35 years of liberalisation

35 years of liberalisation

About 35 years of liberalisation

On July 24, 1991, then Finance Minister Manmohan Singh presented a Budget that dismantled much of the licence-permit system, opened more sectors to private investment, lowered trade barriers, and gradually integrated India with the global economy.
 
The reforms did not transform the country overnight. But over the next three and a half decades, they reshaped India's economy, changed the way businesses operated, and expanded opportunities for millions of people.
 
Over 35 years, the reforms accelerated growth, strengthened private enterprise, attracted foreign investment, and deepened global integration. They also expanded consumer choice, fostered innovation, and helped lift millions out of poverty.

Half a lifetime after the 1991 reforms: Lotuses bloom in muddy waters

Thirty-five years after the 1991 reforms, India has grown dramatically but unfinished reforms, weak public services and job creation remain major challenges

Updated On: Jul 24 2026 | 1:57 PM IST

'Extract after extract in Manmohan's 1991 speech was from my mini Budget'

Former finance minister Yashwant Sinha says his 1990 mini Budget shaped Manmohan Singh's 1991 speech, while calling for continuous reforms and infrastructure-led demand growth

Updated On: Aug 04 2026 | 12:02 AM IST

We realised after 1991 that we have to innovate, not wait in Delhi: Murthy

As long as we have corporate leaders who understand the power of AI and ensure that their employees are well trained, I do not see any problem, says Infosys cofounder N R Narayana Murthy

Updated On: Jul 24 2026 | 11:22 PM IST

1991 Budget speech was Freedom Day for us; whole world was open: Mittal

Sunil Bharti Mittal says the 1991 reforms transformed India's business landscape, paving the way for Airtel, and calls for continued reforms to sustain growth

Updated On: Jul 27 2026 | 2:25 PM IST

Latest Updates on 35 years of liberalisation

History shows weak govts managed to push more reforms: Naushad Forbes

Naushad Forbes says India needs deeper economic reforms, lower trade barriers and greater deregulation to revive manufacturing, exports, private investment and growth

Updated On: 08 Oct 2026 | 11:12 PM IST

Real change after 1991 was cultural; it shifted biz dynamics: Cyrus Guzder

Liberalisation transformed logistics, but fragmented trucking and infrastructure gaps remain major constraints

Updated On: 08 Oct 2026 | 12:22 AM IST

'The 1991 reforms were brought in reluctantly; there was distrust of biz'

India has an opportunity again with China turning the reform clock back in some ways, says the man who helped launch Pepsi and Reebok in India

Updated On: 06 Oct 2026 | 11:25 PM IST

35 years of liberalisation: The making of India's regulatory state

India's regulatory framework must evolve towards greater independence, transparency and accountability as markets and regulators mature

Updated On: 05 Oct 2026 | 11:41 PM IST

1991 reforms: Quant analysis shows liberalisation gains are petering out

India's global percentile ranking has improved modestly since 1991, but weak per capita gains and external vulnerability remain key drags

Updated On: 05 Oct 2026 | 12:31 AM IST

How the fashionable Indian was spoilt for choice after 1991 reforms

Liberalisation brought a flood of international brands into India, but failed to help create a global brand from within the country

Updated On: 04 Oct 2026 | 10:11 PM IST

35 years on, govt remains firmly in the business of doing business

India's privatisation drive has remained slow, with the government retaining a significant commercial presence across key sectors.

Updated On: 01 Oct 2026 | 10:51 PM IST

35 years of liberalisation: How the reforms bus bypassed India's farms

Three decades after economic liberalisation, India's farm sector still faces deep structural constraints, from weak markets and investment to subsidy dependence and resistance to reform

Updated On: 01 Oct 2026 | 12:29 AM IST

35 yrs of liberalisation: Hyderabad's journey from IT hub to 'Future City'

Economic liberalisation, policy continuity and global investments transformed Hyderabad from a historic trading centre into a powerhouse of IT, pharma, GCCs and emerging technologies

Updated On: 30 Sep 2026 | 2:10 PM IST

After every difficulty, we emerged much stronger: ITC's Sanjiv Puri

In an interview at the company's headquarters in Kolkata, Chairman and Managing Director Sanjiv Puri speaks to Ishita Ayan Dutt about how liberalisation transformed the competitive landscape

Updated On: 28 Sep 2026 | 11:59 PM IST

India's space sector: Slow burn, hard-won successes - and then liftoff

From PSLV's breakthrough in the 1990s to Chandrayaan and private-sector reforms, India's space programme has transformed over 35 years

Updated On: 27 Sep 2026 | 11:38 PM IST

'In 1991, we faced both an economic as well as external relations crisis'

Saran says that India must shore up relations in its neighbourhood before it can aim for global leadership and that it must not succumb to pressure from the United States

Updated On: 26 Sep 2026 | 12:09 AM IST

35 years of liberalisation: India's workforce remains largely informal

Despite decades of economic reforms, informal and contractual work remains entrenched as weak manufacturing growth, small firms and skill gaps constrain formal job creation

Updated On: 24 Sep 2026 | 10:29 PM IST

Setting up NSE was the biggest reform in the capital mkts: Raamdeo Agrawal

Raamdeo Agrawal, cofounder and chairman of Motilal Oswal Financial Services talks about how reforms changed the equity culture in India

Updated On: 24 Sep 2026 | 3:35 PM IST

India Inc failed to ramp up R&D spends despite '90s economic reform push

Cumulative spending on R&D was just $7.2 bn in FY26, against $61 bn spent by Alphabet alone in 2025

Updated On: 22 Sep 2026 | 11:59 PM IST

How reforms in banking shifted from boosting competition to building scale

On July 21, 1993, RBI provided in-principle approval to HDFC and Unit Trust of India, or UTI (its lender later became Axis Bank), for starting banking companies

Updated On: 21 Sep 2026 | 11:37 PM IST

Ease of doing business is not a consideration even today: Anjan Chatterjee

Speciality Restaurants' Anjan Chatterjee on liberalisation, scaling brands, competition and the challenges confronting India's restaurant industry

Updated On: 20 Sep 2026 | 10:29 PM IST

The economic reforms paradox: A few states dominate FDI inflows

Just seven states accounted for nearly 82% of all FDI equity inflows to India from January 2000 to March 2026

Updated On: 18 Sep 2026 | 11:09 PM IST

The battle for shelf space: How reforms ramped up competition in FMCG

India's FMCG market evolves from global-brand dominance to fierce local, regional and digital competition

Updated On: 16 Sep 2026 | 11:31 PM IST

35 yrs of liberalisation: Tax system makes progress, but reforms unfinished

India's tax system has come a long way since 1991, but simplifying GST, clearing tax disputes and improving taxpayer services remain key priorities

Updated On: 16 Sep 2026 | 12:18 AM IST