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Economic reforms, also known as structural adjustments, constitute a comprehensive and multi-faceted approach to advancing economic development. These reforms encompass changes in the agricultural sector, industrial sector, financial sector, fiscal policies, international trade, and more. In India, the expedient and effective implementation of economic reforms was initiated by the Narasimha Rao government in July 1991. […]

3.1 THE RATIONALE OF ECONOMIC REFORMS—CRISIS OF 1991/NEED FOR ECONOMIC REFORMS In 1991, India embarked on a path of economic reform in response to a severe economic crisis. Several compelling factors underscored the urgency of these reforms: Sluggish Economic Growth: The Indian economy was experiencing an anemic growth rate of merely 0.8% at that time.