Economic reforms in India generally mean changes introduced in the development of economy of the country with a view to obtaining maximum benefits for maximum people. Reforms in Indian economy are continuing since Rajeev Gandhi became the Prime Minister of India following the death of Indira Gandhi in 1984. Rajiv Gandhi realized that in a vast under-developed country like India with a high growth of population, high rate of inflation and a lop-sided industrialization reforms were a necessity. He was largely correct in his assessment. But introduction of reforms was not easy. There were severe political differences and the Left parties opposed the liberalized policies of the government apprehending concentration of wealth in the hands of giant private business group. They even stood in the way of computerization. The economy suffered a temporary set back. Slowly most of the road blocks to the avenues of development were removed and the country moved towards a path of economic rejuvenation. Significant progress was achieved in information technology, road and rail transports, communication and food production. Even key industries like iron and steel benefited from industrial reforms. Liberal economic policies brought the developed countries closer to India and latest technological know-how was introduced in the industrial sectors. With this India virtually opened its door to globalization .The country signed World Trade Agreement and other United Nation sponsored programs and gained from the benefits of such contracts. The role of private sectors was widened and there was healthy competition between public sector, private sector and the foreign entrepreneurs. Many foreign investment and fund from non-resident Indians followed in to the Indian economy and the economy received a boost. The economic reforms are still continuing under Prime Minister Monmohan Singh. Efforts are on to introduce newer technologies in railway development, banking and insurance and other sectors to achieve quicker result for expediting economic development of the country. Lets us Debate on need and effects of economic reforms in India.
Need to continue economic reforms in India Reform is a continuous process and this is essential for Indian Economy and India also. Once reformation of economy has been introduced it requires to be consolidated and continued for long term benefits to accrue. In other words it is a continuous process and requires constant monitoring and periodic review. The monitoring and review have to be done by leading economists and experts available in the country. In India the Planning Commission is entrusted with the developmental work of the economy. Leading experts like Sam Pitroda, Montech Singh Aluwalia and others have been appointed to look in to the various aspects of reforms and advise the government on the matter. For example Mr. Pitroda has been specially engaged by the Railways to review the functioning of the railway network and explore the possibilities of introduction of newer technologies. This has become a necessity in view of the expansion of railways and the need to keep pace with the latest facilities available. India is a big country stretching from Kashmir to Kanyakumari. With mounting population and lack of uniform education benefits of reform is yet to reach all the regions of the country. Indian Politics still plays an important part for and against reforms. Acquiring of lands for setting up new industries is a major problem. Some states surrender to petty politics at the cost of industrial development and consequently reform receives a set back. However, through an improved policy on land the authorities are trying to overcome this problem. Efforts are on to improve the compensation package payable to owners of land. In states like Gujarat, Karnataka and Haryana this problem has been largely over come but in West Bengal and Orissa acquiring land for industry is still a major hurdle. India where there is an acute unemployment a continuous process of economic process is a necessity. At the same time care should be taken to ensure a uniform spread of economic reforms through out the length and breadth of the country. Thus, we see reform process needs to be continuous and at the same time the benefits should accrue in all parts of the country.
India is already running on the path of economic reforms, and it is successfully gaining speed. For this economic movement it is very important to correlate issues, as it all works like a wheel and if any of the issue is left untouched, they may not effect at present, but in future they will always create a hindrance in the path of achievement. India today is surely reaching the International markets and through globalization, many of the industries from other nation are founding Indian land full of potential, but somewhere these plans fails to leave the desired mark. Hence we first need to work more on the ground building realities, so that we can have strong economic foundation of our country. For this we may have work on lot of other sectors, like power, land, export, etc; which can then help in full fledge economic advancement.
for a developing country like india, economic reforms are absolutely necessary. since the post independence period, india has made many reforms as the world adopted. being concurrent with the existing economic strategies is very important for survival and a stable nation. with the help of international organisations such as UN india could change its structure of economy. it should continue to change and prepare a better structure for the future.
there are economic reforms taking place in india and these are also one of the reasons for the improving indian economy. but reforms are now a days not in the benefit of common man. rather politicians are designing it in a way to benefit their own good so that they can loot money or there would be benefits to the big companies.
india should concentrate on bring stronger and better economic reforms so that we can have a steady economy on the long run, with safety. india should consider cons of the policy before introducing it.. it should be manageable even there is an economic crisis. if there atleast few of such economic policies to support indian economy, there could be a better india
Economic Reforms in India after Independence Post independence the condition of India has improved quite a lot. There have been improvements in almost all the spheres. Economically also India has known many different achievements; it all started with the infrastructure and the agricultural developments and making India self sufficient. The reformation of the country in the economic growth is all linked to these developments as well. If these developments are done then India will be a stronger country. Keeping these things in mind the economic reformation for India was planned out. The reformation of the country from the year 1950 to 1980 was the starting of it and the advances were mostly done from 1990 and it is still happening. Initially it was all about making India self sufficient. India was not left with any recourse after the independence and hence accomplishing the dream of self sufficiency was also quite a task. The green revolution was also a thing introduced for the economic reformation. India faced quite a lot of problem in the financial sector in the year 1990.this let to the growth of the country come to an abrupt halt. But again India has gained all that it had lost and the economic reformation still continues. The developments India has done post independence is commendable because India was left with nothing practically after the British left. Starting from the scratch there is a lot of developments that this country did. So this is all because of the dedication of India towards the growth. Indian economic reforms after independence has been quite a lot and discussions on them have been happening since then. One can also go through all the economic reforms in the history from the books. The developments are great and it’s still happening. India didn’t stop midway and the development still continues today.
