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class="vector-toc-numb">2</span> <span>Reforms before 1991</span> </div> </a> <button aria-controls="toc-Reforms_before_1991-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Reforms before 1991 subsection</span> </button> <ul id="toc-Reforms_before_1991-sublist" class="vector-toc-list"> <li id="toc-1966_liberalisation_attempt" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1966_liberalisation_attempt"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>1966 liberalisation attempt</span> </div> </a> <ul id="toc-1966_liberalisation_attempt-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_reforms_during_the_1980s" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_reforms_during_the_1980s"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Economic reforms during the 1980s</span> </div> </a> <ul id="toc-Economic_reforms_during_the_1980s-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Chandra_Shekhar_Singh_reforms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Chandra_Shekhar_Singh_reforms"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Chandra Shekhar Singh reforms</span> </div> </a> <ul id="toc-Chandra_Shekhar_Singh_reforms-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Liberalisation_of_1991" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Liberalisation_of_1991"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Liberalisation of 1991</span> </div> </a> <button aria-controls="toc-Liberalisation_of_1991-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Liberalisation of 1991 subsection</span> </button> <ul id="toc-Liberalisation_of_1991-sublist" class="vector-toc-list"> <li id="toc-Crisis_leading_to_reforms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Crisis_leading_to_reforms"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Crisis leading to reforms</span> </div> </a> <ul id="toc-Crisis_leading_to_reforms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Liberalisation_of_1991_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Liberalisation_of_1991_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Liberalisation of 1991</span> </div> </a> <ul id="toc-Liberalisation_of_1991_2-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Impact" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Impact"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Impact</span> </div> </a> <button aria-controls="toc-Impact-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Impact subsection</span> </button> <ul id="toc-Impact-sublist" class="vector-toc-list"> <li id="toc-Credit_boom_of_the_2000s" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Credit_boom_of_the_2000s"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Credit boom of the 2000s</span> </div> </a> <ul id="toc-Credit_boom_of_the_2000s-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Growth_since_2016" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Growth_since_2016"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Growth since 2016</span> </div> </a> <ul id="toc-Growth_since_2016-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Later_reforms" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Later_reforms"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Later reforms</span> </div> </a> <button aria-controls="toc-Later_reforms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Later reforms subsection</span> </button> <ul id="toc-Later_reforms-sublist" class="vector-toc-list"> <li id="toc-Privatisation_of_airports" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Privatisation_of_airports"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Privatisation of airports</span> </div> </a> <ul id="toc-Privatisation_of_airports-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criticisms" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Criticisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Criticisms</span> </div> </a> <button aria-controls="toc-Criticisms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticisms subsection</span> </button> <ul id="toc-Criticisms-sublist" class="vector-toc-list"> <li id="toc-Employment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Employment"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Employment</span> </div> </a> <ul id="toc-Employment-sublist" class="vector-toc-list"> <li id="toc-Labor_force_participation" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Labor_force_participation"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.1</span> <span>Labor force participation</span> </div> </a> <ul id="toc-Labor_force_participation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Vulnerabilities_from_international_integration" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Vulnerabilities_from_international_integration"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Vulnerabilities from international integration</span> </div> </a> <ul id="toc-Vulnerabilities_from_international_integration-sublist" class="vector-toc-list"> <li id="toc-Vulnerabilities_from_global_commodity_prices" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Vulnerabilities_from_global_commodity_prices"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.1</span> <span>Vulnerabilities from global commodity prices</span> </div> </a> <ul id="toc-Vulnerabilities_from_global_commodity_prices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Dependence_on_global_export_demand" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Dependence_on_global_export_demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.2</span> <span>Dependence on global export demand</span> </div> </a> <ul id="toc-Dependence_on_global_export_demand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Impact_on_domestic_monetary_and_fiscal_policies" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Impact_on_domestic_monetary_and_fiscal_policies"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.3</span> <span>Impact on domestic monetary and fiscal policies</span> </div> </a> <ul id="toc-Impact_on_domestic_monetary_and_fiscal_policies-sublist" class="vector-toc-list"> <li id="toc-Cutting_of_state_finances" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Cutting_of_state_finances"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.3.1</span> <span>Cutting of state finances</span> </div> </a> <ul id="toc-Cutting_of_state_finances-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Income_Inequality" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Income_Inequality"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Income Inequality</span> </div> </a> <ul id="toc-Income_Inequality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Poverty" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Poverty"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>Poverty</span> </div> </a> <ul id="toc-Poverty-sublist" class="vector-toc-list"> <li id="toc-Decline_in_consumption" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Decline_in_consumption"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4.1</span> <span>Decline in consumption</span> </div> </a> <ul id="toc-Decline_in_consumption-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Agrarian_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Agrarian_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>Agrarian crisis</span> </div> </a> <ul id="toc-Agrarian_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hunger_and_Malnutrition" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hunger_and_Malnutrition"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6</span> <span>Hunger and Malnutrition</span> </div> </a> <ul id="toc-Hunger_and_Malnutrition-sublist" class="vector-toc-list"> <li id="toc-Anemia" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Anemia"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6.1</span> <span>Anemia</span> </div> </a> <ul