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All Journal Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Kalim Siddiqui
Department of Accounting, Finance and Economics, University of Huddersfield, United Kingdom
Economics, Econometrics & Finance

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India’s economic reforms and challenges for industrialisation Kalim Siddiqui
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 6 No. 1 (2018): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (981.593 KB) | DOI: 10.22437/ppd.v6i1.5209

Abstract

This study focuses on the issue of economic reforms and its impact on industrialisation in India. However, to understand this, it seems also crucial to analyse pre-economic reforms. In India, due to the prevalence of high unemployment and overburdened agriculture sector, the manufacturing sector becomes very important not only just in creating employment but also to boost manufacturing exports. The article examines existing literature on industrial sector in India and try to explain the challenges, it is currently facing. The 1991 economic reforms in India, removed tariff barriers to foreign investments and trade, with a hope that it will encourage foreign investors and ease burden on current accounts. The public sector and the role of the state in the economy was reduced and bureaucratic controls were dismantled, while at the same time the increasing the role of the market and private sector within the economy was strengthened. As a result, foreign capital investment and foreign exchange reserves improved. The study concludes that more than a quarter of a century has passed since pro-market policies were enacted, but such polices did not lead to rapid creation of employment opportunities. There has been no rapid growth of manufacturing sector and there has been no corresponding decline in the share in agricultural employment. Even the much heralded IT sector’s dramatic expansion over the last two decades has provided jobs directly to less than a million people.
A century of India’s economic transformation: a critical review Kalim Siddiqui
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 6 No. 4 (2019): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (795.71 KB) | DOI: 10.22437/ppd.v6i4.6249

Abstract

The objective of this study is to examine India’s transformation from a colonial to a modern economy on the basis of the macro-economic level changes that have occurred over the last century. This is important because it will help us to understand the associated growth performance and its impact on sectoral changes and employment in the wider context of developing economies such as India. The methodology to be followed here is derived from the aims of the study and comparisons of international statistics that provide the means by which to address the research questions and the objectives of this paper. The study found that during the colonial period, the Indian economy became subservient rather than sovereign in terms of policy matters. As a result, economic development was hampered by the removal of ‘surplus’, along with very high land rents and tribute charges. A densely populated country like India was drawn into the orbit of exploitation in the mid-18th century. Soon after independence in 1947, the Indian government took a number of initiatives to enhance industrial and agricultural development, but the biggest failure was that it did not make any real impression on the country’s huge unemployment problems.
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