Economic development
From import-substitution industrialization to economic liberalization
in India in a globalized world
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This chapter identifies the problems that negatively affected economic development in India. It suggests that the policy of import substitution industrialization had outlived its usefulness and that the licence-permit raj is hampering economic growth. This chapter discusses India's launch of economic liberalisation initiatives in the early 1990s and explains and highlights the controversies and debates to which it has given rise.

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