id="toc-Anemia-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Works_cited" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Works_cited"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>Works cited</span> </div> </a> <ul id="toc-Works_cited-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Economic liberalisation in India</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 10 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-10" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">10 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%AA%D8%AD%D8%B1%D9%8A%D8%B1_%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A_%D9%81%D9%8A_%D8%A7%D9%84%D9%87%D9%86%D8%AF" title="التحرير الاقتصادي في الهند – Arabic" lang="ar" hreflang="ar" data-title="التحرير الاقتصادي في الهند" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AD%E0%A6%BE%E0%A6%B0%E0%A6%A4%E0%A7%87_%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%88%E0%A6%A4%E0%A6%BF%E0%A6%95_%E0%A6%89%E0%A6%A6%E0%A6%BE%E0%A6%B0%E0%A7%80%E0%A6%95%E0%A6%B0%E0%A6%A3" title="ভারতে অর্থনৈতিক উদারীকরণ – Bangla" lang="bn" hreflang="bn" data-title="ভারতে অর্থনৈতিক উদারীকরণ" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A2%D8%B2%D8%A7%D8%AF%D8%B3%D8%A7%D8%B2%DB%8C_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D8%AF%D8%B1_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D9%87%D9%86%D8%AF" title="آزادسازی بازار در اقتصاد هند – Persian" lang="fa" hreflang="fa" data-title="آزادسازی بازار در اقتصاد هند" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%B6%D5%A4%D5%AF%D5%A1%D5%BD%D5%BF%D5%A1%D5%B6%D5%AB_%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%A1%D5%A6%D5%A1%D5%BF%D5%A1%D5%AF%D5%A1%D5%B6%D5%A1%D6%81%D5%B8%D6%82%D5%B4" title="Հնդկաստանի տնտեսական ազատականացում – Armenian" lang="hy" hreflang="hy" data-title="Հնդկաստանի տնտեսական ազատականացում" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AD%E0%A4%BE%E0%A4%B0%E0%A4%A4_%E0%A4%AE%E0%A5%87%E0%A4%82_%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B8%E0%A5%81%E0%A4%A7%E0%A4%BE%E0%A4%B0" title="भारत में आर्थिक सुधार – Hindi" lang="hi" hreflang="hi" data-title="भारत में आर्थिक सुधार" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Liberalisasi_ekonomi_di_India" title="Liberalisasi ekonomi di India – Indonesian" lang="id" hreflang="id" data-title="Liberalisasi ekonomi di India" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%87%E0%B4%A8%E0%B5%8D%E0%B4%A4%E0%B5%8D%E0%B4%AF%E0%B4%AF%E0%B4%BF%E0%B4%B2%E0%B5%86_%E0%B4%B8%E0%B4%BE%E0%B4%AE%E0%B5%8D%E0%B4%AA%E0%B4%A4%E0%B5%8D%E0%B4%A4%E0%B4%BF%E0%B4%95_%E0%B4%89%E0%B4%A6%E0%B4%BE%E0%B4%B0%E0%B4%B5%E0%B5%BD%E0%B4%95%E0%B5%8D%E0%B4%95%E0%B4%B0%E0%B4%A3%E0%B4%82" title="ഇന്ത്യയിലെ സാമ്പത്തിക ഉദാരവൽക്കരണം – Malayalam" lang="ml" hreflang="ml" data-title="ഇന്ത്യയിലെ സാമ്പത്തിക ഉദാരവൽക്കരണം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Liberaliza%C3%A7%C3%A3o_econ%C3%B4mica_na_%C3%8Dndia" title="Liberalização econômica na Índia – Portuguese" lang="pt" hreflang="pt" data-title="Liberalização econômica na Índia" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%AD%E0%B0%BE%E0%B0%B0%E0%B0%A4%E0%B0%A6%E0%B1%87%E0%B0%B6%E0%B0%82%E0%B0%B2%E0%B1%8B_%E0%B0%86%E0%B0%B0%E0%B1%8D%E0%B0%A5%E0%B0%BF%E0%B0%95_%E0%B0%B8%E0%B0%B0%E0%B0%B3%E0%B1%80%E0%B0%95%E0%B0%B0%E0%B0%A3" title="భారతదేశంలో ఆర్థిక సరళీకరణ – Telugu" lang="te" hreflang="te" data-title="భారతదేశంలో ఆర్థిక 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.sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle" style="padding-bottom:0.2em;">Part of the <a href="/wiki/Category:Politics" title="Category:Politics">politics series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="font-size:200%;line-height:1.1em;font-weight:normal;"><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:lavender;text-align:center;;color: var(--color-base)">Ideas</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Balanced_budget" title="Balanced budget">Balanced budget</a></li> <li><a href="/wiki/Denationalization" class="mw-redirect" title="Denationalization">Denationalization</a></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a></li> <li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic freedom</a></li> <li><a href="/wiki/Economic_integration" title="Economic integration">Economic integration</a></li> <li><a href="/wiki/Economic_interdependence" title="Economic interdependence">Economic interdependence</a></li> <li><a href="/wiki/Economic_liberalization" title="Economic liberalization">Economic liberalization</a></li> <li><a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">Foreign direct investment</a></li> <li><a href="/wiki/Free_market" title="Free market">Free markets</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a> (<a href="/wiki/Free_trade_area" title="Free trade area">area</a>)</li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/Intellectual_property" title="Intellectual property">Intellectual property</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Marketization" title="Marketization">Marketization</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming model</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Public%E2%80%93private_partnership" title="Public–private partnership">Public–private partnership</a></li> <li><a href="/wiki/School_voucher" title="School voucher">School vouchers</a></li> <li><a href="/wiki/Shock_therapy_(economics)" title="Shock therapy (economics)">Shock therapy</a></li> <li><a href="/wiki/Single_market" title="Single market">Single market</a></li> <li><a href="/wiki/Structural_Adjustment_Programme" class="mw-redirect" title="Structural Adjustment Programme">Structural Adjustment Programme</a></li> <li><a href="/wiki/Supranationalism" class="mw-redirect" title="Supranationalism">Supranationalism</a></li> <li><a href="/wiki/Tax_cuts" class="mw-redirect" title="Tax cuts">Tax cuts</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:lavender;text-align:center;;color: var(--color-base)">Economics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago School</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Trickle-down_economics" title="Trickle-down economics">Trickle-down</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:lavender;text-align:center;;color: var(--color-base)">Movements</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_conservatism" title="Fiscal conservatism">Fiscal conservatism</a></li> <li><a href="/wiki/Fujimorism" title="Fujimorism">Fujimorism</a></li> <li><a href="/wiki/Thatcherism" title="Thatcherism">Thatcherism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li> <li><a href="/wiki/New_Democrats_(United_States)" title="New Democrats (United States)">New Democrats</a></li> <li><a href="/wiki/Positive_non-interventionism" title="Positive non-interventionism">Positive non-interventionism</a></li> <li><a href="/wiki/Reaganomics" title="Reaganomics">Reaganomics</a></li> <li><a href="/wiki/Rogernomics" title="Rogernomics">Rogernomics</a></li> <li><a href="/wiki/Economic_liberalization_in_India" class="mw-redirect" title="Economic liberalization in India">Economic liberalization in India</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:lavender;text-align:center;;color: var(--color-base)">Governance</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Association_of_Southeast_Asian_Nations" class="mw-redirect" title="Association of Southeast Asian Nations">Association of Southeast Asian Nations</a></li> <li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a></li> <li><a href="/wiki/European_Union" title="European Union">European Union</a></li> <li><a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a></li> <li><a href="/wiki/Greater_Arab_Free_Trade_Area" class="mw-redirect" title="Greater Arab Free Trade Area">Greater Arab Free Trade