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Articles: Business | Economic reforms in India
- Mr. T.R.Sridhar Prasad. Uppalapati.
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The liberalised policy allows the entrepreneurs to start their ventures without waiting for the Government's approval i.e. de-licensed. Under this policy the private people are allowed to produce goods and services in the areas which were earlier reserved for the Government, for eg : there are now new private LPG cylinder dealers like Spic Jothi, Elf gas etc. Before 1991, the LPG was supplied by the government only through Indane, Bharath etc. Similarly at present there are some private petrol bunk dealers like Reliance. Under this liberalised policy, the Govt allows the private sector to get foreign technology to improve their company's efficiency.
The liberalised policy of the govt is also responsible for the proliferation of private schools and colleges(Corporate colleges), Restaurants, business establishments, private hospitals (Corporate hospitals like Apollo, CDRetc). Privatisation includes the selling of loss making public sector units to private companies/people and allowing private sector participation in the areas which were earlir excusively under the control of Government, for eg: there are many private sector banks now in India, ICICI bank is the largest private sector bank. Other private sector banks are Kotak mahindra bank, HDFC bank, IDBI etc. The government also sold out certain percentage of shares of the loss making PSU's (public sector units) to the public.
Thus the new economic policy ultimately improves the quality of life of the people of India, for eg: at present many people of India are favouring air transport and the air ports are looking like crowded railway platforms, this is due to the competetion from other modes of transport and lesser fares of air transport, thus the passengers can save their time as they reach the destination fast.
The new economic policy is also responsible for increase in the employment avenues for the people,f or eg : any human resource with a +2 qualification and good english language skills is invited by a BPO/KPO companies with a minimum pay of 15,000 per mensum. The liberalisation of trade policies and availability of credit at lower interest rates also improve the incomes of the people of India. There are many players in the market now to produce goods and services to meet the increased demands from the consumers which will lead to consumer satisfaction and increse in the qualityof life of a consumer and consumer surplus. The Economic reforms thus lead to economic growth and economic development.
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