Service sector liberalisation in India: Key lessons and challenges

Description

The services sector is one of the fastest-growing segments of the Indian economy and has played a central role in the country’s liberalisation and structural reform process initiated in the 1980s and accelerated after 1991. While the increasing importance of services has contributed significantly to economic growth, it has also raised several domestic and international policy challenges that require attention. The paper highlights that market structures and domestic policy frameworks have largely influenced the pace and extent of liberalisation across different service sectors in India. For liberalisation to be effective, it must be complemented by robust regulatory and legislative reforms, along with strengthened enforcement capacity. Establishing appropriate regulatory institutions, clearly defining their roles and improving governance are as critical as liberalisation efforts themselves to ensure sustainable and balanced growth in the services sector.

Publication Date

1-1-2011

Publisher

South African Institute of International Affairs

Keywords

Service sector, Liberalisation, Indian economy, Service sector reform, Financial institutions, Economic development

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