Liberalization in India

Liberalization in India refers to the economic reforms that began in 1991, aimed at opening up the economy to global markets. Before this, India had a closed economy with strict government controls. The reforms reduced regulations, encouraged private business, and welcomed foreign investment. This led to increased competition, job creation, and growth in various sectors. As a result, India's economy became more integrated with the world, improving living standards and boosting economic development. However, the transition also faced challenges, including inequality and regional disparities.