The primary focus of this chapter is an analysis of economic reforms, post-reform performance and future prospects of both economies. In Section 2, I describe the state of the two economies as they initiated their development efforts, their politico-economic social frameworks, and their achievements in terms of important socioeconomic indicators; Section 3 is devoted to their pre reform development strategies. In the subsequent two sections, I describe the background to, the rationale for, and contents of reforms in China since 1978 (Section 4), and in India since 1991 (Section 5). I concentrate primarily on reforms of foreign trade, industry and the financial sectors. I discuss agricultural reforms only briefly, primarily because the reforms of the two countries are not comparable, with India yet to initiate significant reforms. Section 6 details the achievements of reforms in both countries. Section 7 concludes with an assessment of yet to be initiated, but needed, reforms and the likely future prospects of the two economies.
New York State law has enormous implications for sovereign debt sustainability and debt crises resolutions,
- 01/16/2025
- Policy Brief