Liberalisation, Privatisation and Globalisation: An Appraisal
India's 1991 economic reforms — LPG framework, its appraisal, and subsequent policy changes
Topics(7)
Reasons for Economic Reforms
Background of India's 1991 economic crisis — causes, the New Economic Policy framework, and the LPG model that replaced the Licence-Permit-Quota regime.
Liberalisation
Meaning, purpose, and the five reform areas of liberalisation in India since 1991 — Industrial, Financial, Tax, Foreign Exchange, and Trade Policy reforms.
Privatisation
Meaning, methods (transfer of ownership and disinvestment), and the Maharatna/Navratna/Miniratna classification of PSUs in India.
Globalisation
Meaning, key policy changes, positive and negative traits, outsourcing, and the role of WTO in India's globalisation process.
An Appraisal of LPG Policies
A balanced evaluation of India's LPG reforms — arguments in favour including GDP growth, FDI inflow, and forex reserves, and criticism covering unemployment, agricultural neglect, and industrial slowdown.
Demonetisation
India's 2016 demonetisation — features, impact on digitalisation, and sector-wise effects on money supply, wealth, real estate, and tax collection.
Goods and Services Tax (GST)
Comprehensive overview of GST in India — types (CGST, SGST, IGST), input tax credit mechanism, benefits, key features, and the GST Council.