A Brief Narrative on Indian Economics Reforms: A Look Back after 30 Years

After acquiring independence in 1947, India was primarily a command and control kind of economy working in a centrally planned environment under the guidelines of a central Planning Commission. The country had passed through various crisis situations at different phases due to internal as well as external factors. The three major crises worth mentioning are the ones of 1966, 1981 and 1991. Among these, the crisis of 1991 requires special mention since it led to a drastic transformation in the overall economic structure and method of functioning of the Indian economy. The measures which were adopted in 1991 for combatting the crisis are popularly known as reforms. Thirty years have elapsed since then. It is time to look back in order to assess the efficacy of the reforms. This article is essentially a brief narrative on India’s journey during the post reforms era by looking at the various economic indicators and assessing India’s position in terms of these indicators.