In 1991, when India faced a major economic crisis, the government asked the International Monetary Fund for a bailout loan. To prevent a repeat, the government introduced reforms in the economy in accordance with the international trend of privatization and globalization. This was a milestone as it changed Indian markets and the financial sector in the country. Foreign direct investment was encouraged, public monopolies were restricted and service and tertiary sectors were developed. Since then, all sectors of the economy have changed their approach and strategies.\nThe economic reforms have completed twenty-five years and this book debates on the achievements and failures of this policy. It draws upon the research insights and opinions of academicians, scholars and practising managers who, apart from the analysis, also offer their views on the corrective measures needed.
About the Author
Yashwant Sinha is a veteran politician and a senior leader of the Bharatiya Janata Party (BJP). He is credited with preparing the blueprint for the 1991 economic reforms of India as part of his Union Budget.\nSinha taught political science at the University of Patna till 1960 before he joined the Indian Administrative Services. In 1984, he resigned from the services and joined politics as a member of the Janata Party. He worked as the Minister of Finance from November 1990 to June 1991 in Chandra Shekhar’s cabinet. He later joined the BJP and became the national spokesperson in 1996. He served as the Union Minister of Finance (1998–2002) and External Affairs (2002–04).\nVinay K. Srivastava is presently working as Dean and Associate Professor, Raffles University, Neemrana. He is the author of Privatisation of Public Enterprises in India (2007) and is the editor of Public Enterprises and Changing Scenario (2014). With 16 years of experience in academics, Srivastava has published more than 65 articles in various journals, magazines and newspapers. He is the founder and managing editor of Arash: A Journal of ISMDR and Raffles Business Review.
