The 1991 Policy Changes and Aftermaths

Author(s)

Ridam Verma, Rishi Shekhar and Ruby Sengar

Affiliations

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

Abstract

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.

References

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