Economic liberalization in India, 1991 reforms

E579832

economic reform program historical event policy reform

Economic liberalization in India, 1991 reforms refers to the landmark set of pro-market economic policy changes initiated in 1991 that dismantled the License Raj, opened India to global trade and investment, and fundamentally reshaped the country’s economic trajectory.

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All labels observed (3)

Label	Occurrences
Economic liberalization in India, 1991 reforms canonical	1
India’s Economic Reforms	1
New Economic Policy of 1991	1

Statements (59)

Predicate	Object
instanceOf	economic reform program ⓘ historical event ⓘ policy reform ⓘ
alsoKnownAs	1991 economic reforms in India ⓘ New Economic Policy of 1991 NERFINISHED ⓘ
appliesToJurisdiction	Republic of India NERFINISHED ⓘ
country	India ⓘ
criticizedFor	increasing income inequality in India ⓘ insufficient job creation in formal sector ⓘ regional disparities in development ⓘ vulnerability to global economic shocks ⓘ
effect	expansion of the Indian services sector ⓘ greater openness of the Indian economy to trade ⓘ growth of the Indian middle class ⓘ increase in India’s foreign exchange reserves ⓘ increase in foreign direct investment inflows to India ⓘ rapid GDP growth in India in the 1990s and 2000s ⓘ reduction in average tariff rates in India ⓘ
followedBy	subsequent liberalization measures in the 1990s and 2000s ⓘ
goal	attract foreign direct investment ⓘ encourage private sector participation ⓘ integrate India with the global economy ⓘ promote economic growth ⓘ reduce state control over the economy ⓘ stabilize the Indian economy ⓘ
hasCause	1991 Indian balance of payments crisis NERFINISHED ⓘ high fiscal deficit in India in the late 1980s ⓘ low foreign exchange reserves in India in 1991 ⓘ structural weaknesses in the Indian economy before 1991 ⓘ
hasPart	banking sector reforms ⓘ capital market reforms ⓘ current account liberalization ⓘ dismantling of the License Raj ⓘ exchange rate reforms ⓘ financial sector reforms ⓘ fiscal consolidation measures ⓘ foreign investment liberalization ⓘ industrial deregulation ⓘ privatization of public sector enterprises ⓘ public sector disinvestment ⓘ reduction of industrial licensing requirements ⓘ reforms to exchange rate policy ⓘ reforms to foreign investment policy ⓘ reforms to industrial policy ⓘ reforms to public sector policy ⓘ reforms to tax policy ⓘ reforms to the Monopolies and Restrictive Trade Practices Act ⓘ reforms to trade policy ⓘ removal of quantitative restrictions on imports ⓘ tariff reduction ⓘ tax reforms ⓘ trade liberalization ⓘ
implementedBy	Government of India NERFINISHED ⓘ
implementedUnderLeader	Prime Minister P. V. Narasimha Rao NERFINISHED ⓘ
influencedBy	International Monetary Fund NERFINISHED ⓘ Washington Consensus ideas NERFINISHED ⓘ World Bank NERFINISHED ⓘ
keyArchitect	Finance Minister Manmohan Singh NERFINISHED ⓘ
startTime	1991 ⓘ

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

Manmohan Singh → notableWork → Economic liberalization in India, 1991 reforms ⓘ

T N Srinivasan → notableWork → Economic liberalization in India, 1991 reforms ⓘ

subject surface form: T. N. Srinivasan

this entity surface form: India’s Economic Reforms

P. V. Narasimha Rao → implementedPolicy → Economic liberalization in India, 1991 reforms ⓘ

this entity surface form: New Economic Policy of 1991