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Volume 4, Issue 2

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Volume 4, Issue 2

The 1991 Policy Changes and Aftermaths


Ridam Verma, Rishi Shekhar and Ruby Sengar

  1. BBA Students, Symbiosis Centre for Management Studies
  2. BBA Students, Symbiosis Centre for Management Studies
  3. Assistant Professor, Symbiosis Centre for Management Studies

India attained independence from the Britain on 15 August 1947, which marked the journey of a country divided by caste and races and further partition atrocities leading to the formation of Pakistan. The country started and followed the socialist model for development where major industries were kept under the government purview. The growth rate was sluggish and constant wars on in 1962, 1965, 1971 failed and dented the economy further. It became a necessity to open the economy and allow foreign companies to invest in the market to break the governmental monopoly and prevent the bankruptcy of Indian Government which in the final capacity could sustain full imports of a mere period of two weeks. Dr. Manmohan Singh and the then Prime Minister Chandrashekhar brought the new budget and further approved for a loan by mortgaging the gold in the ratio of (60:40).

The economist and noble prize winner Md. Yunus has rightly said that “Poverty is threat to peace” and the frustrations, frustration and hostility generated by object poverty cannot sustain peace in society in the world. Actually to see the change in near future first of all one should have to understand impact of LPG Policy on Indian Economy. The following work also presents a briefing on the sectoral development in Aviation and Automobile.

  1. Dr. Azharuddin Syed & Dr. Sarwade WK. 2007, ‘Business Environment’ Sagar Publication, Aurangabad, pp. 129 and 219.
  2. Indian Journal of Managenent Review, vol. I No. 2, January-March 2011.
  3. Ministry of Finance, “Economic Survey 2001- 02”, New Delhi 2002.
  4. Ahluwalia MS, Isher J., 2005, “Industrial Growth in India: Stagnation since the mid-sixties”.
  5. Rao Aprameya & Kishore Kadam, 2016, “25 Years of liberalization: A glimpse of India’s growth”.
  6. Nayyar, Deepak (2006), “Economic growth in Independent India: Lumbering Elephant or Running Tiger?” Economic and Political Weekly, April 15, 2006.
  7. Reddy, Y.V. (2013), “Understanding Economic Reforms for India”, Indian Economic Review, Vo.48, No.1
  8. Rajan, Raghuram (2014), “Make in India – Largely for India”, Bharat Ram Memorial Lecture, December 12, Reserve Bank of India.