This Independence Month let us look at the key financial events in India’s journey to the world's 5th largest economy in the world.
After 1947, India faced financial crises but focused on rapid industrialization with a centrally designed 5-year plan.
The 1965 Green Revolution introduced HYV seeds, pesticides, and tools, boosting farmer income in key states by 70%.
By the mid-1980s, India began liberalizing restrictions, generating employment and achieving 6% annual economic growth.
The 1991 LPG reforms (Liberalisation, Privatisation, Globalisation) removed industrial raj, reduced taxes, and deregulated markets.
The 2008 recession hit employment hard, with the IT, automobile, and textile industries cutting jobs significantly.
The 2016 demonetization aimed to curb black money but slowed the economy due to disrupted cash flow.