Abstract
All has not gone well with the bold and wide-ranging initiatives that were taken in the area of economic policy reforms introduced in India in mid-1991. Of course, there are clearly several pluses that the reforms can boast of. However, in the years 93-94, some retrograde steps were taken, particularly on the fiscal front, which have raised doubts on the capacity of the government to carry conviction with different sections of the society about the success of reforms. What went wrong?
To find an answer to this question, Manu R Shroff looks at three possible areas of failure, namely, neglect of institutional reforms, speed and sequence of measures, and inadequate political management and communication.
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