Economic Reforms in India

Economic Reforms in India

New Economic Policy of 1991 marked a shift from a controlled system to a more liberalized approach, encouraging private sector participation

Meaning of Economic Reform

The Economic reforms underscored the principles of liberalization, privatization, and globalization. and attract foreign capital investment into the country. 

Main Features of Economic Reform

01

Liberalization

Liberalization marked a departure from the era of strict government controls. The government dismantled barriers, allowing businesses more freedom to operate.

02

Privatization

Privatization was a strategic move to reduce the government’s direct involvement in businesses. State-owned enterprises, often plagued by inefficiency, found new life as the private sector took charge.

03

Globalization

Globalization broke down barriers and connected India to the global economy. Embracing international trade and investment, the country became an integral part of the global marketplace.

“Economic Reforms in India -  Meaning, Need, & Feature”