The Impact of Economic Reforms on Indian Machinery and Machine Tools Industry
Contents: Preface. 1. Introduction. 2. Review of literature. 3. Growth acceleration and structural break in Indian machinery and machine tools industry during pre and post-reform period. 4. Production function and technical efficiency of Indian machinery and machine tools industry during pre and post-reform period. 5. Sources of productivity growth in Indian machinery and machine tools industry during pre and post-reform period. 6. Summary and conclusions. 7. Major highlights, policy recommendations and directions for further research. Bibliography.
Indian economy was under the protected trade policy regime till July 24, 1991 and the policy measures were liberalized and entered in free trade regime after 1991. These two policies led to different impact on Indian manufacturing in general and Indian machinery and machine tools industry in particular. Indian economy has been witnessing major changes in her policy frame work since 1991. The old industrial and trade policy regime characterized by extensive public sector participation, control of private sector, restrictions on foreign investment and high tariff and non-tariff barriers were replaced by more liberal economic policies in 1991. An important objective of these policy reforms was to make the domestic firms more productive and competitive in the international market. In order to achieve these goals, India, in its reforms process, liberalized the policies both in the internal and external sector. The policy measures included the abolition of licensing, allowing more private participations, removing cap on the foreign investment, reduction of tariff and non-tariff restrictions and others. The net impact of economic reforms is visible now in terms of heavy inflow of foreign capital, foreign exchange reserves and a steady and higher rate of economic growth. Besides these, the economic reforms process resulted in significant changes in the productivity growth of the manufacturing sector of the economy also. It is hoped that this book will prove useful to various industrial organizers, government agencies, scholars, policy-makers and administrators as well. (jacket)
Indian economy was under the protected trade policy regime till July 24, 1991 and the policy measures were liberalized and entered in free trade regime after 1991. These two policies led to different impact on Indian manufacturing in general and Indian machinery and machine tools industry in particular. Indian economy has been witnessing major changes in her policy frame work since 1991. The old industrial and trade policy regime characterized by extensive public sector participation, control of private sector, restrictions on foreign investment and high tariff and non-tariff barriers were replaced by more liberal economic policies in 1991. An important objective of these policy reforms was to make the domestic firms more productive and competitive in the international market. In order to achieve these goals, India, in its reforms process, liberalized the policies both in the internal and external sector. The policy measures included the abolition of licensing, allowing more private participations, removing cap on the foreign investment, reduction of tariff and non-tariff restrictions and others. The net impact of economic reforms is visible now in terms of heavy inflow of foreign capital, foreign exchange reserves and a steady and higher rate of economic growth. Besides these, the economic reforms process resulted in significant changes in the productivity growth of the manufacturing sector of the economy also. It is hoped that this book will prove useful to various industrial organizers, government agencies, scholars, policy-makers and administrators as well. (jacket)
