Abstract
Origins of the liberalization programmes can be traced back to ascendance of new political groups to power in the states. Consequently, competing political compulsions at both the state and national levels soon gave rise fiscal profligacy, which slowly reached unsustainable levels and caused a balance of payments crisis.
The phasing of reforms, the response these drew from various strands of the civil society, their gradual acceptance by major political formations, and the percolation of the reform agenda to the states provide valuable insights to the economic and political undercurrents steering the liberalization process.
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