Two Decades of Structural Reforms in India: A Balance Sheet

The post-reforms period in India has been characterized by high growth rates, which have often been attributed to the reforms process and invoked as an argument for pushing reforms further. This paper critically examines the perceived benevolent link between market-oriented reforms and growth, as also the implications of reforms for social welfare. Among the major issues discussed in the paper are the following: (i) the. Sustainability of the growth momentum; (ii) likely impacts of . Reforms on poverty and employment; (iii) rising inequality in the wake of reforms; (iv) possible adverse impact on the environment due to globalization; and (v) . The role of natural resource constraints. On several of these aspects, the situation is far less sanguine than made out by reform advocates in India.