Indian Economic Reforms
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Economic reforms in India should be viewed in terms of a number of distinct eras. Under normal conditions, economic reform in India describes the post-1991 consequences of various economic practices.[br]
Economic reforms in India should be viewed in terms of a number of distinct eras. Under normal conditions, economic reform in India describes the post-1991 consequences of various economic practices.[br]
Table of Contents
The Pre-British Era
The most significant event of this era is the fact that an appreciable amount of land areas were brought under the control of a single entity, such as the Suris, the Lodhis or the Mughals. The G.T. Road (Grand Trunk Road) and structures like the Taj Mahal and Fatehpur Sikri were built during this era. Urbanization started growing from this era.
The British Period
The British government in India formulated some economic policies to enhance the trading activities with foreign countries. This led to large scale trading with other countries and subsequently developed industries like steel and textiles. An oil refinery in Assam was also set up in this period. The development of industry started on an extensive scale in notable places, including Calcutta (presently Kolkata), Bombay (presently Mumbai) and Madras (presently Chennai).
Indian Economic Reforms in 2010
The reforms announced by the UPA government in 2009 have set the agenda to grow India beyond the anticipated levels after a brief hiccup caused by the global slowdown triggered by the financial meltdown in mid-2008. Pushed to a low of 6.7 % in 2008-09 by the aftershocks of the worldwide slowdown, after averaging over 9 % in the preceding three years, the Indian economy is projected to clock 8% in the current fiscal as indicated by the 7.9 % growth recorded in Q3 2009, despite a poor showing by the agriculture sector due to drought in some areas and floods in others.
According to the Finance Minister, achieving 9%-10% growth is very much within reach in the medium term. The government has already identified 61 state-owned companies for disinvestment and the process is likely to be completed by the end of FY 2009-2010 for four PSUs – National Thermal Power Corporation (NTPC), Rural Electrification Corporation (REC), Sutlej Jal Vidyut Nigam and National Mineral Development Corporation (NMDC).[br]
FDI inflows topped $1.74 billion in November 2009, up 60% from November 2008 when FDI inflows stood at $1.08 billion. However, the cumulative FDI during April-November 2009 declined to $19.38 billion from $19.79 billion in the corresponding period in the last fiscal year.
Amendments to the Copyright Act would bring it in conformity with the World Intellectual Property Organization (WIPO) Internet Treaties – WIPO Copyright Treaty (WCT) and WIPO Performances and Phonograms Treaty (WPPT), which have set the international standards in these spheres.
