In other words, the gains of increased labour productivity were not shared by the workers. The import substitution and import restriction policies were abandoned and instead import liberalization and export promotion policies were introduced.
Related posts:. This implies that export promotion could not become effective. There were uneven changes at a global level.
The reform measures were mainly directed toward boosting exports as well as to facilitate developments imports mainly capital and intermediate goods as also imports of some basic raw materials which were so vital for increasing industrial production. Performance of the Public Sector Enterprises: The Central Public Sector Enterprises have shown an improved performance during the year period of reform to A major feature of economic reforms was that it was implemented in a gradual manner.
It calls for high productivity and production in economy. In sharp contrast to this, backward states, being unfavourably treated, face a retardation of growth.
We may now examine economic reforms in terms of the above goals: 1. Deregulation of the industrial sector allowed private sector operation in most of these sectors except in eight selected areas including atomic energy, mining and railways. It wanted to permit the international flow of goods, services, capital, human resources and technology, without many restrictions.
However, there is need to strengthen this healthy development.