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25-years of economic reforms failed to turnaround agriculture
25 years of economic reforms in India have failed to achieve expected growth in the field of agriculture, expressed the speakers at the International Conference on ‘25 years of Economic Reforms in India’.
Hanamkonda: 25 years of economic reforms in India have failed to achieve expected growth in the field of agriculture, expressed the speakers at the International Conference on ‘25 years of Economic Reforms in India’.
However, the reforms regime has helped the private corporate sector to thrive albeit with fluctuations in domestic markets, regional imbalances, disparities in the inter-state growth rates. The post reform period has not been inclusive, the experts opined.
The two-day conference being organised by Kakatiya University economics department has began on Saturday at the university senate hall and is sponsored by the ICSSR, UGC and TSCHE.
Centre for Economics’ and Social Studies Chairman Prof. R Radha Krishna delivering the inaugural address explained that India passed through unsustainable levels of fiscal and current deficits at the end of 1980’s making the government resort to deficit financing.
In view of high inflation and very low foreign exchange reserves and balance of payment crisis during 1991, the union government initiated wide ranging economic reforms to facilitate market driven growth.
The reforms fostered greater competition in the economy and placed India on a higher growth trajectory. As a result the annual GDP growth rate increased to 4.36 per cent during 1970-90 to 7.48 per cent during 2005-06 and 2013-14, he said.
The breakthrough in growth could be attributed to modernisation of domestic industry strong domestic demand. Major contributors of growth were surge in exports and substantial flow of foreign direct investment (FDI) which complemented domestic investment.
Despite slowdown in the economy during 2008-09, India has experienced higher growth in the post-reform period. The present pattern of development has aggravated inter-state inequality, widened rural-urban disparity and worsened intra-rural and intra urban inequality, Prof. Radha Krishna explained.
In a keynote address, Prof. Biswajit Dhar of Centre for Economic Studies and Planning, JNU though agricultural growth was at slow pace during reforms period, nine per cent growth in industrial sector, 11 per cent growth in service sector and FDI fostered overall growth in the country.
Former VC Prof. N Linga Murthy said during the reforms period development sans employment generation took place as those in unorganised sectors lost their employment chances. The seminar director B Suresh Lal said detailed deliberations on impact of reforms on Indian economy would take place during conference divided into seven sessions.
University registrar Prof. R. Sayanna, professors G Bhaskar, S Sreenath and K Manuja Devi were among those present. A souvenir was released on the occasion by the guests.
