Context: The 1991 reform facilitated the dismantling of one of the most restrictive economic systems adopted by any developing country and is regarded as the main reason why India’s growth was disappointingly low.
A brief recap of the system before 1991
Major achievements since 1991 reforms
Negative impact of neoliberal reforms: Leading to a demand for greater government control by the populace.
Conclusion: We owe a great deal to the duo of P.V. Narasimha Rao and Manmohan Singh for liberating the economy from the dead hand of bureaucratic control.