ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Financial Reforms and Rural Development

Financial Reforms and Rural Development N A Mujumdar THE country is passing through an unprecedented economic crisis and since mid-1991 a series of measures, including the devaluation of the rupee in July 1991, were taken to face the crisis. Sweeping reforms like trade liberalisation, industrial decontrol and measures to attract foreign investment have been introduced. These are indeed far-reaching structural reforms which mark a complete departure from the basic approach to, and philosophy of, planning for development which we had adopted since 1951. These are not ad hoc measures but form part of the structural adjustment programme which is embodied in the Memorandum on Economic Policies submitted to the IMF in August

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