Article : Economic Reforms In Indian Economy: A Step Towards Change


Economic Reforms In Indian Economy: A Step Towards Change


Dr. Kapil Jain

Economic reforms in Indian economy have been a favorite topic for various researchers. To have a proper understanding of economic reforms in India, it is necessary to study the economic policy under various phases. The present study is exploratory in nature and aimed to discuss the economic reforms pre and post 1991, as economic policy adopted by the Indian government in the 1991 had changed the basics of Indian domestic market. This paper divides the study into two phases; Pre 1991 era and Post 1991 era. After independence, public sectors undertaking were given dominant position and state was playing the role of not only the policy maker but also that of policy executor. The general growth rate was on average high, which continued till mid sixties. During second half of the sixties and seventies the economy encountered a crisis phase although public sectors undertaking were still enjoying dominant position. The study has attempted to discuss the major changes which are still taking place in Indian economic environment and also discussed the various challenges coming in the economy.

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