India's Unique Path

THE SOURCE: “Economic Liberalization and Indian Economic Growth: What’s the Evidence?” by Ashok Kotwal, Bharat Ramaswami, and Wilima Wadhwa, in Journal of Economic Literature, Dec. 2011.

Once one of the world’s most heavily regulated and protectionist economies, India underwent an economic transformation in 1991 under the careful watch of finance minister Manmohan Singh, now the prime minister. It lifted tariff and nontariff barriers on trade, abolished restrictions on foreign investment, gave up price controls and industry licensing requirements, and reprivatized state banks. Its gross domestic product has seen the benefits of liberalization, growing at an annual rate of as much as nine percent in recent years.

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