Parameters for assessing economic reforms, Microeconomics

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PARAMETERS FOR ASSESSING ECONOMIC REFORMS:

Let it be clearly understood that liberalisation, privatisation and globalisation are means with the help of which the growth process is sought to be accelerated. 

They should not be considered as ends in themselves. The goals of economic development have been defined in the First and the Second five-year plan. They alone become the parameters for judging the impact of economic reforms. The major goals are:

i) A higher rate of growth of GDP - 7-8 per cent per annum;

ii) Enlargement of the employment potential leading to full employment;

iii) Reduction of the proportion of population below the poverty line; 

iv) Promotion of equity or distributive justice so that a better deal is provided to the poor and less well off sections of the society;

v) Reduction of regional disparities between the rich and the poor states of India; and 

vi) Improvement in human development in terms of health and education of the population.

It would be useful if a critique of economic reforms is based on the success of economic reforms in achieving these goals.

 


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