It is LPG(Liberalization, Privatization and Globalization) era in India. It started in early 1980's with pro-business measures like removing restrictions on capacity expansion, price controls and reducing corporate taxes. Second phase of liberalization started in early 1990's which ended many public monopolies and allowed foreign direct investment in many sectors. After independence from British colonial rule in 1947, India opted a socialist economy with government control over private sector participation, foreign trade and foreign direct investment. This economic policy aimed to substitute products which India imports with locally produced substitutes, industrialization, state intervention in labour and financial markets, a large public sector, business regulation and centralized planning. It expected the creation and growth of capital and technology intensive heavy industries as well as subsidizing manual, low skill collage industries simultaneously. Jawaharlal Nehru, who ...
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