Crunch to come: economic reforms need to be followed through

Article Abstract:

Indian Prime Minister P.V. Narasimha Rao's leadership has brought about changes in economic policies, but critics believe that Rao has not taken advantage of all of the opportunities for economic reform. Major achievements have been made, resulting in the reversal of balance of payments, the implementation of an import ban on consumer products, tax reform and the lessening of bureaucratic red tape. On the other hand, the Board of Industrial and Financial Reconstruction has been given the task of closing, selling or rehabilitating failed businesses or government enterprises. There is also an urgent need to reform the banking industry, the inefficient Oil and Natural Gas Commission and the Petroleum Ministry.

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Rao's new dowry

Article Abstract:

Reforms in India's economic policies are sending positive signals to foreign investors to engage in economic activity in the country. The latest economic reform instituted by the government is a set of amendments in the Foreign Exchange Regulation Act. These amendments are aimed towards easing the tight regulations on foreign investments in India. The economic reforms instituted since Prime Minister P.V. Narasimha Rao assumed office in 1991 have contributed to the 80% increase in the Bombay Stock Exchange index. Aside from economic reforms, infrastructure, energy and telecommunication improvements are also underway.

Foreign investments, Laws, regulations and rules

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Don't stop now

Article Abstract:

India's economic reforms have been promising but could stall as political events threaten the govt's willingness to accelerate them. Prime Minister P.V. Narasimha Rao's convictions may be wavering following two stunning electoral setbacks in Dec 1994. Economists disagee over whether inflation will rise or the government will spend its surprisingly strong tax revenues on social programs, which could help the reigning party in approaching elections.

Cover Story, Political aspects

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