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๐ฎ๐ณ Indian Economy
India's Economic Journey
From Licence Raj to $3.7 trillion โ India's 1991 reforms changed everything
India ๐ฎ๐ณ 1991 Indian Economy
Key Facts
- 1
1991 LPG reforms (Liberalisation, Privatisation, Globalisation) by Narasimha Rao govt under FM Manmohan Singh
- 2
India: world's 5th largest economy (2024); fastest-growing major economy at 6.5โ7% in 2024
- 3
Services sector: 50% of GDP; industry: 25%; agriculture: 16%; major growth drivers: IT, pharmaceuticals, manufacturing
๐ Did you know? In 1991, India had only $1 billion in foreign exchange reserves โ enough for 2 weeks of imports; gold was mortgaged to the IMF to avoid default
Quick Reference
Category
Indian Economy
Country
๐ฎ๐ณ India
Year / Era
1991
About
From Licence Raj to $3.7 trillion โ India's 1991 reforms changed everything