1. Two stages of Economic Reforms

2. The "SECOND GENERATION" reforms are aimed at "ensuring that theState fulfills its proper role in a market economy, by creating a levelplaying field for all sectors and implementing policies for the commongood, particularly social policies that will help to alleviate poverty andprovide more equal opportunity". These reforms focus on 4 areas in particular: The financial system - paying greater attention to the soundnessof banking systems and encouraging greater transparency, betterdata dissemination and the liberalization of capital accounts; "Good governance" - by reducing corruption, encouragingtransparency of public accounts, improving public resourcemanagement and the stability and transparency of the economicand regulatory environment for private sector activity; Composition of fiscal adjustment - reducing unproductiveexpenditures such as military spending and focusing spending on socialsectors; and Deeper structural reform - including civil service reform, labourmarket reform, trade and regulatory reform, and agrarian reform. 3. Objectives of II-G Reform measures in India1. Strengthen the foundations of growth of our rural economy, especially agriculture and allied activities.2. Nurture the revolutionary potential of the new knowledge-based industries such as InfoTech, biotechnology and pharmaceuticals.3. Strengthen and modernize traditional industries such as textiles, leather, agro processing and the SSI sector.4. Mount a sustained attack on infrastructure bottlenecks in power, roads, ports, telecom, railways and airways.5. According the highest priority to human resource development and other social programmes and policies in education, health and other social services, with special emphasis on the poorest and weakest sections of society.6. Strengthen our role in the world economy through rapid growth of exports, higher foreign investment and prudent external debt management.7. Establish a credible framework of fiscal discipline, without which other elements of our strategy can fall. 4. http://www.youtube.com/watch?v=CuRJWZ5GXaghttp://www.youtube.com/watch?v=GI0oVdDfg88http://www.youtube.com/watch?v=HkkWzweEibMhttp://www.youtube.com/watch?v=RA5IfLURB8Y