G Satyanarayana Indian economy towards inclusive growth

The 1990s were momentous in the economic history of India as it witnessed a successful transition of the country from a controlled, inward-looking, and slow growing economy to a liberalized and open economy that has now found a place among the fastest growing economies in the world.

Economic reforms are aimed at reorientation of the centrally-controlled economy to a market-oriented one in order to foster greater efficiency and growth.

This is being done by introducing greater competition in the economy through progressive internal deregulation accompanied by external competition promoted by foreign direct investment and trade liberalization.

After the reforms, the Indian economy has been growing faster than its historical growth rate.

However, those who are socio-economically disadvantaged have yet to benefit from economic reforms.

Hence, inclusive growth - which is the focus of this book - remains the cornerstone of India's development efforts.

Inclusive growth necessarily implies a concerted effort by all levels of government to invest in the delivery of public services, particularly those which promote progress in social sectors like health and education.