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Economic liberalisation in India
The economic liberalisation in India refers to the ongoing economic liberalisation, initiated in 1991, of the country's economic policies, with the goal of making the economy more market-oriented and expanding the role of private and foreign investment. Specific changes include a reduction in import tariffs, deregulation of markets, reduction of taxes, and greater foreign investment. Liberalisation has been credited by its proponents for the high economic growth recorded by the country in the 1990s and 2000s. Its opponents have blamed it for increased poverty, inequality and economic degradation. The overall direction of liberalisation has since remained the same, irrespective of the ruling party, although no party has yet solved a variety of politically difficult issues, such as liberalising labour laws and reducing agricultural subsidies. There exists a lively debate in India as to what made the economic reforms sustainable.〔For a critique of the existing explanations and a comprehensive alternative explanation see: Sharma, Chanchal Kumar (2011) "(A Discursive Dominance Theory of Economic Reforms Sustainability )." ''India Review'' (Routledge, UK)126-84〕
Indian government coalitions have been advised to continue liberalisation. India grows at slower pace than China, which has been liberalising its economy since 1978. ''The McKinsey Quarterly'' states that removing main obstacles "would free India's economy to grow as fast as China's, at 10% a year".〔(【引用サイトリンク】title=The McKinsey Quarterly: India—From emerging to surging )〕
There has been significant debate, however, around liberalisation as an inclusive economic growth strategy. Since 1992, income inequality has deepened in India with consumption among the poorest staying stable while the wealthiest generate consumption growth. As India's gross domestic product (GDP) growth rate became lowest in 2012-13 over a decade, growing merely at 5.1%,〔(GDP growth slumps to 5%, a decade’s low ), Hindu Business Line 31 May 2013〕 more criticism of India's economic reforms surfaced, as it apparently failed to address employment growth, nutritional values in terms of food intake in calories, and also exports growth - and thereby leading to a worsening level of current account deficit compared to the prior to the reform period.〔(India’s Ponzi-styled economic reforms run out of steam ), East Asia Forum 4 June 2013〕 But then in FY 2013-14 the growth rebounded to 6.9% and then in 2014-15 it rose to 7.3% as a result of the reforms put by the New Government which led to the economy becoming healthy again and the current account deficit coming in control. Growth reached 7.5% in the Jan-Mar quarter of 2015 before slowing to 7.0% in Apr-Jun quarter.
==Pre-liberalisation policies==
Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature) and by those leaders' exposure to Fabian socialism. Policy tended towards protectionism, with a strong emphasis on import substitution, industrialisation under state monitoring, state intervention at the micro level in all businesses especially in labour and financial markets, a large public sector, business regulation, and central planning. Five-Year Plans of India resembled central planning in the Soviet Union. Steel, mining, machine tools, water, telecommunications, insurance, and electrical plants, among other industries, were effectively nationalised in the mid-1950s.〔(【引用サイトリンク】title=The Rise and Fall of Indian Socialism: Why India embraced economic reform )〕 Elaborate licences, regulations and the accompanying red tape, commonly referred to as Licence Raj, were required to set up business in India between 1947 and 1990.〔(Street Hawking Promise Jobs in Future ), The Times of India, 25 November 2001〕
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