The evolution of `Homegrown conditionality' in India: IMF relations
By: Chaudhry, Praveen K.
Contributor(s): Yadav, Vikash | Kelkar, Vijay L.
Material type:
ArticlePublisher: 2004Description: p.59-81.Subject(s): International Monetary Fund
In:
Journal of Development StudiesSummary: This article explores the historical relationship between the Government of India )GOI) and the International Monetary Fund (IMF) as a successful model for the ways in which a developing country can learn to work with and through multilateral organisations to promote economic and political development while sustaining democratic institutions and relative international political autonomy. In the mid-1960s. India's relations with the USA, IMF, and World Bank were strained after an attempt by these institutions to exert `leverage' over Indian economic policies was exposed to parliamentary debate and the scrutiny of a free press. By the late 1970s, the GOI charted a new course in its interaction with the IMF. In 1981, India was awarded the largest IMF loan to a developing country up to that time. This article will evaluate India's economic reform strategy in the early 1980s and explain the development of the concept of `homegrown conditionality' within the GOI. - Reproduced.
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Articles
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Indian Institute of Public Administration | Volume no: 40, Issue no: 6 | Available | AR62745 |
This article explores the historical relationship between the Government of India )GOI) and the International Monetary Fund (IMF) as a successful model for the ways in which a developing country can learn to work with and through multilateral organisations to promote economic and political development while sustaining democratic institutions and relative international political autonomy. In the mid-1960s. India's relations with the USA, IMF, and World Bank were strained after an attempt by these institutions to exert `leverage' over Indian economic policies was exposed to parliamentary debate and the scrutiny of a free press. By the late 1970s, the GOI charted a new course in its interaction with the IMF. In 1981, India was awarded the largest IMF loan to a developing country up to that time. This article will evaluate India's economic reform strategy in the early 1980s and explain the development of the concept of `homegrown conditionality' within the GOI. - Reproduced.
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