India’s Development Policy: Highlighting Landmarks

India’s development policy shows at one and the same time many important continuities and some significant changes. Perhaps the most noticed break from the past is the adoption of the Structural Adjustment Programme in 1991 which opened up the economy to global influence and also made economic polic...

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Bibliographic Details
Published inJournal of interdisciplinary economics Vol. 21; no. 1; pp. 3 - 15
Main Author Natraj, V.K.
Format Journal Article
LanguageEnglish
Published New Delhi, India SAGE Publications 2009
Subjects
Development Policy
Development Strategies
Economic Change
Economic development
Economic Policy
Economic reform
Foreign exchange
India
Policy analysis
Structural Adjustment
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Summary:India’s development policy shows at one and the same time many important continuities and some significant changes. Perhaps the most noticed break from the past is the adoption of the Structural Adjustment Programme in 1991 which opened up the economy to global influence and also made economic policy much more market-friendly than at any earlier point of time. However, as we shall attempt to show even this epochal event has roots in the past. It would not be altogether correct to assert that the adoption of SAP referred to generally as the commencement of economic reforms was a sudden event which was almost wholly caused by a crisis in the economy, in particular on the foreign exchange front. The aim of the discussion here is to situate India’s development strategy in a historical perspective with a view to identifying the principal landmarks and also that it has followed an evolutionary trajectory.
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ISSN:0260-1079
2321-5305
DOI:10.1177/02601079X09002100102