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

Publication | November 2001

This paper shows that there is much more to poverty reduction than just economic growth.

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