Published Paper Details:

India's Economic Reforms began on 24th July 1991 during the P.V. Narasimha Rao government with Manmohan Singh as the Finance Minister of India. This paper is an expansion of the original assessment of the Economic Reforms in India (2013), and includes the period from 1991 to 2024. Major policy events covered here include the Goods and Services Tax (GST) of 2017, the Unified Payment Interface (UPI) revolution, constitution of National Institution of Transforming India (NITI) Aayog replacing the Planning Commission (2015), demonetisation (2016), Insolvency and Bankruptcy Code (IBC), Production Linked Incentive (PLI) schemes, and India emerging as the fifth largest economy in the world. The paper analyses India's economic reforms with a primary focus on economic developments while also taking note of the political economy dynamics in shaping policy making during various coalition governments ranging from those of the Indian National Congress (INC) United Progressive Alliance (UPA), to Bhartiya Janta Party (BJP) National Democratic Alliance (NDA) governments. While the paper acknowledges the ongoing structural issues, such as job creation and distress in agriculture, it highlights that the digital financial sector in India, foreign investment, and other macroeconomic indicators have undergone a paradigm shift over the past three decades.