It is both a privilege and a pleasure for me to deliver this year's Annual Fellows Lecture at the Center for Advanced Study of India. For many years in India, I used to receive an annual update on the activities of the Center when Dr. Francine Frankel visited Delhi and it is therefore particularly pleasant to visit the Center in person.
During the 1990s, India has been among the fastest growing economies of the world. This year would be the third consecutive year when the real GDP growth is six percent or higher. This has been accompanied by exchange rate stability and a low inflation rate. For instance, currently, the underlying core inflation rate remains only three percent per annum. Are these trends of growth acceleration sustainable to meet India's two strategic objectives, which are eradication of poverty, and playing our rightful role in the world by becoming a source of growth and stability for the global economy? To analyze this, it is necessary to look at the Indian economy in a somewhat longer and global perspective. This is essential to identify the necessary policy reforms which are the topic of my lecture today, namely, India's Reform Agenda: Micro, Meso and Macro Economic Reforms.
A decade into financial sector liberalization, there has been little concerted effort at restructuring the Indian public sector banks (PSBs). Though there has been significant progress in banking regulatory reform in the decade, the lack of restructuring has slowed down the assimilation of the incentive structures inherent in the new regulations.
Ashley Tellis, Michael Nacht, Rakesh Sood, Frank N. von Hippel, Morton H. Halperin, Victoria L. Farmer, Robert Joseph, Jaswant Singh, K.K. Nayyar, C. Raja Mohan, P.K. Iyengar, Ronald F. II Lehman, V.S. Arunachalam, and Mark T. Fitzpatrick
Publication Date:
05-1997
Content Type:
Working Paper
Institution:
Center for the Advanced Study of India
Abstract:
Realization of the long term objective of achieving 'nuclear zero,' with India and the United States working towards this shared goal, is the main thrust of the paper. It examines the approaches taken by the two countries working together in achieving 'nuclear zero' in the post-Cold War world.
Topic:
Arms Control and Proliferation, Cold War, and Nuclear Weapons