Liberalisation officially began in 1991, but the seed for it was sown in the late 1950s by proponents of free markets. The debates over the opening up of the domestic market continued through the 1960s in India, resulting in fitful bursts of reforms. It was only from the mid-1980s that talk of liberalisation gathered steam, culminating in the decision to relax economic norms in 1991.
Though the decision to scrap industrial licences and ease the restrictions on FDI and imports signalled absolute belief in the virtues of competition, the last twenty-five years have seen animated arguments being exchanged. The pages of Economic & Political Weekly have been faithful witnesses to the finest minds and the boldest thinkers whose opinions, insights, and comments spanned these decades. The collection of essays in this volume captures different ideological positions and offers an informed, 360-degree analysis on economic liberalisation.
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