The New India
After 1991 , a new India emerged after the Balance
of Payment(BoP) crisis. The balance of crisis, which show Indian
currencies falling rapidly also forced the Government, to take a new
direction . India, from a socialistic and protected economy moved to
capitalist and market economy.
A thriving new affluent middle
class came into existence . The neglected software sector of Indian
Business , became the new poster boy for India’s Business success . The
economic reforms which was forced , by the troubling situation , India
faced in the times of 1991 , actually brought a new level of change .
There where blocbusters IT companies, which came out from Indian young
generation . It is these time onwards, that three major IT companies of
India, made its mark in the World – Infosys,Wipro and TCS .
market economy also brought substantial change in the Indian society .
It seemed for some time , that India has opened up, and the entire
cultural psyche , is going through a strong transformation . The
internet also brought a new revolution to Indian Business . Though
things look pretty positive , India still didn’t become an economic
However , with the Year 2000 crisis, followed by
the advent of outsourcing Industry, put Indian business in the global
map from 2001 onwards . Suddenly, the world started talking about the
power of Indian Business . The media started treating Business tycoons,
as new form of celebrities . The perception, about entrepreneur in the
whole country changed from an 'Machiavellian exploiter' to an 'Social
Transformer' . The institutes around India , started encouraging
entrepreneurship as a profession .
It was all great, before
'Global financial crisis' broke up in June 2007. Suddenly things moved
backward, and we seem to reach the same planes of 1991, Bop crisis .
question is, as Bop crisis in 1991, helped India to emerge as a
economic superpower , in the same way, do the Global financial crisis ,
will help India to emerge as a Global Leader.
-Macromanagement and Business Environment: Analysis of the 1991 Indian Economic Crisis Saraogi, Ravi
- Acharya, Shankar (2002): ‘Macroeconomic Management in the Nineties’, Economic and Political Weekly, April 20
- Acharya, Shankar (2003): ‘India’s Economy: Some Issues and Answers’, Academic Foundation, New Delhi
- Ahluwalia, S Montek (1999): ‘India’s Economic Reforms- An Appraisal’, The Planning Commission,Articles, Aug 26