Area</a></li> <li><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a></li> <li><a href="/wiki/MERCOSUR" class="mw-redirect" title="MERCOSUR">MERCOSUR</a></li> <li><a href="/wiki/North_American_Free_Trade_Agreement" title="North American Free Trade Agreement">North American Free Trade Agreement</a></li> <li><a href="/wiki/Regional_Comprehensive_Economic_Partnership" title="Regional Comprehensive Economic Partnership">Regional Comprehensive Economic Partnership</a></li> <li><a href="/wiki/World_Bank" title="World Bank">World Bank</a></li> <li><a href="/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:lavender;text-align:center;;color: var(--color-base)">Organizations</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Mont_Pelerin_Society" title="Mont Pelerin Society">Mont Pelerin Society</a></li> <li><a href="/wiki/Chicago_boys" class="mw-redirect" title="Chicago boys">Chicago boys</a></li> <li><a href="/wiki/World_Economic_Forum" title="World Economic Forum">World Economic Forum</a></li> <li><a href="/wiki/Adam_Smith_Institute" title="Adam Smith Institute">Adam Smith Institute</a></li> <li><a href="/wiki/Third_Way_(United_States)" title="Third Way (United States)">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:lavender;text-align:center;;color: var(--color-base)">People</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a></li> <li><a href="/wiki/Walter_Lippmann" title="Walter Lippmann">Walter Lippmann</a></li> <li><a href="/wiki/Louis_Rougier" title="Louis Rougier">Louis Rougier</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">James M. Buchanan</a></li> <li><a href="/wiki/Augusto_Pinochet" title="Augusto Pinochet">Augusto Pinochet</a></li> <li><a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a></li> <li><a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a></li> <li><a href="/wiki/Yasuhiro_Nakasone" title="Yasuhiro Nakasone">Yasuhiro Nakasone</a></li> <li><a href="/wiki/Roger_Douglas" title="Roger Douglas">Roger Douglas</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a></li> <li><a href="/wiki/Hernando_de_Soto_(economist)" title="Hernando de Soto (economist)">Hernando de Soto</a></li> <li><a href="/wiki/Alberto_Fujimori" title="Alberto Fujimori">Alberto Fujimori</a></li> <li><a href="/wiki/Bill_Clinton" title="Bill Clinton">Bill Clinton</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:lavender;text-align:center;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Anti-globalization" class="mw-redirect" title="Anti-globalization">Anti-globalization</a></li> <li><a href="/wiki/Alter-globalization" title="Alter-globalization">Alter-globalization</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian capitalism</a></li> <li><a href="/wiki/Blatcherism" title="Blatcherism">Blatcherism</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Criticism_of_intellectual_property" class="mw-redirect" title="Criticism of intellectual property">Criticism of intellectual property</a></li> <li><a href="/wiki/Market_fundamentalism" title="Market fundamentalism">Market fundamentalism</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Economics" title="Portal:Economics">Economics portal</a></li> <li><span class="nowrap"><span class="mw-image-border noviewer" typeof="mw:File"><a href="/wiki/File:A_coloured_voting_box.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/en/thumb/0/01/A_coloured_voting_box.svg/16px-A_coloured_voting_box.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/01/A_coloured_voting_box.svg/24px-A_coloured_voting_box.svg.png 1.5x, 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a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Neoliberalism_sidebar" title="Template:Neoliberalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Neoliberalism_sidebar" title="Template talk:Neoliberalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Neoliberalism_sidebar" title="Special:EditPage/Template:Neoliberalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market 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mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian 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srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The <b>economic liberalisation in India</b> refers to the series of policy changes aimed at <a href="/wiki/Open_economy" title="Open economy">opening</a> up the <a href="/wiki/Economy_of_India" title="Economy of India">country's economy</a> to the world, with the objective of making it more market-oriented and <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a>-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.<sup id="cite_ref-originalreport_1-0" class="reference"><a href="#cite_note-originalreport-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-worldbank_2-0" class="reference"><a href="#cite_note-worldbank-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Although some attempts at liberalisation were made in 1966 and the early 1980s, a more thorough liberalisation was initiated in 1991. </p><p>The liberalisation process was prompted by a balance of payments crisis that had led to a severe recession, dissolution of the Soviet Union leaving the United States as the sole superpower as well as the need to fulfill <a href="/wiki/Structural_adjustment" title="Structural adjustment">structural adjustment programs</a> required to receive loans from international financial institutions such as the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">IMF</a> and <a href="/wiki/World_Bank" title="World Bank">World Bank</a>. The crisis in 1991 served as a catalyst for the government to initiate a more comprehensive economic reform agenda, including Liberalisation, Privatisation and Globalisation referred to as LPG reforms. </p><p>The reform process had significant effects on the Indian economy, leading to an increase in <a href="/wiki/Foreign_investment_in_India" class="mw-redirect" title="Foreign investment in India">foreign investment</a> and a shift towards a more services-oriented economy. The impact of India's economic liberalisation policies on various sectors and social groups has been a topic of ongoing debate. While the policies have been credited with attracting foreign investment, some have expressed concerns about their potential negative consequences. One area of concern has been the environmental impact of the liberalisation policies, as industries have expanded and regulations have been relaxed to attract investment. Additionally, some critics argue that the policies have contributed to widening income inequality and social disparities, as the benefits of economic growth have not been equally distributed across the population. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Pre-liberalisation_policies">Pre-liberalisation policies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=1" title="Edit section: Pre-liberalisation policies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economic_history_of_India" title="Economic history of India">Economic history of India</a> and <a href="/wiki/Licence_Raj" title="Licence Raj">Licence Raj</a></div><p>Indian <a href="/wiki/Economic_policy" title="Economic policy">economic policy</a> after <a href="/wiki/Indian_independence_movement" title="Indian independence movement">independence</a> was influenced by the colonial experience (which was exploitative in nature and had begun as a takeover by a British trading company)<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> and by those leaders', particularly prime minister <a href="/wiki/Nehru" class="mw-redirect" title="Nehru">Nehru</a>'s exposure to <a href="/wiki/Fabian_socialism" class="mw-redirect" title="Fabian socialism">Fabian socialism</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Under the <a href="/wiki/Congress_party" class="mw-redirect" title="Congress party">Congress party</a> governments of Nehru, and his successors' policy tended towards <a href="/wiki/Protectionist" class="mw-redirect" title="Protectionist">protectionism</a>, with a strong emphasis on <a href="/wiki/Import_substitution_industrialization" title="Import substitution industrialization">import substitution industrialization</a> under state monitoring, <a href="/wiki/State_intervention" class="mw-redirect" title="State intervention">state intervention</a> at the micro level in all businesses especially in labour and financial markets, a large <a href="/wiki/Public_sector" title="Public sector">public sector</a>, business regulation, and <a href="/wiki/Central_planning" class="mw-redirect" title="Central planning">central planning</a>.