Front Matter

Front Matter

Author(s):
Richard Hemming, Woosik Chu, Charles Collyns, Karen Parker, Ajai Chopra, and Oliver Fratzscher
Published Date:
June 1995
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    © 1995 International Monetary Fund

    Cataloging-in-Publication Data

    India: economic reform and growth/Ajai Chopra … [et al.]. — Washington, D.C. : International Monetary Fund, 1995

    p. cm. — (Occasional Paper, ISSN 0251-6365 ; 134)

    Includes bibliographical references.

    ISBN 1-55775-539-6

    1. India — Economic policy — 1980- . 2. Structural adjustment (Economic policy) — India. 3. Investments — India. I. Chopra, Ajai.

    II. Series: Occasional paper (International Monetary Fund) ; no. 134.

    HC 435.2.163 1995

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    Contents

    The following symbols have been used throughout this paper:

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    – between years or months (e.g., 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The Indian financial year runs April 1-March 31.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    This report was prepared by a staff team in the Central Asia Department as background to the IMF’s 1995 consultation (under Article IV) with India. It is one of a series of eight country case studies prepared as input for research into the relationship between adjustment and growth conducted in the Fiscal Affairs Department and the Policy Development and Review Department, which will be published in 1996. The authors acknowledge the valuable comments and ideas provided by Hubert Neiss, Bijan Aghevli, David Goldsbrough, and Anoop Singh. Melanie Dieckman provided excellent research assistance, while Nirmal Mohanty of the IMF’s Delhi office helped assiduously to track down the data. Elena Frolia, Mila Villar, and Cathy Song provided unstinting secretarial support. The authors are also grateful to Esha Ray of the External Relations Department, who edited the paper for publication and coordinated production.

    The views expressed here, as well as any errors, are the sole responsibility of the authors, and do not necessarily reflect the opinions of the Government of India, the Executive Directors of the IMF, or other members of the IMF staff.

    The study was completed in June 1995, and is based on information available up to that time.

    Abbreviations

    BIFR

    Board of Industrial and Financial Restructuring

    CD

    certificates of deposit

    CRR

    cash reserve requirement

    FCCB

    foreign currency convertible bond

    FIPB

    Foreign Investment Promotion Board

    FII

    foreign institutional investor

    FRN

    floating rate note

    GDP

    gross domestic product

    GDR

    global depository receipt

    IIP

    index of industrial production

    LIBOR

    London interbank offered rate

    MODVAT

    modified value-added tax

    MoU

    memorandum of understanding

    NRF

    National Renewal Fund

    NRI

    nonresident Indian

    OECD

    Organization for Economic Cooperation and Development

    OPEC

    Organization of Petroleum Exporting Countries

    REER

    real effective exchange rate

    Sensex

    Bombay Stock Exchange sensitivity index

    SIA

    Secretariat for Industrial Approvals

    SLR

    statutory liquidity ratio

    TFP

    total factor productivity

    ULCRA

    Urban Land Ceiling and Regulation Act

    VAT

    value-added tax

    WPI

    wholesale price index

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