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.
