India: from M. Singhs Reform to Economic Policy of N. Modi

44
DOI: 10.20542/0131-2227-2020-64-5-118-123
Ya. Sadovnikova (khoobsurat_90@rambler.ru),
Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation


Abstract

In consequence of the 1991 economic reform, India has become one of the world’s fastest growing economies and evolved into a new center of attraction regionally and globally. Meanwhile, the postreform development model has accumulated a lot of constraints, particularly a high percentage of the people living below poverty line and exacerbation of regional disparities. These unresolved problems hamper geopolitical and geoeconomic aspirations of the country. The architects of reforms have ever emphasized the need to accompany high economic growth by more equitable distribution of income among the general population. This means that economic reforms must be provided with appropriate changes of political institutions reflecting cooperative nature of “centre–state relations”. In 2014, Bharatiya Janata Party was able to perceive an urgent request of the Indian society for changes. The government primary tasks emanated from progressive trends of socio-economic and political development were as follows: firstly, to strength the infrastructure; secondly, to attract the foreign direct investments; thirdly, to attain the financial inclusion of the people; fourthly, to create an enabling business environment; and fifthly, to encourage the manufacturing sector. Despite the ongoing efforts improvement in the agricultural sector, some Indian states continue to be shaken by farmers’ protests. In that way the farmers appeal to the authorities to intensify the implementation of a comprehensive problem solution in the farm sector. It was suggested that this theme will be one of the key issues of the BJP’s strategy plan in a pre-election phase. The article points out that under present-day conditions, transformation development model includes the continuation of economic reforms initiated in the early 1990s. The author reveals that the main intention of the transformative development strategy after the 1991 reform was to engage the most vulnerable (in economic and social regard) population groups and sections as well as backward states in economic growth. The article also examines the initiatives of Narendra Modi’s government and their results attained in terms of strengthening the socio-economic integration.


Keywords

India, “M. Singh’s reform”, “centre–state relations”, Narendra Modi, regional disparities, development strategy


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Registered in System SCIENCE INDEX

For citation:
Sadovnikova Y. India: from M. Singhs Reform to Economic Policy of N. Modi. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2020, vol. 64, No 5, pp. 118-123. https://doi.org/10.20542/0131-2227-2020-64-5-118-123



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