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    Indian Economy

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    Harjas Sehgal
    The document discusses the Indian economy before and after 1991, including the License Permit Quota Raj period of strong government control, the 1991 LPG reforms introducing liberalization, privatization, and globalization, and the impact of demonetization in 2016. After the LPG reforms, India became the second fastest growing economy and saw infrastructure development and urbanization, but also increasing inequality.

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    Indian Economy

    Uploaded by

    Harjas Sehgal
    12 views1 page
    The document discusses the Indian economy before and after 1991, including the License Permit Quota Raj period of strong government control, the 1991 LPG reforms introducing liberalization, privatization, and globalization, and the impact of demonetization in 2016. After the LPG reforms, India became the second fastest growing economy and saw infrastructure development and urbanization, but also increasing inequality.

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    INDIAN ECONOMY

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    The document discusses the Indian economy before and after 1991, including the License Permit Quota Raj period of strong government control, the 1991 LPG reforms introducing liberalization, privatization, and globalization, and the impact of demonetization in 2016. After the LPG reforms, India became the second fastest growing economy and saw infrastructure development and urbanization, but also increasing inequality.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    12 views1 page

    Indian Economy

    Uploaded by

    Harjas Sehgal
    The document discusses the Indian economy before and after 1991, including the License Permit Quota Raj period of strong government control, the 1991 LPG reforms introducing liberalization, privatization, and globalization, and the impact of demonetization in 2016. After the LPG reforms, India became the second fastest growing economy and saw infrastructure development and urbanization, but also increasing inequality.

    Copyright:

    © All Rights Reserved
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    of 1

    INDIAN ECONOMY

    Before 1991
    1. After independence, there was a lot of poverty. And crisis was going on in the industrial
    as well as agricultural sector.
    2. In the year 1951, the first five year plan was introduced and it focused on the
    development of the primary sector i.e agriculture etc.
    3. In the year 1956, the Mahalanobis plan was introduced. It focused on the objectives
    which were to be taken care of in the 2nd five year plan.
    License Permit Quota Raj
    1. There was Strong government control and the govt. decided which company would
    produce what and price of commodities and amount of production,
    2. This led to creation of a scarce colony. The economic situation of India became serious.
    LPG MODEL
    • In July, PM Manmohan singh presented the budget. There was liberalization and the aim
    was to end the restriction as it was affecting the growth and development. After
    liberalization, India became the 7th largest economies. It contributed 1.3 trillion in the
    world’s GDP.
    • Globalization- By allowing free entry of the multinational companies in the consumer
    goods sector. LPG model hit the interests of the small and medium sector who were
    engaged in the production of consumer goods. Personnel with high skills made India the
    most favourable country for global outsourcing.
    • Privatization- the objectives were to increase the efficiency of the organizations, and to
    create healthy competition in the society etc.
    After LPG in India - India became the second fastest growing economy in the world
    infrastructure development, and urbanization was taking place and side by side the gap
    between rich and poor was also increasing.
    Demonetization Impact
    PM Modi banned all the 500 and 1000 rs notes in November 2016 and people were given time
    to deposit the notes and get them exchanged for new ones. This was done to get rid of
    corruption and the black money which the people were holding. Agriculture and industry went
    through a negative impact. Banks were also in a lot of pressure because of demonetisation.
    Almost 99.3% of the notes were returned to the central bank.

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