<sup id="cite_ref-kirit-1_5-0" class="reference"><a href="#cite_note-kirit-1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Neoliberals claim that <a href="/wiki/Five-Year_Plans_of_India" title="Five-Year Plans of India">Five-Year Plans of India</a> resembled central planning in the <a href="/wiki/Soviet_Union" title="Soviet Union">Soviet Union</a>. However, many capitalist countries, including those considered to be 'economic miracles' by neoliberals also had Five-Year Plans or its equivalent (<a href="/wiki/Five-Year_Plans_of_South_Korea" title="Five-Year Plans of South Korea">South Korea</a>, <a href="/wiki/Marshall_Plan" title="Marshall Plan">Post-WW2 Europe</a>, <a href="/wiki/Council_for_Economic_Planning_and_Development" title="Council for Economic Planning and Development">Taiwan</a>). Under the Industrial Development Regulation Act of 1951, steel, mining, machine tools, water, telecommunications, insurance, and electrical plants, among other industries, were effectively nationalised. Elaborate licenses, regulations, and bureaucracy were also introduced to ensure that businesses operated within the framework of national goals and priorities. These policies were intended to promote self-sufficiency and reduce the country's dependence on foreign powers. The resulting economic system is commonly referred to as <a href="/wiki/Dirigisme" title="Dirigisme">Dirigism</a>, characterized by state intervention and central planning. These policies were seen by some as restraining economic growth.<sup id="cite_ref-:12_6-0" class="reference"><a href="#cite_note-:12-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:2_7-0" class="reference"><a href="#cite_note-:2-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Only four or five licences would be given for steel, electrical power and communications, allowing license owners to build huge and powerful empires without competition.<sup id="cite_ref-bbc1998_8-0" class="reference"><a href="#cite_note-bbc1998-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> A significant public sector emerged in India during this period, where the state took ownership of several key industries. These state-owned enterprises were not necessarily expected to generate a profit, but instead to serve social and developmental objectives. As a result, they sometimes incurred losses without being shut down. However, this approach also meant that the government was responsible for covering the losses, which contributed to the financial burden on the state.<sup id="cite_ref-bbc1998_8-1" class="reference"><a href="#cite_note-bbc1998-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The lack of competition due to licensing and slow business growth resulted in poor infrastructure development in some areas, which further impeded economic progress.<sup id="cite_ref-bbc1998_8-2" class="reference"><a href="#cite_note-bbc1998-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>During the brief rule by the <a href="/wiki/Janata_party" class="mw-redirect" title="Janata party">Janata party</a> in late 1970s, the government seeking to promote economic self-reliance and indigenous industries, required multi-national corporations to go into partnership with Indian corporations. The policy proved controversial, diminishing foreign investment and led to the high-profile exit of corporations such as <a href="/wiki/Coca-Cola" title="Coca-Cola">Coca-Cola</a> and <a href="/wiki/IBM" title="IBM">IBM</a> from India.<sup id="cite_ref-IMM_9-0" class="reference"><a href="#cite_note-IMM-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>In the 1990s, Coca-Cola re-entered the Indian market and faced competition from domestic cola companies such as <a href="/wiki/Campa_Cola" title="Campa Cola">Pure Drinks Group</a> and <a href="/wiki/Bisleri" title="Bisleri">Parle Bisleri</a>. However, the multinational company's marketing and distribution networks enabled it to gain a significant share of the market, leading to financial difficulties for some domestic companies, ultimately resulting in the decline and closure of much of Pure Drinks Group bottling plants and Parle Bisleri selling much of its business to Coca-Cola. </p><p>The annual growth rate of the <a href="/wiki/Economy_of_India" title="Economy of India">Indian economy</a> had averaged around 4% from the 1950s to 1980s, while per-capita income growth averaged 1.3%.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Reforms_before_1991">Reforms before 1991</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=2" title="Edit section: Reforms before 1991"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="1966_liberalisation_attempt">1966 liberalisation attempt</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=3" title="Edit section: 1966 liberalisation attempt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1966, due to rapid inflation caused by accompanying the <a href="/wiki/Sino-Indian_War" title="Sino-Indian War">Sino-Indian War</a> and severe drought, the Indian government was forced to seek monetary aid from the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund (IMF)</a> and <a href="/wiki/World_Bank" title="World Bank">World Bank</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Pressure from the Bretton Woods institutions caused a shift towards economic liberalisation, wherein the <a href="/wiki/Indian_rupee" title="Indian rupee">rupee</a> was <a href="/wiki/Devaluation" title="Devaluation">devalued</a> to combat inflation (even though devaluation results in increased import costs) and cheapen exports and the former system of tariffs and <a href="/wiki/Export_subsidy" title="Export subsidy">export subsidies</a> was abolished.<sup id="cite_ref-:0_12-0" class="reference"><a href="#cite_note-:0-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> However, a second poor harvest and subsequent industrial recession helped fuel political backlash against liberalisation, characterised by resentment at foreign involvement in the Indian economy and fear that it might signal a broader shift away from socialist policies.<sup id="cite_ref-:1_13-0" class="reference"><a href="#cite_note-:1-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> As a result, trade restrictions were reintroduced and the Foreign Investments Board was established in 1968 to scrutinise companies investing in India with more than 40% foreign equity participation.<sup id="cite_ref-:0_12-1" class="reference"><a href="#cite_note-:0-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>World Bank loans continued to be taken for agricultural projects since 1972, and these continued as international seed companies that were able to enter Indian markets after the 1991 liberalisation.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Economic_reforms_during_the_1980s">Economic reforms during the 1980s</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=4" title="Edit section: Economic reforms during the 1980s"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:WAP-1_Locomotive_at_Delhi.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/70/WAP-1_Locomotive_at_Delhi.jpg/220px-WAP-1_Locomotive_at_Delhi.