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Abstract
The very purpose of this research paper is to provide information about reforms and its implications to Indian industry and economy. The economic reforms have two components: macroeconomic stabilization and structural reform. While macroeconomic stabilization refers to stabilizing balance of payments account, structural reforms are on industrial sector, trade regime, foreign investment, foreign technology, the public sector and the financial sector.
At its simplest, structural reforms imply changes to the way the government works. The Economist often recommends “structural reform” as one cure for economic ills. It depends on kind of problems the country is facing and the situation therein on what types of reforms to be carried out by the government. For example in India tax payments are made easier by merging diverse sales taxes into a single Goods and Service Tax (GST). This is the area in which reforms have been carried out by India for a third consecutive year.
Finally the researcher would like to put forward the fact that ‘structural reforms’ has been responsible for the overall growth of the in Indian Industry. This research paper is therefore an attempt to provide information about undertaken in the past and its implications to the Indian industry and economy.