CONTEMPORARY foreign exchange act 5. Current ScenarioCONTEMPORARY foreign exchange act 5. Current Scenario



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Shourya Pratap Singh (2016A8PS0333P)

Topic – The long transition of India’s economy


India has changed from a state-led economic development model to the one where through a series of reforms the economy has become more pro-business and market-friendly. This paper introduces the basic features of first and second-generation reforms, the transformation of the economy since India liberalized in 1991 and the challenges of poverty and job creation that still needs to be tackled.

Thematic Index:

1.    Nehruvian Socialist rate of growth (1950s to 1979)

a.     Centralized planning and five-year plans

b.    Investments in agrarian economy

c.     Low annual growth rate

2.    1980 to 1990

a.     Improved economic growth

b.    Balance of payment crisis in 1990

3.    Economic liberalization (First Generation Reforms)

a.     Emergence of India as an economic power

b.    Increase in foreign trade

c.     Increase reliance on service sector

4.    Second Generation Reforms

a.     Income tax reforms

b.    Changes in foreign exchange act

5.    Current Scenario (Third Generation Reforms)

a.     Demonetization

b.    GST

c.     Capital easing norms for entrepreneurs 

d.    Unemployment

6.    Future Prospects


* Books:

1.     Kapila, Uma. Indian economy since independence. New Delhi: Academic Foundation, 2016.

2.     Das, Gurcharan. India unbound. New York: Anchor Books, a division of Random House, Inc., 2012.

* Articles and Editorials from newspapers on the Internet:

1.     K., Deepalakshmi. “Two years of Modi government: a review.” The Hindu. May 25, 2016. Accesses January 29, 2018.

2.     Venu, M.K. “Three Years of Modi Management: The Numbers Don’t Tell a Good Story.” The Wire. May 27, 2017. Accessed January 30,2018.

All the sources used by us shall be mentioned separately along with the required details in the Bibliography section of the assignment.




1st Feb 2018 – 8th Feb 2018

Nehruvian Socialist rate of growth

9th Feb 2018 – 15th Feb 2018

Indian economy before liberalization

16th Feb 2018 – 28th Feb 2018

First Generation Reforms

1st March 2018 – 8th March 2018

Second Generation Reforms

9th March 2018 – 15th Feb 2018

Third Generation Reforms

16th March 2018 – 20th Feb 2018

Challenges to current Indian economy and its future

21st March 2018 – 25th March 2018

Editing and making minor additions