Background to India's economic liberalisation

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It was India, way back in 1952, who proposed the Comprehensive (nuclear) Test Ban Treay to the United Nations?

Did you know?

India's middle class is almost as big as the population of the United States.

India. An ancient civilisation that has continually attracted foreign peoples. Some came as friends, some as traders, some as invaders. Many of them made India their home.

History took such a course for India that, by the time it became a politically sovereign entity on August 15, 1947, it was left with no option other than adopting protectionist economic policies. After 44 years of pursuing such policies, India was able to have the sturdy economy it has today. With such a solid base, the time had come to liberalise the economy and open it up to the world. This was done in 1991.

Since then, there has been no looking back. As with any intelligent society, debate on the political economy happens in India too. But the debate is more on the pace of economic liberalisation, not the case for it. Each passing year since 1991 has seen the economy opening up more and more, irrespective of which political party is in power. The latest sector to be opened up to provate and foreign investment is the Internet. One major sector likely to be opened up in the course of 1999 is insurance.

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