Beginning of Essay
The new paradigmatic shifts, since the liberalisation process took off, after unshackling the socialistic edifice, has brought a perceptible change in the Indian economy. The growth in real Gross Domestic Product (GDP) during the last three years, i.e. during 199 ....

Middle of Essay
.... was targeted down further to 4.5% for 1997-98, according to the 1997-98 budgetary estimates. But due to the Central Government’s turnover and runaway Government non-plan expenditure, it is estimated to have ballooned to 6.1% of the GDP. The rate of inflation, measured by the Whole Sale Price Index, decreased from 10.4% in 1994-95 to 5.0% in 1995-96 and has been hovering around this figure till date. Consistent with this, broad money M-3 targeted to grow by 15% to 15.5% during 1997-98, shot up to 17% in the same year. The balance of payments situation in 1997-98 remained sound. The current account deficit fell to about 1.0 % of GDP in 1996-97, ref ....