... We have accordingly gone through a wide ranging reform process
covering the areas of macro economic and fiscal stabilisation, industrial policy deregulation,
trade policy liberalisation, freeing of the exchange rate, financial sector strengthening, capital
market deepening, privatisation of and disinvestment in the public sector, infrastructure and
agriculture. ... In fact, India’s growth
performance in the first three years after the start of reform programme was better than
almost all developing countries that have gone through such a reform process. ... Farmgate prices for fruits and vegetables range between 20 and 30 per cent
of the eventual retail prices in India. ... The reduction in import protection and
the introduction of new competition were expected to lead to a reallocation of resources more
in line with India’s comparative advantage in the international industrial economy. ... Growth in manufacturing employment in India has, in contrast,
been more in the region of 2. ... Quite shockingly, the
total employment in the organised manufacturing sector in India is less than 8 million as
compared to more than 70 million in China. ... Thus domestic Indian enterprises are now placed at a significant
disadvantage relative to larger foreign enterprises which are free to export their products in
these sectors to India. ...
What do these new hubs of economic activity in India have in common? ... However,
any visitor to cities in India will find it difficult to believe that they have indeed generated
new wealth. ...
There is a growing belief in an influential section of the intelligentsia that India’s
economic future lies in the services sector.
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