Indian Economy Objectives , Scope and Methodology of Economic Reforms in India
India’s Economic reform programme began in the middle of a macroeconomic crisis that erupted in early 1991.* This led to what is known as the New Economic Policy announced by the Govt. of India in July 1991, which was also followed by the announcement of the New Industrial Policy, which included the abolition of the location policy. During the last decade the Govt. of India have initiated as well as implemented a number of economic and financial reforms in various sectors of the Indian Economy. These reforms are mostly related to the process of Liberalization, Privatization and Globalization of the Indian Economy. The most important impact of this LPG model on the Indian Economy has been a very high rate of growth of Gross Domestic Product, ranging between 7% and 8.2%. India has never achieved such a high growth rate of the economy since Independence in 1947. This could be considered as a major achievement of the country during the last decade. Jobless Growth: But, this high ra...