Find the areas and measures adopted by the government of india to liberalize the indian economy
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Explanation:
The economic liberalisation in India refers to the economic liberalization of the country's economic policies with the goal of making the economy more market and service-oriented and expanding the role of private and foreign investment.[1][2] Indian economic liberalization was part of a general pattern of economic liberalization and modernization occurring across the world in the late 20th century.[3] Although unsuccessful attempts at liberalization were made in 1966 and the early 1980s, a more thorough liberalization was initiated in 1991. The reform was prompted by a balance of payments crisis that had led to a severe recession.[4]
Specific changes included reducing import tariffs, deregulating markets, and reducing taxes, which led to an increase in foreign investment and high economic growth in the 1990s and 2000s. From 1992 to 2005, foreign investment increased 316.9%, and India's gross domestic product (GDP) grew from $266 billion in 1991 to $2.3 trillion in 2018[5][6] According to one study, wages rose on the whole, as well as wages as the labor-to-capital relative share