Liberalization, Privatization and Globalization reforms were undertaken by India in 1991.
Though these reforms help India save itself from economic crisis and ushered new level of economic development, it also had negative side:
- Most of the growth that took place after reforms is termed as jobless growth.
- Agriculture sector saw consistent decline, the issue has worsened to such an extent that thousands of farmer had committed suicide.
- The economy experienced premature deindustrialization.
- Service sector save most growth, but after two sectors failed.
- ‘Trickle down’ theory didn’t work, inequality is still high.
- Informalization has increased.
- Unorganized sector is quite prominent.
- Opening our markets to outside world caused economic invasion by China.
- In WTO India is being pressurized by developed nations to reign in agricultural subsidies.
- Overall several structural issues still persist.