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India is today the seventh largest country in the world in terms of area, the second most
populous country and one of the fastest growing developing economies of the world. The Indian
economy is 11
th
largest in terms of nominal GDP. In 2011, its nominal GDP stood at $1.676
trillion with a growth rate of 6.9 percent.
India followed the philosophy of the Soviet after independence by focusing on
protectionist policies and self-reliance. In 1991, the Indian government adopted the new
economic policy of Liberalization, Privatization and Globalization. The growth phenomenon of
India can be broadly divided into two phases: The pre and the post liberalization periods.
Growth trends in the Pre-Liberalization period (1980-91)
The annual real GDP growth rate during this period was 5.9% while the per capita real
GDP growth was 3.8% till the 1990s (Bradford). The unemployment ratio remained high
throughout the period. Large scale public and private investment was the engine behind this
growth. The proportion of investment in GDP increased from 17% in the 70s to 25% (Bradford)
in the 80s. As the average income level improved, Indians were saving more than ever before.
These savings were providing funds for boosting the financial sector of the economy during the
80s. But the private saving were falling short of the investment requirements of the economy as
the Public Sector Undertakings (PSUs) were constantly running into huge losses due to
inefficiency. In order to fund the fiscal deficit, the government increasingly relied on foreign
sources. Growth rate of the national debt outpaced the GDP growth rate which pushed the need
for economic reforms in 1991.
Growth trends in the...