Economic liberalization refers to the enduring economic reforms that started in India in 1991. The previous attempts to reform the economy of India has failed however, only in 1991 when India encountered the balance of payments crisis, there took place several structural economic reforms. How far are these reforms effective?
India has been facing a lot of issues in terms of economic instability since the time of Independence. The main problem is with the economic policies that were adopted and the lack of foresightedness. The economic reforms that started in 1991 after India faced heavy economic crisis is still going on and still there has been no change in the economic condition of the nation. The present economic policies needs to reformed, in fact completely changed inorder to meet the high inflation and fiscal deficit.
It is only due to Economic liberalization 1991, India has been able to achieve this development and growth rates. Major economic reforms started off right after the liberalization policy. We got IT coming in India right after this policy which revolutionized Indian economy. It also opened doors for many foreign companies which could come to India, teach us and improve our infrastructure. At the same time, Indians learned to globalize and thus, here we are now, one of the global leaders in various products and services. Do you agree?
I totally agree with you that Economic Liberalization has lead to advent of IT industry in India. The growth of IT industry is constant at 30% per year since the past 10 years. It has also opened many employment opportunities as well as has contributed remarkably to the economic growth and development of the nation.
