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Resource centre on India's rural distress
 
 

Economic liberalisation and its faults -KM Gopakumar & Ranja Sengupta

-The Hindu

The virus reveals how dependence on private sector-led economic growth has proved to be disastrous

 Dr. Manmohan Singh’s 1991-92 Budget speech marked the beginning of the end of the ‘Licence Raj’ in India. The Budget also announced the reduction of import duties and paved the way for foreign-manufactured goods to flow into India. Following this, most of the manufacturing sector was opened up to foreign direct investment. India’s industrial policy was virtually junked, and policymakers and the political leadership became contemptuous of the idea of self-reliance.

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