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India's Balance of Payments

Deepak Nayyar
Economic and Political Weekly
Vol. 17, No. 14/16, Annual Number (Apr., 1982), pp. 641-643+645+647-649+651+653-655+657-660
Stable URL: http://www.jstor.org/stable/4370838
Page Count: 15
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India's Balance of Payments
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Abstract

The object of this paper is to provide a systematic analysis of India's balance of payments since 1970, to situate the problem in its wider economic context, and to evaluate policies adopted by the government. It is hoped that such an exercise might contribute to a more informed discussion about policies, options and prospects for the future. Section II of the paper outlines the trends in India's balance of payments over the three decades from 1950 to 1980. The focus of the paper, however, is on the last decade. Section III examines the dramatic changes in the payments situation during the 1970s and seeks to analyse the underlying factors. Section IV provides an assessment of the present payments crisis, and considers the possibilities and prospects over the next few years. To situate the problem in its wider perspective, Section V attempts to examine, very briefly, the macro-economics of India's balance of payments. Section VI concludes the paper with some observations about the shifts in emphasis and the changes in direction of trade policies; in doing so, it places the balance of payments problem in the context of industrialisation strategy.

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