The process of economic reform has been quite slow a Some reforms such as

The process of economic reform has been quite slow a

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16. The process of economic reform has been quite slow. a.Some reforms, such as greater openness to internatonal trade and therelaxaton of internal controls, happened relatvely early. b.Others occurred much later. c.And some are stll being debated, including the privatzaton of partcular publicenterprises, extensive labour reforms, the permissibility of foreign directinvestment in specifc sectors, to give only a few examples. 17. D&S feel that gradualism [in reforms] is ofen seen as irritatng by the champions of economic reform, but it is to be expected in a democratc system — many of these reforms, even when appropriate, require informed public debate. a. Unfortunately, the discussions ofen proceed along very conventonal lines related to the commentators' general 'pro-market' or 'ant-market' predispositons, when the resoluton of partcular policy issues demands a specifc, case-by-case assessment of arguments in favour and against. 18. D&S strongly feel that the case for specifc reforms must ultmately be judged not just by their impact on economic growth, but also — indeed principally — by their efects on people's lives. They say: We would argue that one of the main problems with the economic reforms of the 1990s lies not so much in what they tried to do (indeed with much success) as in what they did not even atempt to achieve, extending in the process some of the deeper biases of the pre-reform period. 19. In recent years, there has also been growing recogniton of the need for wide-rangingreforms of a diferent kind GROWTH OF WHAT?[NATURE OF GROWTH] 9 Downloaded by Vicky Gupta ([email protected]) lOMoARcPSD|3929542
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1. India's record of rapid economic growth in recent decades , partcularly in the last 10 years or so, has tended to cause some understandable excitement. a. According to D&S the living standards of the 'middle classes' (which D&S defne as the top 20% or so of the populaton by income) have improved well beyond what was expected — or could be antcipated — in the previous decades. b. But the story is more complex for lower income groups . For them, according to D&S, the reform period has not been so excitng. It is not that their lives have not improved at all, but the pace of change has been excruciatngly slow and has barely altered their abysmal living conditons. 2. To illustrate, according to Natonal Sample Survey data Average per capita expenditure in rural areas rose at the exceedingly low rate of about 1% per year between 1993—4 and 2009—10, and a. Even in urban areas , average per capita expenditure grew at only 2% per year in this period.
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