Critical Analysis of the Economic Reforms Initiated by India in 1991

This paper will discuss the economic reforms India initiated during the later half of 1991 and inclusive of any subsequent changes made since then. These reforms are condensed into four broadly based groups: trade policy, industrial policy, fiscal and financial sector reforms. Within each of these broadly based groups, the details of the relevant reforms will be presented with a comparative analysis of what prevailed during India's early stages of development prior to 1991. The implications of these reforms on India's future economic prospects can be confirmed with the aid of key economic indicators. This analysis will also include the levels of foreign investment into India during the last few years while comparing basic indicators of neighbouring countries. Since international investors compare India with China in regards to investment potentials, a comparative analysis between the two nations will be presented within this perspective. It is also important to analyse the agenda ahead for India in terms of what improvements can be made to achieve the stated goals.