India: macroeconomics and political economy, 1964-1991 by Vijay Joshi
By Vijay Joshi
This quantity is part of a study undertaking initiated and financed via the realm financial institution entitled "Macroeconomic regulations, quandary, and progress within the lengthy Run," which concerned reports of the macroeconomic histories of eighteen nations as they tried to keep up fiscal balance within the face of foreign expense, rate of interest, and insist shocks or family crises within the varieties of funding books and similar budgetary difficulties. It introduces India and the character of its markets, appears at a variety of ancient elements of the international locations monetary rules, and examines traits within the long-term results of those rules.
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Extra info for India: macroeconomics and political economy, 1964-1991
Dates indicated with a slash (1967/68) are fiscal years. 100 crores = 1 billion rupees. S. dollars unless otherwise specified. The symbol in tables means not available. a. means not applicable. Page 1 INTRODUCTION This book is an analytic macroeconomic history of India from 1964 to 1991. By analytic we mean that our narrative is moulded by economic theory, which is however more pragmatic than procrustean. We pay particular attention to the policies pursued, assess their successes and failures both from the point of view of stabilization and of growth, and consider the lessons that can be drawn.
We would like to thank M. P. Agarwal, Isher Ahluwalia, Christopher Allsopp, Amaresh Bagchi, Pulapre Balakrishnan, Pranab Bardhan, Prahlad Basu, Jagdish Bhagwati, Surjit Bhalla, the late Krishna Bharadwaj, B. B. Bhattacharya, Pramit Chaudhuri, Vikas Chitre, S. N. Dalal, Bejoy Dasgupta, Mrinal Datta-Chaudhuri, Ravi Dayal, Ashok Desai, Meghnad Desai, Sudhir Deshpande, Jean Dréze, Hans Genberg, Ejaz Ghani, Chico Ghia, Ashok Gulati, Ravi Gulhati, Anand Gupta, Salman Haidar, Geoffrey Hawthorn, James Hanson, Prem Jha, P.
India's policies and experience have also been exceptional. Most countries adapted little in response to the 1973/74 oil price rise, but borrowed heavily and instigated investment booms. In contrast, India did not borrow commercially, kept inflation low, and built up reserves of food and foreign exchange. Unlike so many other countries it therefore experienced no debt crisis or recession in the early Page xiv 1980s and was able to recover quickly from the external shocks of 1979/80 and from a severe drought occurring at the same time.