The New India
After 1991 , a new India emerged after the Balance of Payment(BoP) crisis. The balance of crisis, which show Indian currencies falling rapidly also forced the Government, to take a new direction . India, from a socialistic and protected economy moved to capitalist and market economy.
A thriving new affluent middle class came into existence . The neglected software sector of Indian Business , became the new poster boy for India’s Business success . The economic reforms which was forced , by the troubling situation , India faced in the times of 1991 , actually brought a new level of change . There where blocbusters IT companies, which came out from Indian young generation . It is these time onwards, that three major IT companies of India, made its mark in the World – Infosys,Wipro and TCS .
The market economy also brought substantial change in the Indian society . It seemed for some time , that India has opened up, and the entire cultural psyche , is going through a strong transformation . The internet also brought a new revolution to Indian Business . Though things look pretty positive , India still didn’t become an economic superpower.
However , with the Year 2000 crisis, followed by the advent of outsourcing Industry, put Indian business in the global map from 2001 onwards . Suddenly, the world started talking about the power of Indian Business . The media started treating Business tycoons, as new form of celebrities . The perception, about entrepreneur in the whole country changed from an 'Machiavellian exploiter' to an 'Social Transformer' . The institutes around India , started encouraging entrepreneurship as a profession .
It was all great, before 'Global financial crisis' broke up in June 2007. Suddenly things moved backward, and we seem to reach the same planes of 1991, Bop crisis .
The question is, as Bop crisis in 1991, helped India to emerge as a economic superpower , in the same way, do the Global financial crisis , will help India to emerge as a Global Leader.
-Macromanagement and Business Environment: Analysis of the 1991 Indian Economic Crisis Saraogi, Ravi
- Acharya, Shankar (2002): ‘Macroeconomic Management in the Nineties’, Economic and Political Weekly, April 20
- Acharya, Shankar (2003): ‘India’s Economy: Some Issues and Answers’, Academic Foundation, New Delhi
- Ahluwalia, S Montek (1999): ‘India’s Economic Reforms- An Appraisal’, The Planning Commission,Articles, Aug 26