Question

describe the economic growth in india since the 1980s

Answer 1

Ever since India attained independence in 1947, the economy of the country was primarily agrarian. After the seventies and the eighties, once the green revolution was ushered in and gave a much-needed boost to food sufficiency, India gradually freed up its economy and, in 1991, Prime Minister P.V. Narasimha Rao, along with his Finance Minister, Manmohan Singh, took the bold step of setting liberalisation of the economy in motion.
The licence-permit raj was gradually replaced by freeing Indian industry from all shackles and foreign capital was invited into the country. This led to technological tie-ups and setting up of newer and diverse centres of production. Technological efficiency and gigantic capacity expansions became the order of the day. Indian companies gradually began competing with overseas corporations and even started acquiring or setting up companies overseas.
Today, India is a strong economic powerhouse, just behind China in terms of growth, thanks to its industrial and agrarian achievements.