Economic reforms in India were set in motion, though on a modest scale, when controls on industries were reduced by the 1985 industrial policy. The economic liberalization program got a big boost when the government announced a new industrial policy in the Indian Parliament in 1991. Reform measures of the last two decades have included the delicensing of most industries, the deregulation of industries earlier monopolized by the public sector, the liberalization of foreign trade through a gradual reduction of import duties, ...
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Economic reforms in India were set in motion, though on a modest scale, when controls on industries were reduced by the 1985 industrial policy. The economic liberalization program got a big boost when the government announced a new industrial policy in the Indian Parliament in 1991. Reform measures of the last two decades have included the delicensing of most industries, the deregulation of industries earlier monopolized by the public sector, the liberalization of foreign trade through a gradual reduction of import duties, and the freeing up of the foreign investment limits in nearly all industries. These measures have pulled the economy from a low level equilibrium trap to a strong, vibrant, and fast-growing economy which is rapidly integrating with the world economy. Many of India's state governments have also initiated significant procedural and policy reforms to promote foreign investment and encourage domestic private participation. Some common features are discernible. These incl
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