"India Country Profile 2014" and "Case Study instructions (India)" (Essay Sample)
Read "India Country Profile 2014" and "Case Study instructions (India)" to answer the following question:
Describe in detail India's process of economic transformation. Specifically, address India's efforts in the following areas: 1) privatization, 2) deregulation, and 3) the creation of a legal system that supports business. How successful has India been in each of these efforts? For each of these topics, what issues are not addressed in the Case Study, World Bank data, or the Country Profile that you would want more information about?
Case Study: India’s Economy
As indicated in the article and the India Country profile, India has a mixed economy, with both the public and private sectors performing different activities according to the available regulations (India Case Study 1). Prior to the enactment of the New Industrial Policy in 1991, the economy of India was growing at a very low rate due to incompetence and inefficiencies found in the public sector. Since 1991, various state-owned organizations have been transferred to the private owners with the aim of improving the economic status of India (International Financial Corporation 5). For instance, unlike in the past, individuals and private groups can now own companies such as steelmaking, telecommunication, oil companies, and electricity production companies, among others.
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