Dr. Waqar Ahmad
Department of Business and Management, Faculty of Administrative Sciences and Economics,
Tishk International University, Erbil
Email: [email protected]
DOI: 10.23918/ICABEP2021p10
The post-colonial Indian economy from 1950 to 1990 was based on Sino-Soviet model of socialist command economy. With the fall of the Berlin Wall (1989) and the collapse of the Cold War, the Indian government was forced to embrace neo-liberal norms within the socialist economy. This paper is based on analyzing the impact of neo-liberal norms of liberalization – privatization – globalization (LPG) on the Indian economy for the period 1991 to 2019. Existing research offers two competing hypotheses: One branch of economic research of ten conceptualizes that LPG had a positive impact on the overall economy. By contrast, another branch assigns negative impact, which strengthened the old socialist economy. In this article, I argue that the implementation of LPG had both positive and negative impact on the Indian economy. By drawing insights and data from scholarly articles this paper tries to depict an integral picture of the neo-liberal norms of LPG on the Indian economy. I conclude that the present Indian economy has both the strengths and weaknesses of the LPG model and it will continue to face economic challenges for a long time to come.
Keywords: Indian Economy, Liberalization, Privatization, Globalization
ICABEP2021
International Conference on Accounting, Business, Economics and Politics
3rd joint conference organized by the collaboration of the Faculty of Administrative Sciences and Economics,
Tishk International University, College of Administration and Economics, Salahaddin University-Erbil, and
University of Szczecin, Poland.
