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THERATIONALE(OR NEED)OF ECONOMIC REFORMS The massive and persistent macroeconomic imbalances that evolved during the previous decade were the catalyst for India’s economic catastrophe in 1991. The following were major contributors to the economic downturn: Fiscal Inequality: During the 1980s, the fiscal position deteriorated due to the increased burden of non-developmental spending. From 0.2… Continue reading Economic Reforms in India: Rationale and Key Policy Areas
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