Major Milestones That Shaped Indian Economy Post Independence

Reforms in India (Post 91 reforms)

The economic liberalisation in India refers to ongoing economic reforms in India that started on 24 July 1991. In 1991, after India faced a balance of payments crisis, it had to pledge 20 tonnes of gold to Union Bank of Switzerland and 47 tonnes to Bank of England as part of a bailout deal with the International Monetary Fund (IMF). In addition, the IMF required India to undertake a series of structural economic reforms.

The crisis eventually resulted into economic liberalization and he fruits of liberalisation reached their peak in 2007, when India recorded its highest GDP growth rate of 9 percent.

$1 trillion Economy

The past 20 years (1991-till now) has been India`s best part of the growth story as these years witnessed the fastest rate of economic growth and the biggest jump in per capita income. These years were the best in terms of tax revenues, government spending, savings and investments which resulted in surging up the economy`s size to above $1 trillion.

The country is one of the G-20 major economies and a member of BRICS. On a per-capita-income basis, India ranked 141st by nominal GDP and 130th by GDP (PPP) in 2012, according to the IMF.

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