This Special Issue has attempted to elicit some critical
perspectives and alternative approaches to Liberalisation,
Privatisation, and Globalisation (LPG), with a focus on
India's economic and social development. The invited papers
broadly contain some critical assessment of LPG's impact
on selected developmental areas, and alternative conceptual
and policy approaches to enhance developmental benefits
and ameliorate developmental costs across the vast, heterogeneous
and complex Indian economy and society. This introductory
essay attempts to cast the contributors' perspectives in
a broader background of LPG. We begin with a brief comparative
review of India's economic growth and development before
and during the LPG era. This is followed by some brief international
observations on LPG and its impact. Finally, selected findings
and observations of the contributors are highlighted.
India's overall macroeconomic and sectoral
performance indicators during the last 37 years, excluding
1990-91 when LPG policies were introduced. In the first
11 years of the LPG period, the real GDP annual growth rate
was slightly lower than in the 1980s but almost twice as
high as in the 1970s. The growth performance of the macro
economy improved significantly (by about 60%) during the
last five years as compared to the preceding 11 years. This
recent high performance is partly, if not significantly,
due to sharp jumps in real investment and savings rates
[Gross Domestic Capital Formation (GDCF) and Gross Domestic
Savings (GDS), items 2 and 4 respectively], and appreciable
improvement in capital utilisation efficiency [Incremental
Capital to Output Ratio (ICOR), item 3], as argued by Rakesh
Mohan.
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