Authors : Sneha A. Dixit
Page Nos : 358-361
Description :
Indian economics has seen the a very abstract growth since the independence there have been a very slow growth and on the particular basis of countries basic requirement as country has seen major wars & terrorist insurgency and also major change in political stages which has put Indian economy on backfoot far from globalized economy of world.
In 1991 Indian economy has seen a swift of change which made it a global player , the change in political faces has marked the new story of Indian economy basically giving boost to its society
The most dramatical day, when the government took two crucial steps. First, the government announced a new industrial policy to liberalise the economy, increase employment opportunities, boost production and productivity, make Central public sector units more competitive, and encourage foreign investments. The policy had deregulated the industrial sector substantially.
And, second, the Union Budget presented by Manmohan Singh with discussing PV Narasimha Rao the prime minister in accordance with in the evening changed the destiny of the country.
It sought to extend the reform measures taken by the government in the previous months. The aim of the Budget was to address the balance of payments problem and the structural rigidities.
The economic reform initiated in 1991, followed by further measures undertaken by successive governments, have helped our country emerge as one of the fastest growing economies in the world.
The foundation for a new era of development was laid by the Rao-Singh duo, which was built upon by all successive governments.
