Liberalisation: 35 years on...

Liberalisation: 35 years on...

About Liberalisation: 35 years on...

In 1991, India faced one of the worst economic crises in its history. With foreign exchange reserves nearly exhausted and the country on the brink of default, the government launched sweeping economic reforms that transformed India’s economy forever. Why did India liberalise? What led to the balance of payments crisis? How did the Gulf War, the collapse of the Soviet Union, and mounting debt push India to the edge? And how did the reforms introduced by Prime Minister P. V. Narasimha Rao and Finance Minister Manmohan Singh reshape the country’s future? Watch this video to understand the story behind India’s 1991 economic liberalisation and why, 35 years later, it remains one of the most defining moments in the nation’s economic history.

35 years of liberalisation: Which sectors emerged as biggest winners?

India's economic reforms changed the course of industries from IT and pharma to retail and aviation. Here's a look at the biggest winners and the challenges that continue today

Updated On: Jul 27 2026 | 8:24 AM IST

From scarcity to scale: How the 1991 reforms transformed India's economy

Thirty-five years after the landmark reforms of 1991, the numbers show how India's economy, businesses and households have changed - and why the next phase of reforms will matter just as much

Updated On: Jul 27 2026 | 7:52 AM IST

1991 reforms trusted mkts; now RBI should trust exporters and importers

The government responded to a grave foreign exchange crisis by progressively liberalising, rather than perpetuating restrictions on access to foreign exchange and imports

Updated On: Jul 26 2026 | 11:50 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 26 2026 | 11:22 PM IST

Latest Updates on Liberalisation: 35 years on...

'India began drug discovery before China, but China has moved years ahead'

India's pharma industry must pivot from global leadership in generics to innovation, backed by stronger policy, R&D funding and regulatory reforms, says Satish Reddy

Updated On: 06 Aug 2026 | 11:19 PM IST

The reform booster shot that transformed India into pharmacy of the world

From generics to global leadership, India's pharmaceutical industry has transformed since 1991. Its next challenge is becoming a global hub for breakthrough drug innovation

Updated On: 29 Jul 2026 | 10:20 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: 24 Jul 2026 | 11:22 PM IST

35 years of liberalisation: Why India had no choice but to open its economy

In 1991, India faced one of the worst economic crises in its history. With foreign exchange reserves nearly exhausted and the country on the brink of default

Updated On: 24 Jul 2026 | 6:15 PM IST
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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 T N Ninan

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

Economic reforms: India needs a second wave to sustain high growth

Thirty-five years after the 1991 reforms, India needs a new reform wave focused on deregulation, stronger state capacity, judicial efficiency and faster growth

Updated On: 23 Jul 2026 | 10:47 PM IST

Desi Disruptors: The journeys of Indian brands that changed the game

The journeys of 26 brands, mostly since liberalisation, show how brands can drive trial and loyalty

Updated On: 06 Jul 2026 | 10:34 PM IST

Wave of liberalisation sweeps banking industry as RBI eases rules

But not too many will be surprised if RBI Governor Sanjay Malhotra plays the Santa Claus in December, bringing an early Christmas

Updated On: 01 Oct 2025 | 11:50 PM IST

Art and science of central banking: RBI governors since 1991 reforms

While the liberalisation led to higher economic growth, it didn't leave the subsequent governors without any challenges

Updated On: 30 Jun 2025 | 6:30 AM IST

Trade policy reforms urged as India, US eye deal before tariff deadline

India should consider broader trade liberalisation

Updated On: 23 Apr 2025 | 11:54 PM IST

Panel Discussion: Quarter of a Century Since Liberalisation: What Next? | BFSI Insight Summit 2024

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

Updated On: 11 Nov 2024 | 7:53 PM IST
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'Every Indian owes you a debt': Ratan Tata's letter to former PM goes viral

In a letter, philanthropist and industrialist Ratan Tata conveyed his admiration for former Prime Minister PV Narasimha Rao's "outstanding achievement" in initiating vital economic reforms in India

Updated On: 16 Oct 2024 | 2:03 PM IST

Shifting targets

Govt should not go slow on disinvestment

Updated On: 08 Nov 2023 | 9:21 PM IST

Perspectives on industrial policy

Balancing financial incentives with trade liberalisation is crucial for making India's manufacturing sector globally competitive

Updated On: 23 Aug 2023 | 11:37 PM IST

Hyderabad to commemorate 75 years of liberation with year-long celebrations

The celebrations will start on September 17, 2022, and end on September 17, 2023

Updated On: 14 Sep 2022 | 3:39 PM IST

Why liberalism is withering on the vine

Liberal ideals of liberty, equality and fraternity cannot be optimised except in small communities

Updated On: 03 Aug 2021 | 10:19 PM IST

Four fatal failures

What the Cairn loss reveals about the Indian state's incompetence, incapacity, and arrogance

Updated On: 18 Jul 2021 | 9:47 PM IST