Facets of Indian Economy

The Indian economy, with all its complexity, has a number of objectives which sometimes puzzle one while trying to establish clear and concrete linkages. It is, possibly, not very clear about the ultimate end product for a democracy like India where political upheavals, many a time, change the framework of the developmental process. India, a country of more than l billion people, had its own kind of production function, its methodology and an economic system that grew over the decades. However, when the New Economic Reforms were launched in 1991, followed by signing of the GATT accord in 1994, the economy of India experienced a heavy jolt which resulted in a series of problems ranging from closure of industrial units to unemployment, among many others.