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/70/WAP-1_Locomotive_at_Delhi.jpg/330px-WAP-1_Locomotive_at_Delhi.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/70/WAP-1_Locomotive_at_Delhi.jpg/440px-WAP-1_Locomotive_at_Delhi.jpg 2x" data-file-width="4000" data-file-height="3000" /></a><figcaption><a href="/wiki/Indian_locomotive_class_WAP-1" title="Indian locomotive class WAP-1">WAP-1</a> locomotive developed in 1980</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:LIC_Zonal_Office.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/LIC_Zonal_Office.jpg/220px-LIC_Zonal_Office.jpg" decoding="async" width="220" height="145" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/LIC_Zonal_Office.jpg/330px-LIC_Zonal_Office.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/61/LIC_Zonal_Office.jpg/440px-LIC_Zonal_Office.jpg 2x" data-file-width="675" data-file-height="446" /></a><figcaption>LIC Jeevan Bharti building opened in 1986</figcaption></figure> <p>As it became evident that the Indian economy was lagging behind its East and Southeast Asian neighbours, the governments of <a href="/wiki/Indira_Gandhi" title="Indira Gandhi">Indira Gandhi</a> and subsequently <a href="/wiki/Rajiv_Gandhi" title="Rajiv Gandhi">Rajiv Gandhi</a> began pursuing economic liberalisation.<sup id="cite_ref-:3_15-0" class="reference"><a href="#cite_note-:3-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup>The <i>New Computer Policy of 1984</i> was instrumental, as it eased import restrictions on technology, encouraged private investments, and provided incentives for software exports. This policy led to rapid growth in India's hardware and software sectors. Organizations like NASSCOM (established in 1988) supported the industry by fostering development, standardizing practices, and promoting Indian IT firms globally. India also established Software Technology Parks (STPs) to provide infrastructure, tax benefits, and faster data communications, enabling companies to export software services globally. The governments loosened restrictions on business creation and import controls while also promoting the growth of the automobile, <a href="/wiki/Computer_Age_Management_Services" title="Computer Age Management Services">digitalization</a>, telecommunications and software industries.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (July 2020)">page needed</span></a></i>]</sup> Reforms under lead to an increase in the average GDP growth rate from 2.9 percent in the 1970s to 5.6 per cent, although they failed to fix systemic issues with the Licence Raj.<sup id="cite_ref-:3_15-1" class="reference"><a href="#cite_note-:3-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2022)">citation needed</span></a></i>]</sup> Despite Rajiv Gandhi's dream for more systemic reforms, the <a href="/wiki/Bofors_scandal" title="Bofors scandal">Bofors scandal</a> tarnished his government's reputation and impeded his liberalisation efforts.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Growth during the 1980s was higher than in the preceding decades but fragile. It not only culminated in a crisis in June 1991 but also exhibited significantly higher variance than growth in the 1990s. Central to the high growth rate in the 1980s was the high growth of 7.6 percent during 1988–1991.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>The fragile but faster growth during the 1980s took place in the context of significant reforms throughout the decade but especially starting in 1985.The liberalization pushed industrial growth to a hefty 9.2 percent during the crucial high growth period of 1988–1991.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Chandra_Shekhar_Singh_reforms">Chandra Shekhar Singh reforms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=5" title="Edit section: Chandra Shekhar Singh reforms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">September 2020</span>)</i></span></div></td></tr></tbody></table> <p>The <a href="/wiki/Chandra_Shekhar" title="Chandra Shekhar">Chandra Shekhar</a> government (1990–91) took several significant steps towards liberalisation and laid its foundation.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2020)">citation needed</span></a></i>]</sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Russia_v_India_income_share.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Russia_v_India_income_share.png/220px-Russia_v_India_income_share.png" decoding="async" width="220" height="143" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Russia_v_India_income_share.png/330px-Russia_v_India_income_share.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Russia_v_India_income_share.png/440px-Russia_v_India_income_share.png 2x" data-file-width="1232" data-file-height="800" /></a><figcaption>Unlike socialist countries like the USSR, India didn't achieve the same level of income equality post-independence.</figcaption></figure> <div class="mw-heading mw-heading2"><h2 id="Liberalisation_of_1991">Liberalisation of 1991</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=6" title="Edit section: Liberalisation of 1991"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Crisis_leading_to_reforms">Crisis leading to reforms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=7" title="Edit section: Crisis leading to reforms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=">adding to it</a>. <span class="date-container"><i>(<span class="date">September 2020</span>)</i></span></div></td></tr></tbody></table> <p>With the liberalisation of trade in high-value goods like automobiles, electronics, fridges, washing machines, air conditioners, etc., in the 1980s, Indian imports shot up as significant components were imported.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> With a floating exchange rate, this could've been alleviated somewhat and adjustments would have been more gradual, but India's fixed exchange rates at the time placed the entire burden on the state to maintain parity by depleting its foreign exchange reserves. Higher income earners, benefiting from import liberalisation, could now purchase foreign goods at low prices due to the fixed exchange rate, with the state absorbing the pressure on the exchange rate. </p><p>The <a href="/wiki/Gulf_War" title="Gulf War">First Gulf War</a> in 1991, after the Iraqi invasion of Kuwait, resulted in a huge blow to the Indian economy from a spike in oil prices and a drop in remittances from Indian expats in the Gulf region.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>With high growth in the automobile sector in the 1980s, the demand for oil grew significantly and thus added to the demand for foreign exchange. Additionally, India was going through large-scale socio-political turmoil due to the <a href="/wiki/Mandal_Commission_protests_of_1990" title="Mandal Commission protests of 1990">government's reservations for backward classes</a> and <a href="/wiki/Ram_Rath_Yatra" title="Ram Rath Yatra">communal violence</a>. All of these factors contributed to a balance of payments issue and provided stronger justification for broader liberalisation measures, which had already begun in the 1980s. Communists and socialists, who were the main political opposition to economic liberalisation, had also lost moral courage with the <a href="/wiki/Dissolution_of_the_Soviet_Union" title="Dissolution of the Soviet Union">dissolution of the Soviet Union</a>, the rise of East and South-East Asian tigers, and even <a href="/wiki/Opening_Up_and_Reform_Policy" class="mw-redirect" title="Opening Up and Reform Policy">China's opening up of its economy</a>. </p><p>With trade and investment restrictions reduced in 1980s, there were policies and initiatives to increase exports particularly electronics and IT software. However, they picked speed and scale in 1990s due to long gestation period, WTO evolution and <a href="/wiki/Globalization" title="Globalization">overall global trade growth.