1991 Economic Liberalization

The 1991 Economic Liberalization in India was a major reform aimed at opening up the economy. Previously, the government controlled many industries, imposed strict regulations, and limited private enterprise. The reforms reduced restrictions, encouraged foreign investment, privatized state-run companies, and moved towards a market-driven economy. This shift aimed to boost growth, increase efficiency, and integrate India more fully into global markets. It marked the beginning of a new era of economic openness, helping India accelerate its development and improve living standards over time.