In
the last decade and a half, India has undergone a radical change
in its economic profile with its concomitant impact on our society
and
polity. 1991 was the watershed in the politico - economic history
of our
country inasmuchas the Narasimha Rao Government ushered in major
economic reforms. There was a sea change in the mindset of policy
makers
who initiated, though at the behest of IMF/ World Bank, a volte
face in
economic thinking and decision making. A society wedded to socialism
and
shibboleths that could eventually establish egalitarianism saw the
dawn of
market as the arbiter of economic activity. Since 1991 there has
been a
progressive move towards liberalisation, privatisation and globalisation.
Many policy measures have undergone a shift almost to the other
end of
the spectrum. To cite a few : movement from a protected sellers
market to a
competitive buyers market, the end of dear money policy and the
acceptance
of a cheap and cheaper money policy, the progressive reduction in
income
tax rates relieving the country from the stigma of being the highest
tax
nation and dispensing with many regulations and regulating authorities
viz
industrial regulation, controller of capital issues and so on. An
illustrative
list of paradigm shifts in economic thinking and policy making is
presented in Table One.
As
a result of the several changes in economic policies, well implemented
and still pursued, India has emerged as a force to reckon with-
the World's
largest democracy, a young population, surging foreign exchange
reserves
from an abysmal level of 2.23 bn USD in 1991 to 172.8 bn USD in
2006, increasing foreign development investments/ foreign financial
institutions inflows, booming stock, real estate and bullion markets
and a
horse power of intellectual capital. Of course, there are issues
of concern.
Paradigm shifts have not taken place where necessary viz farm taxation.
In
the same vein certain unwanted paradigm shifts have taken placeincreased
corruption and its acceptance as a way of life, eroded values and
its impact on the norms of social life.
It is the purpose of this seminar to identify :
