Summary |
The Indian economy has grown at an average annual rate of 4 per cent in terms of the national product and 7.7 per cent in terms of per capita product over the four decades, 1950-1990. This performance, through superior in comparison to the earlier decades under colonial rule, has not been good enough for a country standing at a low level of per capita income and endowed with vast natural and human resources.
The new government that came to power in June 1991, put together a programme of macroeconomic and structural adjustment aimed at reduced government control of the economy, and an increased reliance on the market forces. The various measures already taken and those under active consideration are aimed at setting the necessary environment for economic growth. However, they would not guarantee sustained and broad- based development. Such development depends on the following factors: the government playing its development role correctly, its fiscal prudence, human resource utilization, and the development and maturing of attitudes and values of the people. This book addresses the key issues relating to these factors and suggests various policy directions.
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