A traditionally conservative country in financial matters, India enacted a series of reforms in response to its balance of payments crisis in the early 1990s. But since then only halting progress has been made, raising concerns about India’s rising fiscal deficit, inefficiencies in its...

The Benefits and Costs of Import Substitution in India was first published in 1975. In its basic economic plan, the government of India has fostered a policy of import substitution in virtually all industrial sectors. One industry in which the policy is followed is the automobile and ancillary...

The purpose of this paper is to provide evidence, and argue, that stunning as India’s success is, the potential – and need – is for still more reform and more rapid growth. 8 percent is a good rate of growth, but many are destined needlessly to be left behind for years to...