Twenty Years of India's Liberalization

Book excerpt: "The publication estimated the impact of reforms in the manufacturing sector, concluding that tariff liberalization and export promotion had played an important role in pushing manufacturing growth from 5 per cent in previous decades to 8 per cent in the 2000s. That had eased the import compression witnessed during the previous decade and had made it easier for exporters to obtain inputs and intermediates at competitive prices from global sources. Nevertheless, the role of domestic demand in the growth of this sector could not be ignored, since India's per capita income had -- for the first time -- risen above 5 per cent per year."--Provided by publisher.