</a> </p><p>By 1991, India still had a fixed <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> system, where the rupee was pegged to the value of a basket of currencies of major trading partners. Although a fixed exchange rate system helped India to achieve currency stability, it also necessitated that the Indian Government utilize its foreign exchange reserves in the event of currency pressures in order to avoid a breach of the currency peg especially since speculators are attempting to profit of off breaking the peg. The government was close to default on its external debt<sup id="cite_ref-Ghosh_23-0" class="reference"><a href="#cite_note-Ghosh-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IMF_24-0" class="reference"><a href="#cite_note-IMF-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Foreign_exchange_reserves" title="Foreign exchange reserves">foreign exchange reserves</a> had reduced to the point that India could barely finance two weeks' worth of imports. </p> <div class="mw-heading mw-heading3"><h3 id="Liberalisation_of_1991_2">Liberalisation of 1991</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=8" title="Edit section: Liberalisation of 1991"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Visit_of_Narasimha_Rao,_Indian_Minister_for_Foreign_Affairs,_to_the_CEC_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Visit_of_Narasimha_Rao%2C_Indian_Minister_for_Foreign_Affairs%2C_to_the_CEC_%28cropped%29.jpg/220px-Visit_of_Narasimha_Rao%2C_Indian_Minister_for_Foreign_Affairs%2C_to_the_CEC_%28cropped%29.jpg" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Visit_of_Narasimha_Rao%2C_Indian_Minister_for_Foreign_Affairs%2C_to_the_CEC_%28cropped%29.jpg/330px-Visit_of_Narasimha_Rao%2C_Indian_Minister_for_Foreign_Affairs%2C_to_the_CEC_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Visit_of_Narasimha_Rao%2C_Indian_Minister_for_Foreign_Affairs%2C_to_the_CEC_%28cropped%29.jpg/440px-Visit_of_Narasimha_Rao%2C_Indian_Minister_for_Foreign_Affairs%2C_to_the_CEC_%28cropped%29.jpg 2x" data-file-width="528" data-file-height="528" /></a><figcaption>P. V. Narasimha Rao</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Manmohansingh04052007.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Manmohansingh04052007.jpg/220px-Manmohansingh04052007.jpg" decoding="async" width="220" height="339" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Manmohansingh04052007.jpg/330px-Manmohansingh04052007.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Manmohansingh04052007.jpg/440px-Manmohansingh04052007.jpg 2x" data-file-width="777" data-file-height="1196" /></a><figcaption>Manmohan Singh</figcaption></figure> <p>The collapse of the <a href="/wiki/Chandra_Shekhar_government" class="mw-redirect" title="Chandra Shekhar government">Chandra Shekhar government</a> in the midst of the crisis and the <a href="/wiki/Assassination_of_Rajiv_Gandhi" title="Assassination of Rajiv Gandhi">assassination of Rajiv Gandhi</a> led to the election of a new Congress government led by <a href="/wiki/P._V._Narasimha_Rao" title="P. V. Narasimha Rao">P. V. Narasimha Rao</a>.<sup id="cite_ref-:5_25-0" class="reference"><a href="#cite_note-:5-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> He selected Amar Nath Verma to be his Principal Secretary and <a href="/wiki/Manmohan_Singh" title="Manmohan Singh">Manmohan Singh</a> to be finance minister and gave them complete support in doing whatever they thought was necessary to solve the crisis.<sup id="cite_ref-:5_25-1" class="reference"><a href="#cite_note-:5-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Verma helped draft the New Industrial Policy alongside Chief Economic Advisor <a href="/wiki/Rakesh_Mohan" title="Rakesh Mohan">Rakesh Mohan</a>, and it laid out a plan to foster Indian industry in five points.<sup id="cite_ref-:4_26-0" class="reference"><a href="#cite_note-:4-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Firstly, it abolished the License Raj by removing licensing restrictions for all industries except for 18 that "related to security and strategic concerns, social reasons, problems related to safety and overriding environmental issues."<sup id="cite_ref-:4_26-1" class="reference"><a href="#cite_note-:4-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup></li> <li>To incentivise foreign investment, it laid out a plan to pre-approve all investment up to 51% foreign equity participation, allowing foreign companies to bring modern technology and industrial development.<sup id="cite_ref-:5_25-2" class="reference"><a href="#cite_note-:5-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:4_26-2" class="reference"><a href="#cite_note-:4-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> To further incentivise technological advancement, the old policy of government approval for foreign technology agreements was scrapped.</li> <li>The fourth point proposed to dismantle public monopolies by floating shares of public sector companies and limiting public sector growth to essential infrastructure, goods and services, mineral exploration, and defense manufacturing.<sup id="cite_ref-:5_25-3" class="reference"><a href="#cite_note-:5-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:4_26-3" class="reference"><a href="#cite_note-:4-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup></li> <li>Finally the concept of an MRTP company, where companies whose assets surpassed a certain value were placed under government supervision, was scrapped.<sup id="cite_ref-:5_25-4" class="reference"><a href="#cite_note-:5-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup></li></ul> <p>Meanwhile, Manmohan Singh worked on a new budget that would come to be known as the Epochal Budget.<sup id="cite_ref-:6_29-0" class="reference"><a href="#cite_note-:6-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The primary concern was getting the fiscal deficit under control, and he sought to do this by <a href="/wiki/Austerity" title="Austerity">curbing government expenses</a>. Part of this was the <a href="/wiki/Disinvestment" title="Disinvestment">disinvestment</a> in public sector companies, but accompanying this was a reduction in subsidies for fertilizer and abolition of subsidies for sugar.<sup id="cite_ref-:7_30-0" class="reference"><a href="#cite_note-:7-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> He also dealt with the depletion of foreign exchange reserves during the crisis with a 19 per cent devaluation of the rupee with respect to the US dollar, a change which sought to make exports cheaper and accordingly provide the necessary foreign exchange reserves.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The devaluation made petroleum more expensive to import, so Singh proposed to lower the price of kerosene to benefit the poorer citizens who depended on it while raising petroleum prices for industry and fuel.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> On 24 July 1991, Manmohan Singh presented the budget alongside his outline for broader reform.<sup id="cite_ref-:6_29-1" class="reference"><a href="#cite_note-:6-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> During the speech he laid out a new trade policy oriented towards promoting exports and removing import controls.<sup id="cite_ref-:8_34-0" class="reference"><a href="#cite_note-:8-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Specifically, he proposed limiting tariff rates to no more than 150 percent while also lowering rates across the board, reducing <a href="/wiki/Excise" title="Excise">excise duties</a>, and abolishing export subsidies.<sup id="cite_ref-:8_34-1" class="reference"><a href="#cite_note-:8-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>In August 1991, the <a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a> (RBI) Governor established the Narasimham Committee to recommend changes to the financial system.