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By 1991, a severe balance of payments crisis left India with barely enough foreign exchange reserves to finance two weeks of essential imports. This structural crisis compelled the government to introduce historic structural reforms under the framework of . Ramesh Singh details how these reforms dismantled the industrial licensing regime, devalued the rupee to boost exports, reduced import tariffs, and opened up domestic sectors to Foreign Direct Investment (FDI). Core Pillars of the Macroeconomic Framework indian economy by ramesh singh pdf exclusive

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