Silver Jubilee of Liberalization:

July 24, 1991. Mr. Manmohan Singh, the then finance minister of a newly elected Congress Government made his inaugural budget speech against the backdrop of a financially weakened and a politically instable country which was glancing at an unprecedented foreign exchange reserve crisis. Little did everybody know that this speech would result in a revamp in the nation’s economy and emancipating the misfiring set of regulations thereby asserting clearly to the world that India has seen the dawn of Liberalization. These reforms ushered in fresh vigour and gave a much needed thrust to elevate and revitalize the economy. On the advent of the silver jubilee of this speech it should be seen that how the series of reforms have influenced the Indian economy. From the economy languishing in a muddle to making a breakthrough, India has rejuvenated herself by opening the floodgates of a well shielded economy of the social India to the rest of the world. The ‘Indian Miracle’ as the world saw it, construed India as an economic powerhouse which was capable of outdistancing developed economies. The transition of the imposition of the reform policies in the post liberalized period is evident with the increase in the rate of GDP to an average of about 7.5% in 1994-97. Consumer utilities market has opened up with increase in the ownership of mobile phones, cars, shopping centres, housing towers and whatnot. This comprehensive change also pertains to the transfiguring of thoughts of people whose lives have changed along with the liberalization process. Our current Prime Minister Mr. Narendra Modi, has brought about radical changes to the economy by introducing Jan Dhan Yojana, Swach Bharat initiative, Make-in-India campaign, Startup India campaign and Digital India. The cornerstone of all of these campaigns is the empowerment of the individual and development of the economy. One might not even have contemplated the thought of these schemes in the pre liberalization era. At present, India has foreign exchange reserves of about $350 billion. Economic Liberalization brought about a momentous change in the import-export policy and facilitated inflow of FDI. It enabled the country to encapsulate Globalization at that time. It is commendable that after the balance of payments crisis which left India crippled with a meager amount of foreign exchange reserves, the transmutation of the economy took place which, exemplarily made a lasting impact on a few billion people reshaping their attitudes, aspirations by taking into its ambit the social, political and economical conditions of its citizens. An imperceptive approach was taken in the post independence era but two men, Mr. Singh and the then Prime Minister, Mr. Narsimha Rao did what was required for turning the cogs of a rather sluggish economy to make it a versatile and multifaceted environment for everyone associated with the country. Only time will tell if this great nation can reach the pinnacle of glory.