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> Policies> economic survey 2000-01
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Economic Survey 2000-2001
[Issues and priorities]
Summing Up
1.133 The Indian economy has performed well over the past two decades. Average annual real GDP growth accelerated from 5.4 per cent during the 12 year period ending 1991-92 to 6.4 per cent during 1992-93 through 2000-2001. During this period, it has gone through significant structural change that has been induced by a continuous process of economic reforms. The pace of reform was intensified in the 1990s and the economy has responded well to the new changes that have been introduced in almost all sectors of the economy during this period. As a consequence, the economy has also shown a great degree of resilience even in the presence of adversities, such as the East-Asian financial crisis of 1997-98 and the abnormal increase in oil prices more recently.
1.134 In view of the many changes that have taken place, it is now quite possible for the Indian economy to attain an even higher growth path. However, as has been outlined above, crucial action is required in a number of key areas in order to obtain the full benefits of the reforms carried out so far. If these measures are accomplished in an organised manner in the near future, it is quite likely that many of the latent energies that are yet to be released in the country would become apparent and a higher level of economic activity would emerge.
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