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Reforms In India

ECN 220 Essay Assignment
  Student Number: 500561109
                                          Due date: Friday, November 8, 2013
                                          Submitted By: Eduardo Pastrana
                                          Submitted To: Dr. M. Jolly

India is a country located southeast of Asia, having a strong influential economy in the world.   India is the second largest country holding over 1.2 billion people, showing concern with even spread of overall living conditions and wealth. With India having one of the largest and fastest growing economies, it has been deemed into a stage of newly advanced economic development known as “BRICS”, consisting of Brazil, China, India, Russia and South Africa. These countries show dominance in becoming the four most powerful economies by 2025, accounting for over 25% of the worlds land coverage and hold a GDP of 20 trillion dollars. With the total collapse of the Russian communist system convinced people that a highly regulated economy with centralized planning was not a model to copy. Evolution In India from the past to 1991 saw an overemphasis on heavy industry.1991 saw a shift away from import substitution industrialization towards an outward oriented, market-based economy. With little growth and high deficit, India implemented a series of 5-year plans, which emphasized the production of investment goods, which were seen crucial to economic growth. Industrial policy and trade policy had a major impact allowing economic growth of exports and imports, Foreign Direct investment/financial sector to increase total volume of investment and technology, reforms in agriculture/industrial policy for economic wealth within the people. Overall India was successful in some reforms but still has work to be done. Stabilization was achieved, compared to other countries in similar situations. India now has adequate reserves and is credit-worth, while production is expanding at a...

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