when was liberalisation and universalisation adopted in india ..?
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Answer:
The economic liberalization 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] Although unsuccessful attempts at liberalization were made in 1966 and the early 1980s, full liberalization was initiated in 1991 . Specific changes included reducing import tariffs, deregulating markets, and reducing taxes, all of which lead 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[3][4] International business analysts[clarification needed] argue that Indian government coalitions should continue liberalization.[5] The McKinsey Quarterly stated that "removing major obstacles would free India's economy to grow as fast as China's, at 10% a year".[6]
However, many debate the extent to which the reforms have been beneficial to the Indian people.[7][8] Income inequality has deepened in India since 1992, with consumption among the poorest staying stable while the wealthiest generate consumption growth.[9] India's GDP growth rate in 2012–13 was the lowest for a decade, at just 5.1%,[10] at which time more criticism of India's economic reforms surfaced; it apparently failed to address employment growth, nutritional values in terms of food intake in calories, and also export growth—and thereby was leading to a worsening current account deficit compared to the period prior to reform.[11]
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