Challenges for Poverty Alleviation in Liberalized Indian Economy: An Overview
Journal Title: International Journal of Economics, Commerce and Research (IJECR) - Year 2017, Vol 7, Issue 1
Abstract
In the year 1991 New Economic Policy was launched with emergence of liberalization, privatization and globalization and the preamble of higher rate of growth in income, employment and living standards to sustain the growth of Indian economy according to contemporary developed economies. As the result, ‘1991 economic reforms’ increased the share of private investment and growth in ‘macroeconomic indicators’ without any distinction of private interests vs. public welfare. In the period of the post – reform era the curves of national income growth rates, per capita income, foreign reserves etc. raised upward but at the same time the values of Human Development Indicators and poverty ratios remain stagnant. It is more agonizing that with the growth of economy centralization of profits is increasing and gainers are providing only subsistence to them who are the cost bearer of this growth. This discrepancy not only reveals the uneven distribution of the growth but also provides evidence that development of any population depends not only on its own efforts but also on the public interest policies of the concern government. In these perspectives, it is a big challenge for the policy makers to maintain balanced fiscal accounts and higher ‘growth rates’ with more emphasis on the welfare provisions for poverty alleviation and multidimensional development of the deprived section of the society.
Authors and Affiliations
PRASHANT AGARWAL
Keywords
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