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From Crisis to Reform: How Economic Contractions Shaped India's Growth Story

  • Unique Paper ID: 174862
  • Volume: 11
  • Issue: 11
  • PageNo: 988-998
  • Abstract:
  • This paper examines the significant role of economic contractions in shaping India's long-term growth trajectory from 1950 to 2021. India's economic growth has not followed a linear trajectory but has been punctuated by periods of contraction that have reshaped its policy landscape. This paper challenges the conventional narrative of uninterrupted economic progress, emphasizing the role of crisis-driven reforms in shaping India’s long-term development. By analyzing major economic downturns since 1957, including the Balance of Payments (BoP) crisis of 1991, the global financial crisis of 2008, and the COVID-19-induced contraction of 2020-21, this study explores how structural weaknesses, external shocks, and policy missteps contributed to economic slowdowns. It examines how these crises served as inflection points, compelling policymakers to undertake trade liberalization, financial sector restructuring, and fiscal policy overhauls. Through a historical and data-driven approach, incorporating quantitative analysis and policy review, we explore the primary causes of these contractions, the policy responses adopted by the government (including monetary, fiscal, and structural reforms), and the long-term structural changes that emerged. By assessing the long-term impact of these policy shifts, the research underscores how economic contractions—despite their immediate disruptions—have played a pivotal role in strengthening India’s economic framework. The findings contribute to the broader discourse on crisis-driven economic transformation, offering insights into how India has navigated periods of uncertainty to emerge stronger.
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 11
  • PageNo: 988-998

From Crisis to Reform: How Economic Contractions Shaped India's Growth Story

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