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Recommendations included reducing the <a href="/wiki/Statutory_liquidity_ratio" title="Statutory liquidity ratio">statutory liquidity ratio</a> (SLR) and <a href="/wiki/Cash_reserve_ratio" class="mw-redirect" title="Cash reserve ratio">cash reserve ratio</a> (CRR) from 38.5% and 15% respectively to 25% and 10% respectively, allowing market forces to dictate interest rates instead of the government, placing banks under the sole control of the RBI, and reducing the number of public sector banks.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> The government heeded some of these suggestions, including cutting the SLR and CRR rates, liberalizing interest rates, loosening restrictions on private banks, and allowing banks to open branches free from government mandate.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:7_30-1" class="reference"><a href="#cite_note-:7-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>On 12 November 1991, based on an application from the Government of India, World Bank sanctioned a structural adjustment loan/credit that consisted of two components – an IBRD loan of $250 million to be paid over 20 years, and an IDA credit of SDR 183.8 million (equivalent to $250 million) with 35 years maturity, through India's ministry of finance, with the President of India as the borrower. The loan was meant primarily to support the government's program of stabilization and economic reform. This specified deregulation, increased foreign direct investment, liberalisation of the trade regime, reforming domestic interest rates, strengthening capital markets (stock exchanges), and initiating public enterprise reform (selling off public enterprises).<sup id="cite_ref-1991wbreport_38-0" class="reference"><a href="#cite_note-1991wbreport-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> As part of a bailout deal with the IMF, India was forced to pledge 20 tonnes of gold to <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> and 47 tonnes to the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> and Bank of Japan.<sup id="cite_ref-reform_39-0" class="reference"><a href="#cite_note-reform-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>The reforms drew heavy scrutiny from opposition leaders. The New Industrial Policy and 1991 Budget was decried by opposition leaders as "command budget from the IMF" and worried that withdrawal of subsidies for fertilizers and hikes in oil prices would harm lower and middle-class citizens.<sup id="cite_ref-:6_29-2" class="reference"><a href="#cite_note-:6-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Critics also derided devaluation, fearing it would worsen runaway inflation that would hit the poorest citizens the hardest while doing nothing to fix the trade deficit.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> In the face of vocal opposition, the support and political will of the prime minister was crucial in order to see through the reforms.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> Rao was often referred to as <i><a href="/wiki/Chanakya" title="Chanakya">Chanakya</a></i> for his ability to steer tough economic and political legislation through the parliament at a time when he headed a <a href="/wiki/Minority_government" title="Minority government">minority government</a>.<sup id="cite_ref-frontline_42-0" class="reference"><a href="#cite_note-frontline-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Impact">Impact</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=9" title="Edit section: Impact"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Credit_boom_of_the_2000s">Credit boom of the 2000s</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=10" title="Edit section: Credit boom of the 2000s"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Private investment in infrastructure significantly increased during the 2000s, driven by an influx of global finance. This surge was triggered when, following the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com crash of 2001</a>, the western nations sought to boost their economies through reduced interest rates. As a result, capital flowed globally, particularly towards developing countries such as India, where foreign investors pursued higher returns. Although neoliberal economists like to claim that the growth of India between 2000 up until <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2008</a> was the result of the liberal reforms, it is likely that it was liberalisation coinciding with the boom phase of the economic cycle that resulted in high GDP growth of the 2000s.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>Reforms in India in the 1990s and 2000s aimed to increase international competitiveness in various sectors, including auto components, <a href="/wiki/Telecommunications_in_India" title="Telecommunications in India">telecommunications</a>, <a href="/wiki/Software" title="Software">software</a>, <a href="/wiki/Pharmaceutical_industry_in_India" title="Pharmaceutical industry in India">pharmaceuticals</a>, <a href="/wiki/Biotechnology_in_India" title="Biotechnology in India">biotechnology</a>, <a href="/wiki/Research_and_development" title="Research and development">research and development</a>, and professional services. These reforms included reducing import tariffs, deregulating markets, and lowering taxes, which led to an increase in foreign investment and high economic growth. From 1992 to 2005, foreign investment increased by 316.9%, and India's GDP grew from $266 billion in 1991 to $2.3 trillion in 2018.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>According to one study, wages rose on the whole, as well as wages as the labor-to-capital <a href="/wiki/Wage_share" class="mw-redirect" title="Wage share">relative share</a>.<sup id="cite_ref-:9_47-0" class="reference"><a href="#cite_note-:9-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> GDP, however, has been criticized by some to be flawed as it does not show <a href="/wiki/List_of_countries_by_inequality-adjusted_Human_Development_Index" title="List of countries by inequality-adjusted Human Development Index">inequality</a> or <a href="/wiki/Human_Development_Index" title="Human Development Index">living standards</a>. </p><p>Extreme poverty reduced from 36 percent in 1993–94 to 24.1 percent in 1999–2000.<sup id="cite_ref-:15_48-0" class="reference"><a href="#cite_note-:15-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> However, these poverty figures have been criticised as not representing the true picture of poverty.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> According to one report, the wealthiest one percent of the country earns between 5 and 7 percent of the national income, while approximately 15 percent of the working population earns less than ₹ 5,000 (about $64) per month.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>The liberalisation policies have also been criticised for increasing income inequality, concentrating wealth, worsening rural living standards, causing unemployment, and leading to an increase in farmer suicides.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:10_52-0" class="reference"><a href="#cite_note-:10-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>India also increasingly integrated its economy with the global economy. The ratio of total <a href="/wiki/Export" title="Export">exports</a> of goods and services to GDP in India approximately doubled from 7.3 percent in 1990 to 14 percent in 2000.<sup id="cite_ref-Asiaweek_53-0" class="reference"><a href="#cite_note-Asiaweek-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> This rise was less dramatic on the import side but was significant, from 9.9 percent in 1990 to 16.6 percent in 2000. Within 10 years, the ratio of total goods and services trade to <a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a> rose from 17.2 percent to 30.6 percent.