criticism of economic reforms.
alteast 5 points.( one point :reduction of public investment explain how)
only knowledgeable person can amswer don't copy from Google because I search it
Answers
Answer:
These are the following criticism :
Explanation:
1. The first important criticism raised by critics against new economic reforms is that these have failed to control inflation. Although the Government had a plan to contain the rate of inflation 9 per cent in 1991-92 (as mentioned in the Memorandum to IMF) but the actual rate of inflation successfully declined to 6.5 per cent in April, 1993 but then the same rate again increased to the level of 11.0 per cent in 1994-95.
2. The fiscal deficit maintained in the budget has not yet been controlled. In a discussion paper tilled “Economic Reforms : two years after and the tasks ahead” released by the Finance Ministry on July 2, 1993 laid stress on the reduction of fiscal deficit from five to six per cent in 1992-93 to 3 per cent in 1996-97, ban on loan waivers, cut on subsidies and tightening expenditure control amongst other things. But the actual fiscal deficit as per cent of GDP what has nicely declined from 8.4 per cent in 1990-91 to 5.0 per cent in 1991-92 and then to 5.25 per cent in 1992-93, again rose to 7.4 per cent in 1993-94 showing its ugly head again. In 2007-2008, the fiscal deficit has reached the level of 3.1 per cent and in 2008-2009, it has increased to 5.9 per cent.
3. In respect of cut on subsidies, whatever success was achieved in early years, that could not gain its momentum in the later years. In respect of food subsidy also, the Government has failed to formulate a fresh policy for redirecting the food subsidy from the creamy layer and urban middle class of the society to the poorer sections.
4. Another criticism raised against economic reforms is in terms of unemployment arising out of large scale retrenchment of workers. Thus both the public sector, on the plea of overstaffing and redundancy, and the private sector, on the plea of modernisation and technological up-gradation, workers are gradually being retrenched or forced to accept voluntary retirement scheme like ‘Golden Handshake’. This sort of unemployment arising out of structural adjustment is a serious problem and must be considered seriously.
5. Another point of criticism raised by the critics against the policy reforms is that the new economic reforms are a complete surrender to the World Bank-IMF precepts and the Government has surrendered its sovereignty in order to procure a huge amount of loan from such international agencies.
Answer:
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