- Richard Hemming, Woosik Chu, Charles Collyns, Karen Parker, Ajai Chopra, and Oliver Fratzscher
- Published Date:
- June 1995
© 1995 International Monetary Fund
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.
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.
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Ajai Chopra, Woosik Chu, and Oliver Fratzscher
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.
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.
Board of Industrial and Financial RestructuringCD
certificates of depositCRR
cash reserve requirementFCCB
foreign currency convertible bondFIPB
Foreign Investment Promotion BoardFII
foreign institutional investorFRN
floating rate noteGDP
gross domestic productGDR
global depository receiptIIP
index of industrial productionLIBOR
London interbank offered rateMODVAT
modified value-added taxMoU
memorandum of understandingNRF
National Renewal FundNRI
Organization for Economic Cooperation and DevelopmentOPEC
Organization of Petroleum Exporting CountriesREER
real effective exchange rateSensex
Bombay Stock Exchange sensitivity indexSIA
Secretariat for Industrial ApprovalsSLR
statutory liquidity ratioTFP
total factor productivityULCRA
Urban Land Ceiling and Regulation ActVAT
wholesale price index