Global Competitiveness and Fiscal Reforms in India since 1991
This paper attempts to present an approach for increasing the global competitiveness of India by achieving macroeconomic stability in budgetary deficits. The stability of the macroeconomic environment is important for business and therefore, is important for overall competitiveness of a country. There are number of weaknesses that impede the country's progress in becoming most competitive economy globally. High budget deficit, one of the highest of the world along with lack of appropriate infrastructure and shortcomings in health services and education are impeding country's growth as a competitive business player. Moreover, Indian governments have proven remarkably ineffective in reducing the public sector deficit, one of the highest in the world. India’s economy clearly is on the move and most certainly has the potential to emerge in the top rankings of global competitiveness index. However, this potential can be made a reality only if India mobilizes adequate political will and quickly commits itself to reduce its budgetary deficits in recent years.
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