CIAO DATE: 07/02

India's Reform Agenda: Micro, Meso and Macro Economic Reforms

Abstract

During the 1990s, India has been among the fastest growing economies of the world. This year would be the third consecutive year when the real GDP growth is six percent or higher. This has been accompanied by exchange rate stability and a low inflation rate. For instance, currently, the underlying core inflation rate remains only three percent per annum. Are these trends of growth acceleration sustainable to meet India's two strategic objectives, which are (i) eradication of poverty, and (ii) playing our rightful role in the world by becoming a source of growth and stability for the global economy? To analyze this, it is necessary to look at the Indian economy in a somewhat longer and global perspective.

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