Globalization: India's Adjustment Experience by Biplab Dasgupta

By Biplab Dasgupta

During this accomplished appraisal of Indian monetary reforms, the writer recounts how reforms have been initiated and the way they spread out in levels for the reason that 1991. He analyzes the entire elements of the structural adjustment programme together with within the agrarian, commercial, banking, public region, financial reforms, alternate, environmental and labour sectors.

In maintaining together with his ideological and political convictions, the writer questions the advantages of the reforms and argues that an uncritical attractiveness of IMF/World Bank/WTO/ stipulations has no longer served to profit the vast majority of Indian society.

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A country was supposed to be guided by this principle, while identifying possible export areas. Its natural endowments indicated its relative advantages in producing and exporting certain items. A country was expected to specialise on those, while importing others at a cheaper price from the rest of the world. According to this principle, a less developed country was, generally speaking, expected to specialise in producing and exporting in agricultural goods, while importing industrial goods from its richer counterparts.

This re-definition is necessary both at the Central government level and also at state government level. An all-pervasive government role may have been necessary at a stage where private sector capabilities were undeveloped, but the situation had changed dramatically in this respect, as India now has a strong and vibrant private sector, according to this view. The public sector is much less dominant than it used to be in many critical sectors and its relative position is likely to decline further as government ownership in many existing public sector organisations, according to this view, was expected to decline substantially.

If any member chose to make an agreement with another state that provided more concessions than were hitherto available to the members, the former became immediately applicable to all other members. In other words, a member could not discriminate against another member when entering into trade negotiations with a third country. However, this principle was subject to some important exceptions. The biggest was the regional customs unions, like the European Union (EU). They were permitted to extend additional concessions to intra-region members of those bodies that were denied to other GATT members.

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