The New Face of India's Reforms

Paper Summary:

This paper discusses the nature of Indian economic, financial market and banking system reforms. According to this paper, the majority of these reforms were began in 1991 following India's decision to open up its economy to free-market principals and to liberalize its capital markets. These moves necessitate deep and substantial changes to India's banking system.

From the Paper:

"It could be said that India's current monetary and fiscal policy began in the early 1990s following the government's determination to change from a heavily autocratic, socialist type governmental policy to a more open, free market, capital system. India's monetary and fiscal policy, which is based on the Rupee, was tasked by the International Monetary Fund (IMF) to affect several changes on fiscal policy in order liberalize its economy: 1) increase petroleum product prices, 2) increase net taxes, 3) improve tax compliance, 4) unload up to 20% of equity in public enterprises, 5) cuts subsidies, 6) reduce defense expenditures and 7) exercise restraint on GDP expenditures (Desai 25)."

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