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Articles: Business | Economic reforms in India
- Mr. T.R.Sridhar Prasad. Uppalapati.
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'India is shining' and 'India is rising' are the slogans by various political parties in India to highlight the achievements of the economic reforms initiated in India in 1991. The economic reforms initiated in 1991 are also known as the 'new economic policy-1991'. These reforms were initiated by then prime minister late P.V.Narasimha Rao under the finance ministership of the present Prime Minister, Dr.Manmohan Singh. These reforms were initiated with the hope of transformimg India into a developed nation from a developing nation.
The economic growth and economic development of a nation depend on the economic policies of the government, the availability of natural resources, the quality and the quantity of the population, the availability of efficient technology and the availability of credit and proficient and efficient management.
Economic growth is defined as the increase in the per capita availability of goods and services, and the economic development means the overall development of a nation including the improvements in infrastructural facilities such as the economical and social infrastructural facilities. Infrastructure means all the requirements to produce goods and services. The economic infrastructural facilities include, electricity, transportation and communication. Similarly the social infrastructural facilities include education, health, housing, sanitation etc.
At present there are : 1. Cars from different foreign countries plying on the Indian roads.
2. Different new retail stores like Reliance, Spencers etc., and Wall mart, Retail stores from Germany and South Africa are also planning to open their retail stores in several cities in India. 3. Several private airlines operators like Jet, King fisher, Air Deccan, Paramount, Sahara etc.
4. Many TV channels like BBC, Zee, Etv, Gemini, Teja, Maa Tv, Sony TV, Animal planet, National geographic, Sahara etc. But before 1991 there was only one channel in India named 'Doordarshan'.
5. Many kinds of cell phone instruments like Nokia, Samsung, Philips, Reliance and so on.
6. Mergers and acquisitions of various compamies both from India and abroad.
7. New courier companies like Professional couriers, First flight etc.
8. New land line phone instruments.
9. Foreign banks working from India eg: HSBC(Hongkong Shanghai Banking Corporation.
10. Foreign goods available in plenty like Rolex watches etc.
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