india after liberalization
Submitted to: Submitted by:
Pallavi Agarwal (A004)
Shweta Dawar (A012)
Veronica Jindal (A024)
Himanshu Malik((A031)
Rohan Mittal (A036) Rhea Wagh (A056)
CONTENTS
Introduction
Building a Timeline 1950-1990
Causes of the Economic Crisis
Main Economic Reforms
Golden Decade 1990-2000
International Crisis of 2008:Black Swan
Changes in Economy till 2011
2013:1991 Reloaded?
Conclusion
I do not minimise the difficulties that lie ahead on the long and arduous journey on which we have embarked. But as Victor Hugo once said, "no power on earth can stop an idea whose time has come". I suggest to this august House that the emergence of India as a major economic power in the world happens to be one such idea. Let the whole world hear it loud and clear. India is now wide awake. We shall prevail. We shall overcome.— Budget Speech, July 24, 1991
In response to an unprecedented balance of payments crisis -- which left India with about two weeks of foreign-exchange reserves -- Manmohan Singh, with the support of Prime Minister P.V. Narasimha Rao, announced a host of reforms in his inaugural budget speech on July 24, 1991. His two-hour oration left no one in doubt that he intended to turn a crisis into an opportunity.
In his speech, Manmohan Singh presented the finances of our country that was nearly bankrupt and slayed the licence raj, thereby changing the lives of not just India 's 84 crore citizens then but those of another 36 crore citizens who have been born since.
Building a timeline: 1950-1990
Table 1 summarizes India’s growth experience since the middle of the twentieth century. For the first thirty years, economic growth, known as, The "Nehruvian Socialist rate of growth" averaged a modest 3.6 percent, with per capita growth of a meagre 1.4 percent per year. Those were the heydays of state-led, import-substitutingindustrialization, especially after the 1957 foreign exchange crisis
Pallavi Agarwal (A004)
Shweta Dawar (A012)
Veronica Jindal (A024)
Himanshu Malik((A031)
Rohan Mittal (A036) Rhea Wagh (A056)
CONTENTS
Introduction
Building a Timeline 1950-1990
Causes of the Economic Crisis
Main Economic Reforms
Golden Decade 1990-2000
International Crisis of 2008:Black Swan
Changes in Economy till 2011
2013:1991 Reloaded?
Conclusion
I do not minimise the difficulties that lie ahead on the long and arduous journey on which we have embarked. But as Victor Hugo once said, "no power on earth can stop an idea whose time has come". I suggest to this august House that the emergence of India as a major economic power in the world happens to be one such idea. Let the whole world hear it loud and clear. India is now wide awake. We shall prevail. We shall overcome.— Budget Speech, July 24, 1991
In response to an unprecedented balance of payments crisis -- which left India with about two weeks of foreign-exchange reserves -- Manmohan Singh, with the support of Prime Minister P.V. Narasimha Rao, announced a host of reforms in his inaugural budget speech on July 24, 1991. His two-hour oration left no one in doubt that he intended to turn a crisis into an opportunity.
In his speech, Manmohan Singh presented the finances of our country that was nearly bankrupt and slayed the licence raj, thereby changing the lives of not just India 's 84 crore citizens then but those of another 36 crore citizens who have been born since.
Building a timeline: 1950-1990
Table 1 summarizes India’s growth experience since the middle of the twentieth century. For the first thirty years, economic growth, known as, The "Nehruvian Socialist rate of growth" averaged a modest 3.6 percent, with per capita growth of a meagre 1.4 percent per year. Those were the heydays of state-led, import-substitutingindustrialization, especially after the 1957 foreign exchange crisis
References: India 's economy: The half-finished revolution | The Economist (http://www.economist.com/node/18986387)