Abstract

Montek S. Ahluwalia, Secretary of the Indian Finance Ministry, is one of the major architects of India's program of economic liberalization. Since June 1991, he has worked on gradual reforms that have enabled India's once floundering economy to “turn the corner” where other countries trying to reform more rapidly have not. Based on budget figures that the Finance Minister, Dr. Manmachan Singh presented to the Indian Parliament on February 28, 1994, Mr. Ahluwalia reviews the government's reforms in the tax, public, financial, and industrial sectors, in trade and exchange policies, and also examines the progress India has made toward macroeconomic stability.

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