ISSN 2348-3156 (Print) International Journal of Social Science and Humanities Research ISSN 2348-3164 (online) Vol. 10, Issue 3, pp: (276-284), Month: July - September 2022, Available at: www.researchpublish.com
THE BATTLE OF 1991 WITH SPECIFIC FOCUS ON LPG POLICIES DIVYANK SAXENA COLLEGE: BENNETT UNIVERSITY DOI: https://doi.org/10.5281/zenodo.6985341
Published Date: 12-August-2022
Abstract: This research paper essentially revolves around the era of the economic reforms of 1991, which was a tumultuous time for the prevailing government, while implementing the economic reforms. This paper explicates on the various views and perspectives developed by scholars and academicians coming from diverse walks of life, through which a comprehensive understanding of the topic will be gained by the reader. Furthermore, the researcher has formulated his own understanding of the theme, based on which he has framed certain research propositions and has given his hypothesis as well. To test his hypothesis, the researcher has conducted a survey using the snowball approach, based on which he has evaluated the hypothesis and framed his concluding arguments. Keywords: Economic reforms, liberalization, privatization, globalization, Indian economy.
I. INTRODUCTION The largest democracy in the world, India, with an estimated population of 1.31 billion is an ancient civilization having a very rich and diverse culture, coupled with an intellectual tradition and a budding economy. What is more intriguing is that India is a nation of global interest. India stands at the zenith of the economic development which took place post the colonial period in the 2nd part of the 20th century. One of the key characteristics of India is state planning after attaining independence (in 1947) post two centuries of being ruled by the British. However, India gained independence, but with the cost of being divided into separate countries, India and Pakistan, the consequence of which has been decades of bloodshed, wars, conspiracies and an eternal cold- war like atmosphere between the two nations. This has inadvertently resulted in antidevelopmental and undiplomatic actions being undertaken by both the sides. With the coming of modern diplomacy however, good neighbourliness is being used extensively to bridge the gaps. Holistically speaking, the economic growth of India ranges from colonialism to economic strategizing to economic reforms and ultimately, in the creation of a free market economy, with the introduction of groups of countries such as ASEAN and other young and developing nations like the UAE, who chose having free enterprise as the “golden” means of progress. Economic planning is a word that refers to the government's long-term plans for coordinating and developing the economy while making the most effective use of available resources. Economic planning in India began in 1950, following independence, since it was believed important for the country's economic development and prosperity. First Prime Minister Jawaharlal Nehru derived the concept of five-year planning from the former Soviet Union, which was influenced by socialism. The process of economic growth and development in India may be separated into two phases: I pre-reform and (ii) post-reform. Following the expansion of heavy industry through a state-led strategy combined with an inward-oriented and import-substituting mentality, India found itself in a severe fiscal crisis in the late 1980s. As a result, officials must consider alternate strategies for developing the country and resolving the economy's current predicament. India's substantial economic reforms began in earnest in 1991. Prior to the reforms, India's economy was mostly state directed, with public sector enterprises (PSEs) taking the helm. The intended objectives guided the controlled prices, exchange rates, and investment. Until the early 1980s, India's macroeconomic policies were generally seen as conservative and inward-looking. Current revenue surpluses deteriorated into deficits in the early 1980s as a result of slack fiscal
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