India's Economic Reforms: What Has Been Accomplished? What Remains to Be Done?

Date: November 2001
Type: Papers and Briefs
Series: ERD Policy Briefs
Author: Panagariya, Arvind


Though economic liberalization in India can be traced back to the late 1970s, economic reforms began in earnest only in July 1991. A balance of payments crisis at the time opened the way for an International Monetary Fund (IMF) program that led to the adoption of a major reform package. Though the foreign-exchange reserve recovered quickly and ended effectively the temporary clout of the IMF and World Bank, reforms continued in a stop-go fashion.


  • The Good News: Achievements Thus Far
  • The Bad News: Still a Long Way to Go
  • Conclusion