India Marks 35 Years of Economic Liberalisation
· Business · Business Standard
India is observing 35 years since the 1991 economic reforms that dismantled the License Raj and opened the domestic market to global competition. Initiated by then Finance Minister Manmohan Singh under the leadership of Prime Minister P.V. Narasimha Rao, the policy shift was prompted by a severe balance-of-payments crisis. The reforms included the devaluation of the rupee, the removal of industrial licensing, and the lowering of import tariffs to integrate India into the global economy. These changes marked a transition from a state-controlled model to a market-oriented framework, facilitating decades of growth in the services and manufacturing sectors. The anniversary serves as a retrospective on the structural transformation of the Indian economy since 1991.
Why it matters
The 1991 reforms remain the foundation of India's modern economic policy, directly shaping the current business environment, foreign investment landscape, and the country's integration into global supply chains.
Read the original report — Business Standard
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