1990s Economic Reforms

The 1990s economic reforms refer to significant changes in economic policies aimed at liberalizing and modernizing economies, particularly in countries like India and those in Eastern Europe. These reforms included reducing government control over industries, opening markets to foreign investment, cutting tariffs, and deregulating sectors to encourage competition. The goal was to boost economic growth, increase efficiency, and improve living standards. In India, for example, these reforms led to a shift from a heavily regulated economy to a more market-oriented one, resulting in rapid growth and expansion of the middle class over the following decades.