Economic Reforms in India

Abstract

After getting freedom from tight chains of slavery in 1947, Indian government planned to make strengthened the Indian economy. With this view planning period started in India in 1951 and India moved to the path of progress. Various steps for progress were adopted in 50’s, 60’s, 70’s and 80’s. Some led to success whereas some got failures. The main objective of all the measures followed to achieve the economic growth and eradication of poverty. Though various reformed measures were adopted bur actual success was achieved in 1991 reforms after the adoption of liberalization initiated by then Indian Prime Minister P. V. Narasimha Rao and his finance minister Manmohan Singh. These reforms changed the market and financial scenario of the country and make India as the wealthiest economy in the world. This paper throws light on various economic reforms followed by the Indian government and their impact on Indian Economy.