A dispassionate assessment would be appropriate as the economic policy changes of 1991 were the first major changes in the policy regime since the 1950s. The hallmarks of the reforms were lessening of government control and opening the economy to international trade and capital flows. The reforms were also meant to raise the rate of growth of the Indian economy, which they did. Though the acceleration took some time coming, the rate of growth of the Indian economy has been higher after 2001. We have learned the hard way that the value of an economy depends on the extent to which it serves our needs.

Source: The Hindu July 18, 2021 18:45 UTC