Identify the constituents of second generation of economic reforms. To what extent the second generation of reforms will tackle the contemporary challenges of Indian’s development.

The First Generation of Reforms has not become successful on the front of reduction of poverty from which the country is suffering extensively. Dr. S.P Gupta, member, Planning Commission has established an inverse relation between poverty and GDP growth and thereby pointed out that the percentage of below poverty line (BPL) population has increased from 35.07 per cent in 1993-94 to 37.23 per cent in 1997 although during this period the GDP growth rate was nearly 6.9 per cent per annum.

World Development Report, 2000-01 pointed out that in 1997 (taking $ 1 per day as the measure for International Poverty Line) about 44.2 per cent of India’s population was living below the poverty line. Taking this figure as 419 million persons living in extreme poverty in India, its share worked out at 34.95 per cent of the world’s total poor people.

However, it does not simply point out that India has failed in its poverty reduction programme. But whatever it has achieved that is not adequate considering the magnitude of the problem.

The Mid-term Progress Report of the World Bank on its Country Assistance Strategy (CAS) for 2001- 04 stated that India has made substantial progress in poverty reduction during the last decade, but needs to accelerate its efforts if it is to meet the Millennium Development Goals (MDGs) agreed upon by international community.

The report said “India can be proud of its impressive progress in poverty reduction during the 1990s, the progress which has touched many _______ __________ ________ ___ ______ ________ _____ ______ ________.
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