How has India's economic development evolved since the 1960's?
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One of the ways in which India's economic development has evolved since the 1960s is through greater economic liberalization. For much of its history since Partition, India has been a government focused economy. While liberalization in economic practices was seen in the 1970s, the guiding force behind the machine of Indian economics was government and government action. When parents instructed their children to "get a good government job," it was because the wide scope of government almost made it the only guarantee year after year.
This changed in the early 1990s. India began a fairly rapid period of economic liberalization. This focus saw the emergence of private companies into the Indian economy, lessened government restrictions on economic growth, and the infusion of foreign capital and investment into the economic sector. Reduction in trade tariffs did much to encourage foreign trade, something that yielded much in way of economic development. The development of international revenue streams have also helped to enhance economic development. Political leaders who were not aligned near economic liberalization began to embrace it and this helped lessen some of the political inertia to economic development. Reforming India's welfare and redistribution model is also to believed to have played a role in India's economic development since the 1960s.
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