It's Never Too Late To Start.....

In a speech of Prof C Rangarajan, IIM A, Governor of RBI at LPG Reforms time says 1991 is an important year in post independent Indian economic history with the challenge faced by balance of payments. Response set in place to deal with this situation were set of policies. They were stabilization and structural policies. Stabilization policies were aimed at resolving the balance of payment crisis and structural reforms were aimed removing rigidities entered that economic system not to get into such crisis once again. 1940 and 50’s the dominant thought in economic literature was that state has important role to play in course correcting what later came to be known as market failure. Literature also emphasized on advantages of coordinated set of projects and investments which lead to nationwide economic planning not only in India but elsewhere in the world. In experience of 40-50 years national travel it is in our combined experience that governments can also fail. Government failure not ...