India Transformed: Twenty-Five Years of Economic Reforms

India Transformed: Twenty-Five Years of Economic Reforms

by Rakesh Mohan

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In this commemorative volume, India's top business leaders and economic luminaries come together to provide a balanced picture of the consequences of the country’s economic reforms, which were initiated in 1991. What were the reforms? What were they intended for? How have they affected the overall functioning of the economy?

With contributions from Mukesh Ambani, Narayana Murthy, Sunil Mittal, Kiran Mazumdar-Shaw, Shivshankar Menon, Montek Singh Ahluwalia, T.N. Ninan, Sanjaya Baru, Naushad Forbes, Omkar Goswami and R. Gopalakrishnan, India Transformed delves deep into the life of an economically liberalized India through the eyes of the people who helped transform it.

Product Details

ISBN-13: 9780815736622
Publisher: Brookings Institution Press
Publication date: 09/25/2018
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 702
File size: 30 MB
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About the Author

Rakesh Mohan is a former deputy governor of the Reserve Bank of India who was most recently an executive director at the International Monetary Fund in Washington, D.C. He is also a nonresident Senior Research Fellow of the Stanford Center for International Development, Stanford University, and a Distinguished Fellow at Brookings India.

Table of Contents



Foreword by Strobe Talbott

I. Introduction

1. The Road to the 1991 Industrial Policy Reforms and Beyond: A Personalized Narrative from the Trenches

Rakesh Mohan

II. The Big Picture: Past, Present and Future

2. India’s 1991 Reforms: A Retrospective Overview

Montek Singh Ahluwalia

3. Remembering 1991 . . . and Before

Omkar Goswami

4. The Political Economy of Reforms: The Art of the Possible

T.N. Ninan

5. India’s Entry into the Global Economy

Martin Wolf

6. Trade-policy Reform in India Since 1991

Harsha Vardhana Singh

III. Foreign and Security Policy for a Resurgent India

7. Foreign Policy in the Wake of Economic

Reforms: New Options and Friends

Shivshankar Menon

8. Navigating the Post–Cold War Landscape: India’s Rise in a Contested Geopolitical Space

Shyam Saran

9. Security and Sovereignty in an Open Economy: New Thinking after 1991

Sanjaya Baru

IV. Changing Contours of Indian Governance

10. India’s Governance Challenges: Why Institutions Matter

Sarwar Lateef

11. Changing Colours of Government–Business Relations

Tarun Das

12. Union–State Relations and Reforms

Y. Venugopal Reddy

13. Energizing the States

Laveesh Bhandari

V. The Parts of the Whole: Sectoral Developments

14. 25 Years of Policy Tinkering in Agriculture

Ashok Gulati, Shweta Saini

15. Indian Manufacturing Industry: On the Path to Global Leadership

Baba Kalyani

16. Political Economy of Petroleum Sector Deregulation

Vikram Singh Mehta

17. India Evolving: Infrastructure since 1991

Jessica Seddon, N.K. Singh

18. Infrastructure: Hopefully a Renewed Opportunity for the Private Sector

Vinayak Chatterjee

VI. Human Development: Miles to Go

19. Liberalization sans Liberalism: The Control Raj and the Perils of Ideology and Rents in Higher Education

Devesh Kapur

20. Healthcare in India: A Fork in the Road

Nachiket Mor, Diva Dhar, Sandhya Venkateswaran

VII. The Financial Sector: An Opportunity for Innovation and Growth

21. Reforms and the Transformation of the Monetary and Banking Sectors

C. Rangarajan

22. Liberalizing Indian Capital Markets: Highly Successful Reforms and an Unfinished Agenda

Jaimini Bhagwati

23. Institution-building in the Financial Sector: The HDFC Experience

Deepak Parekh

VIII. Indian Business: Launched on a New Trajectory

24. Changes and Challenges: Corporate India since 1991

Omkar Goswami

25. Animal Spirits : Stray Thoughts on the Nature of Entrepreneurship in India’s Business Families after Liberalization

Gita Piramal

26. India’s National Innovation System: Transformed or Half-formed?

Naushad Forbes

27. Consumer India’s Journey from Zero to Hero

Rama Bijapurkar

28. Building a Global-scale Corporate in India

Mukesh D. Ambani

29. Rise of the New Entrepreneurial Classes and the Emergence of a High-growth Economy

Sunil Bharti Mittal

30. Liberalization and a Tale of Two Companies: Open the Cage and Let the Birds Fly

R. Gopalakrishnan

31. 25 Years of Reforms that Led India’s Pharmaceutical and Biotech Industry towards Global Leadership

Kiran Mazumdar-Shaw

32. The Impact of the 1991 Economic Reforms on Indian Businesses

Narayana Murthy



Index 659

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