Transition to a market economy: Liberalization, Privatization, Globalization (LPG)1. BackgroundThe economic crisis of 1991 due to high fiscal deficits, balance of payments issues, and low foreign reserves necessitated reforms.The New Economic Policy (NEP) of 1991 introduced LPG…
Planning era: Five-Year Plans (1951–2017)1. Introduction to Five-Year PlansThe Five-Year Plans were introduced post-independence to guide India's economic development.Formulated and monitored by the Planning Commission, established in 1950.…