Economic Reforms of 1991

The 1991 economic reforms in India marked a shift from a controlled, government-led economy to a more open and market-driven one. The government reduced restrictions on private businesses, encouraged foreign investments, and deregulated industries to boost growth. These changes aimed to modernize the economy, improve efficiency, and increase exports. Essentially, India moved from a system of protective licenses and controls to one that promoted competition, innovation, and global integration, helping to stimulate economic development and create more opportunities across sectors.