Impact of Liberalization Privatization Globalization (LPG) On the Indian Economy: From 1991 To 2019
Waqar Ahmad
Department of Business and Management, Faculty of Administrative Sciences and Economics, Tishk International University, Erbil Iraq
Correspondence Email: [email protected]
Abstract
The post-colonial Indian economy from 1950 to 1990 was based on the Sino-Soviet model of the socialist command economy. With the fall of the Berlin Wall (1989) and the collapse of the Cold War, the Indian government was forced to embrace neo-liberal norms within the socialist economy. This paper is based on analyzing the impact of neo-liberal norms of liberalization – privatization – globalization (LPG) on the Indian economy for the period 1991 to 2019. Existing research offers two competing hypotheses: One branch of economic research often conceptualizes that LPG had a positive impact on the overall economy. By contrast, another branch assigns a negative impact, which strengthened the old socialist economy. In this article, I argue that the implementation of LPG had both positive and negative impacts on the Indian economy. By drawing insights and data from scholarly articles this paper tries to depict an integral picture of the neo-liberal norms of LPG on the Indian economy. I conclude that the present Indian economy has both the strengths and weaknesses of the LPG model and it will continue to face economic challenges for a long time to come.
Keywords: Indian economy, liberalization, privatization, globalization
Doi: https://dx.doi.org/10.23918/ejmss.V2i2p43
Published: July 1, 2021
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