Trade was liberalised in 1991, and inward capital flows facilitated, to resolve the external payments crisis. The current account was further liberalised over time to enable discovery of the true external price of the rupee. With abolition of licensing for industrial entry, the product market reform required to reap the rewards of trade liberalisation was thought to have been completed.

Astonishingly, no attempt was made to reform the markets for labour and land, two key inputs without which no production is possible..........Read More

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