Macroeconomic Management in the Nineties

This paper discusses India's macroeconomic policies in the 1990s. Section II of the paper provides an overview of macroeconomic performance during the decade. Section III recounts the macro-policy responses to the principal problems and challenges that surfaced as the decade unfolded. Section IV surveys the main institutional reforms carried out in the nineties in the key dimensions of macroeconomic policy - fiscal, monetary and the exchange rate regime. Section V concludes by outlining briefly some of the major ongoing challenges for macroeconomic policy.