Preface
India’s economic policies during the pre-liberalisation era were characterised by strong centralised planning, government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism through tariff and non-tariff barriers, and a cautious and selective approach towards foreign investment and MNCs, dependent on regime-guided and bureaucracy-controlled quotas, permits and licenses.
During early 1980s, these inward looking economic policies began to be widely questioned. Policy makers started realizing the drawbacks of this strategy, which curbed competitiveness and efficiency, produced a much lower rate of growth than expected and led to inferior-quality, highcost domestic production. ...
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