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unit-4-planning,-governance-and-institutions

Unit-4 Planning, Governance and Institutions

This unit outlines the growth performance in each plan, the shifts in plan priorities and strategies, and the shifts in major economic policies leading to the present regime of economic reforms with a central place to market induced investment and growth.

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What is meant by ‘structural adjustment’? 

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Learning Pundits Content Team

Written on Jun 26, 2019 2:49:41 PM

Under the shadows of this economic crisis, Government of India sought external assistance which came from International Monetary Fund (IMF).

The assistance was accompanied by a package of conditionalities that insisted on ‘structural adjustment’ measures.

Structural adjustment, in simple terms means, adjustment of the role of institutions in economic management.

The two major economic institutions are state and market.

Therefore, structural adjustment means a shift in the dominant role of the state and public sector to a regime where market and the private sector would play the dominant role.

Under the economic reforms, the major thrust was to reduce the investment and regulatory role of state and increase the room for free play of market forces by dismantling protective measures on trade and controls on domestic and foreign investment in economic activities.