Macroeconomics of Post-Reform India

Description

The essays included in this volume and its companion Money and Finance in the Indian Economy were written over the last 15 years in response to emerging problems and policy debates related to different aspects of the Indian macroeconomy. They examine the changes and continuity in India's transition from a planned economy to a market-oriented one.
The volume is organized into three parts:
An overview of the arguments and approaches of the orthodox and the structuralist macroeconomics used extensively in the book.
An analysis of the country's main macroeconomic developments, starting from the 1990-1 economic crisis that forced the government to abandon the erstwhile policy stance and adopt a programme of liberalization and reforms. The focus is on two themes-the role of services in India's growth process and analytical-cum-policy issues related to the country's inflationary experience.
An assessment of the critical role of infrastructural investment in macro performance of the Indian economy.

About the Author

Mihir Rakshit is Director, Monetary Research Policy, ICRA Limited. He was earlier Professor, Economic Research Unit, Indian Statistical Institute, Kolkata. He has also held teaching and research assignments at Presidency College, Kolkata, the Delhi School of Economics, and the Erasmus University, Rotterdam, the Netherlands.

Table of contents

Tables and Figures; Acknowledgements; List of Abbreviations; 1.Introduction; I. Theoretical Framework and Approaches; 2. Understanding the Indian Macroeconomy; II. Behaviour of the Macroeconomy; 3. The Pre-reforms Indian Economy: Plan Strategy, Development Experience, and the Payments Crisis; 4. Some Macroeconomics of India's Reforms Experience; 5. India's Macroeconomic Puzzles; 6. Services-led Growth: The Indian Experience; 7. Inflation in a Developing Economy: Theory and Policy; Appendix; Author Index; Subject Index