India Till 1991 -
October 13th, 2010
India Till 1991
Till 1991, India was more or less a closed Economy. The rate of growth of the economy was limited. The contribution of the local industries to the country’s GDP was limited that were the main cause of shortage of funds for various development projects initiated by the government.
In an effort to revive the industries and to bring the country back on the right track, the government began to open various sectors such as Infrastructure, Automobile, Tourism, Information Technology, Food and Beverages, etc to the Multinational Corporations.
The MNCs slowly but reluctantly began to pour capital investment, technology and other valuable resources in the country causing a surge in GDP and upliftment of the economy as a hole. This was the post 1991 era where the government began to invite and welcome giant MNCs into the country