Major Economic Crisis in Indian Economy

To understand the dynamics of economic re­forms one must know the economic policies that India pursued during 1951-1990. Devel­opment goals of the country consisted of higher economic growth, self-reliance, poverty eradication, social justice, etc. Developmental strategy of the time came to be known as 'in­ward-looking strategy' that consisted of con­trols and regulations of the economy through industrial licences and import [...]