Reflections of 1991 New Economic Policy in Contemporary Times

The economy of a country has always been regarded as a mechanical reflection of its culture and lifestyle of the masses; it backscatters articulate factors such as the nature of market forces, employment factors and ratios, per capita income, which further explains the livelihood of the majority of people and the country's contribution to the common goal of global market integration. With numerous challenges ranging from stagnant agricultural revenue to a painstakingly slow pace of industrial development, the Indian Economic landscape emerging from the post-independence era has been a terrain of crests and troughs, attempting to ensure holistic development on a macro level while also meeting the parameters of articulate intricacies of micro economic development. With various legislations and policies being prepared with the goal of liberalising Indian markets, only a minority of them have made it to parliamentary tables, and hence into the nation's societal and economic currents. In light of the same discussion, the paper attempts to understand the New Economic Policy ushered in by the Government of India in 1991 with its primary objectives being liberalisation, globalisation and privatisation of the Indian markets. The paper attempts to trace and analyse the reflection of the policy to the contemporary market trends and understands the positive as well as negative effects of the same in the current economy. The author has adopted a doctrinal method of research and relies mainly on primary data such as the Union Budget launched by the Ministry of Finance, Government of India and Economic Survey. Certain secondary sources such as economic commentaries by renowned economists have also been covered.