The Economic Reforms of 1991: How India Went from Crisis to Consensus

Summary: In 1991, India faced a severe economic crisis, leading to radical reforms, which moved the country from a socialist to a market-oriented economy. Key changes included devaluing the rupee, opening up markets to foreign investments, and liberalizing trade policies. This strategic overhaul not only averted an economic collapse but also paved the way for sustained growth and integration into the global economy. These reforms contain many lessons and provide a playbook required for moving from crisis to consensus, emphasizing the nurturing of economic ideas and the transformative power of market liberalization.

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