delhi 1994.

Deepak Lal, The Poverty of Development Economics, Harvard University Press, Cambridge, Massachusetts, 1985.