Introduction The economic reforms of 1991 marked a turning point in India’s economic history. Prior to 1991, the Indian economy was characterized by a mixed economic model with a heavy reliance on state control, licensing systems, and protectionist policies. However, due to a severe balance of payments crisis, the government was compelled to introduce a…
Introduction Industrial policy plays a crucial role in shaping the economic trajectory of a nation. The term ‘New Industrial Policy’ generally refers to a shift in the approach of the government towards industrial development, with the aim of making industries more competitive, innovative, and globally integrated. India’s New Industrial Policy, introduced in 1991, marked a…
Introduction Liberalization refers to the process of reducing government restrictions and regulations in economic and social policies, allowing greater participation of private and foreign entities in the market. It aims to enhance efficiency, encourage competition, and foster economic growth. In India, the economic liberalization that began in 1991 under the leadership of then-Prime Minister P.V….
Globalization and privatization are two crucial concepts in modern economics and policy-making. They both have significant impacts on the economic, social, and political landscape, especially in the context of developing countries. Let’s explore their definitions, objectives, and implications in detail. Globalization: Definition and Objectives Globalization refers to the process through which businesses, technologies, information, cultures,…