By Biplab Dasgupta
During this finished appraisal of Indian monetary reforms, the writer recounts how reforms have been initiated and the way they opened up in levels due to the fact 1991. He analyzes the entire parts of the structural adjustment programme together with within the agrarian, commercial, banking, public quarter, economic reforms, exchange, environmental and labour sectors. in line with his ideological and political convictions, the writer questions the advantages of the reforms and argues that an uncritical reputation of IMF//World Bank//WTO// stipulations has now not served to learn nearly all of Indian society.
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Extra resources for Globalization: India's Adjustment Experience
Example text
The commercial banks insisted on repayment guarantees by the governments, and usually operated through loan syndicates, that worked with cross-default clauses to reduce the risk of nonpayment. The syndicates charged 1 per cent commission, and paid in advance, which was free from risk, which induced the syndicates in many cases to push loans on to borrowers (Vas, 1994). The bank business appeared to be lucrative and risk-free, and every year between 1973 and 1980, many new European banks entered this field of international lending, thus intensifying oligopolistic competition among themselves.
Sometimes a country on its own anticipates those conditionalities, and undertakes policy reforms even before the formal negotiation with these funding bodies begins. In some cases, such policy changes are imposed as preconditions by the IMF or World Bank for entering into negotiations. , 1991). In the case of Thailand, half the conditionalities were implemented prior to signing the agreement, as a kind of down payment. Generally speaking, the IMF conditionalities prescribe the following: (a) devaluation to bridge the gap between the official and market exchange rates of the currency of the country concerned, (b) demand management, mainly by way of reducing government expenditure, to reduce domestic effective demand and consequent inflationary pressure, and (c) reduction of fiscal deficit, as a proportion of the GDP, below 4 per cent, in phases.
Its natural endowments indicated its relative advantages in producing and exporting certain items. A country was expected to specialise on those, while importing others at a cheaper price from the rest of the world. According to this principle, a less developed country was, generally speaking, expected to specialise in producing and exporting in agricultural goods, while importing industrial goods from its richer counterparts. However, such a theory binds export possibilities to the existing static, historically given, resource base, and, thus, also to a low level of development.