A game-changing reform strategy

The reforms that Prime Minister Narasimha Rao began and Prime Minister Atal Bihari Vajpayee carried forward had focused mainly on liberalization of product markets. Removal of investment and import licensing, price and distribution controls, high tariffs on industrial goods, restrictions on foreign investment and small-scale industries reservation all related to product markets. While this liberalization successfully placed India on a high-growth trajectory, impediments to sustained rapid growth...

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