What are the key economic policies employed by the Indian government

Explain the economic policies implemented by the Indian government to drive economic growth and development.
The Indian government has implemented several economic policies to drive economic growth and development in the country. Some of the key policies are:
  • Liberalization: In 1991, India adopted a policy of economic liberalization to open up the market and attract foreign investment. This policy aimed to remove restrictive regulations and encourage competition.
  • Privatization: The government has been gradually selling off state-owned enterprises to the private sector since the 1990s. This policy aimed to increase efficiency and improve economic performance.
  • Fiscal Policy: The government has been using fiscal policy to stimulate economic growth by increasing spending in critical sectors, such as infrastructure, healthcare, and education.
  • Monetary Policy: The Reserve Bank of India has been managing the nation's monetary policy to control inflation and foster growth by setting interest rates and implementing other measures, such as increasing liquidity.
  • Industrial Policy: The government has been committed to boosting industrial development by providing incentives, conducting research, and providing infrastructure. This policy aimed to promote manufacturing and increase exports.
  • Trade Policy: The government has been working to improve its trade relations with other countries by reducing trade barriers, negotiating trade agreements, and increasing exports. This policy aimed to increase foreign exchange earnings and growth.
These policies have been successful in fostering economic growth and development in India, making it one of the fastest-growing economies in the world.
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