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Zoubida Allaoua - India: five years of stabilization and reform and the challenges ahead

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    India: five years of stabilization and reform and the challenges ahead
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title India Five Years of Stabilization and Reform and the Challenges - photo 1

title:India : Five Years of Stabilization and Reform and the Challenges Ahead World Bank Country Study
author:Allaoua, Zoubida.
publisher:World Bank
isbn10 | asin:0821338382
print isbn13:9780821338384
ebook isbn13:9780585230702
language:English
subjectIndia--Economic policy--1980- , India--Economic conditions--1947-
publication date:1996
lcc:HC435.2.I532 1996eb
ddc:338.954
subject:India--Economic policy--1980- , India--Economic conditions--1947-
Page i
India
Five Years of Stabilization and Reform and the Challenges Ahead
A WORLD BANK COUNTRY STUDY
The World Bank
Washington, D.C.
Page ii
Copyright 1996
The International Bank for Reconstruction
and Development/ THE WORLD BANK
1818 H Street, N.W.
Washington, D.C. 20433, U.S.A.
All rights reserved
Manufactured in the United States of America
First printing December 1996
World Bank Country Studies are among the many reports originally prepared for internal use as part of the continuing analysis by the Bank of the economic and related conditions of its developing member countries and of its dialogues with the governments. Some of the reports are published in this series with the least possible delay for the use of governments and the academic, business and financial, and development communities. The typescript of this paper therefore has not been prepared in accordance with the procedures appropriate to formal printed texts, and the World Bank accepts no responsibility for errors. Some sources cited in this paper may be informal documents that are not readily available.
The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of the World Bank Group any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries.
The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, the Inc., Suite 910,222 Rosewood Drive, Danvers, Massachusetts 01923, U.S.A.
For a copy of Update describing new publications, contact the Distribution Unit, Office of the Publisher, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or Publications, The World Bank, 66, avenue d'Ina, 75116 Paris, France. A catalog and ordering information are also available on the Internet at http://www.worldbank.org.
ISSN: 0253-2123
Library of Congress Cataloging-in-Publication Data
India : five years of stabilization and reform and the challenges ahead.
p. cm.(A World Bank country study)
"Prepared by a team led by Zoubida Allaoua"P. vii.
Includes bibliographical references.
ISBN 0-8213-3838-2
1. IndiaEconomic policy1980. 2. IndiaEconomic conditions1947 I. Allaoua, Zoubida.
II. World Bank. III. Series.
HC435.2.1532 1996
338.954dc21 96-48266
CIP
Page iii
TABLE OF CONTENTS
Abstract
vii
Acknowledgments
viii
Abbreviations and Acronyms
ix
Currency
xi
Economic Development Data
xii
Executive Summary
xvii
Part I: Five Years of Stabilization and Reform: A Summing Up
1
Chapter 1: From Crisis to Growth
3
Picture 2
Introduction
3
Picture 3
Macroeconomic Developments
6
Picture 4
An Unexpectedly Strong Recovery
6
Picture 5
Inflation Declined But Monetary Management Became More Complex
11
Picture 6
The External Accounts Improved Significantly
16
Picture 7
Fiscal Adjustment is One Area of Serious Concern
16
Picture 8
Fiscal Adjustment in the 199697 Budget
21
Picture 9
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