Entrepreneurship is the Key to Success

Abstract

Starting off as a mixed economy with combined benefits of capitalist and the socialist economic systems, India has witnessed three critical development stages since independence. The period from 1950-75 marked an era of tight regulations and controls, the time from 1976-91 was characterised by initial liberalization and that after 1991 that saw implementation of liberalization in a methodical framework. The last phase was a result of a crisis due to the depletion of foreign reserves and huge debt thereafter. The economic reforms have enabled the country to attain a credible place in world market registering itself as one of the fastest growing economies in 2016.