3 Review(s)

From its earliest beginning, India?s struggle for freedom had a large element of economic thinking and social reform. Freedom was considered the indispensable means to overcome mass poverty, to protect the farmers and the artisan, to create modern industry, to remove privilege and justice, and to reconstruct the entire fabric of India?s social and economic life. Economic reforms initiated in the nineteen nineties have had a much needed positive impact on the Indian economy. The resultant high growth trajectory into which the economy was drawn caught the attention of the rest of world and catapulted India into the league of promising emerging economies of the world. Comparing India to economies like China became fashionable. From 2008 onwards, like many other economies of the world, the Indian economy too, began to get sucked into the quagmire of global recession. The difficult external situation which the economy has been facing for some. Time coupled with the weakening of its macroeconomic fundamentals have reflected in falling growth rates. High levels of domestic inflation, fiscal difficulties and increasing current account deficits have not only taken the rupee on a roller-coaster drive but have also contributed towards the ebbing of business sentiments. Inability to tackle the problems on priority and proactive basis has raised questions about equity, transparency, inclusiveness and sustainability of the growth model.