The Rationale and the Result of the Current Stabilisation Programme

Apart from the episode of the mid-sixties, macroeconomic crises have not played a major part in India's economic development. A certain sort of stability had accompanied the lack-lustre growth of the economy. Through the Eighties, while many of the economies of the developing world were being forced into the strait-jacket of adjustment programmes, India's policy makers actually availed of the luxury of the most irresponsible kind of macro management. [Working Paper No. 253]