<sup id="cite_ref-:15_48-1" class="reference"><a href="#cite_note-:15-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> India, however, continues to have a trade deficit, relying on foreign capital to maintain its balance of payments and as such, makes it vulnerable to external shocks.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>Foreign investment in India in form of <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">foreign direct investment</a>, <a href="/wiki/Portfolio_investment" title="Portfolio investment">portfolio investment</a>, and investment raised on international capital markets increased significantly, from US$132 million in 1991–92 to $5.3 billion in 1995–96. </p><p>However, the liberalization did not benefit all parts of India equally, with urban areas benefiting more than rural areas.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> States with pro-worker labor laws experienced slower industry expansion compared to those with pro-employer labor laws. This led to a "beggar-thy-neighbor" scenario, where states and cities vie to enact the most pro-capital laws at the expense of workers and other states. </p><p> After the reforms, life expectancy and literacy rates continued to increase at roughly the same rate as before the reforms.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> For the first 10 years after the 1991 reforms, GDP also continued to increase at roughly the same rate as before the reforms. This was because the economic growth of the 2000s was not solely the result of liberal reforms, but also due to the boom phase of the economic cycle, which had led to an influx of foreign capital.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup></p><figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:HSBC_GLT_PUNE.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/HSBC_GLT_PUNE.jpg/220px-HSBC_GLT_PUNE.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/HSBC_GLT_PUNE.jpg/330px-HSBC_GLT_PUNE.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f8/HSBC_GLT_PUNE.jpg/440px-HSBC_GLT_PUNE.jpg 2x" data-file-width="3872" data-file-height="2592" /></a><figcaption>HSBC GLT, <a href="/wiki/Pune" title="Pune">Pune</a></figcaption></figure> <p>By 1997, it became evident that no governing coalition would try to dismantle liberalisation, although governments avoided taking on <a href="/wiki/Trade_unions_in_India" title="Trade unions in India">trade unions</a> and farmers on contentious issues such as reforming labour laws and reducing <a href="/wiki/Agricultural_subsidy" title="Agricultural subsidy">agricultural subsidies</a>.<sup id="cite_ref-Gandhi-2_60-0" class="reference"><a href="#cite_note-Gandhi-2-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> By the turn of the 21st century, India had progressed towards a <a href="/wiki/Market_economy" title="Market economy">market economy</a>, with a substantial reduction in state control of the economy and increased financial liberalisation.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2021)">citation needed</span></a></i>]</sup> </p><p>The <a href="/wiki/OECD" title="OECD">Organisation for Economic Cooperation and Development</a> (OECD) <sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> which is widely considered to be a neoliberal institution<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> applauded the changes, pointing to their promotion of high economic growth and increases in income: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p> Its annual growth in <a href="/wiki/GDP_per_capita" class="mw-redirect" title="GDP per capita">GDP per capita</a> accelerated from just 1¼ per cent in the three decades after Independence to 7½ per cent currently, a rate of growth that will double the average income in a decade.... In service sectors where government regulation has been eased significantly or is less burdensome—such as communications, insurance, asset management and information technology—output has grown rapidly, with exports of <a href="/w/index.php?title=Information_technology-enabled_services&action=edit&redlink=1" class="new" title="Information technology-enabled services (page does not exist)">information technology-enabled services</a> particularly strong. In those infrastructure sectors which have been opened to competition, such as <a href="/wiki/Telecoms" class="mw-redirect" title="Telecoms">telecoms</a> and <a href="/wiki/Civil_aviation" title="Civil aviation">civil aviation</a>, the private sector has proven to be extremely effective and growth has been phenomenal.</p><div class="templatequotecite">— <cite><a href="/wiki/OECD" title="OECD">OECD</a><sup id="cite_ref-oecdindia20072_64-0" class="reference"><a href="#cite_note-oecdindia20072-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>In 2006 India recorded its highest GDP growth rate of 9.6% <sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> becoming the second fastest growing major economy in the world, next only to China.<sup id="cite_ref-astaire2_66-0" class="reference"><a href="#cite_note-astaire2-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> The growth rate slowed significantly in the first half of 2012.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p><p>The economy then rebounded to 7.3% growth in 2015, 7.9% in 2015 and 8.2% in 2016 before falling to 6.7% in 2017, 6.5% in 2018 and 4% in 2019.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Growth_since_2016">Growth since 2016</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=11" title="Edit section: Growth since 2016"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/42px-Ambox_current_red.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/63px-Ambox_current_red.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/84px-Ambox_current_red.svg.png 2x" data-file-width="360" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section's <b><a href="/wiki/Wikipedia:Accuracy_dispute" title="Wikipedia:Accuracy dispute">factual accuracy</a> may be compromised due to out-of-date information</b>.<span class="hide-when-compact"> Please help update this article to reflect recent events or newly available information.</span> <span class="date-container"><i>(<span class="date">April 2024</span>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Railways,_passengers_carried_(million_passenger-km)_India_and_China.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Railways%2C_passengers_carried_%28million_passenger-km%29_India_and_China.png/220px-Railways%2C_passengers_carried_%28million_passenger-km%29_India_and_China.png" decoding="async" width="220" height="161" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Railways%2C_passengers_carried_%28million_passenger-km%29_India_and_China.png/330px-Railways%2C_passengers_carried_%28million_passenger-km%29_India_and_China.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/04/Railways%2C_passengers_carried_%28million_passenger-km%29_India_and_China.png/440px-Railways%2C_passengers_carried_%28million_passenger-km%29_India_and_China.png 2x" data-file-width="2394" data-file-height="1754" /></a><figcaption>Stagnation in Indian Railways' Passengers Carried (Million Passenger-km) in a Country Since 2016<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>India's GDP growth experienced a slowdown since 2016 due to a combination of factors such as: </p> <ol><li><a href="/wiki/2016_Indian_banknote_demonetisation" title="2016 Indian banknote demonetisation"><b>Demonetization</b></a>: In November 2016, the Indian government invalidated high denomination currency notes (₹500 and ₹1,000) with the stated goal of combating corruption and black money. This move disrupted the cash-dependent informal sector, causing a contraction in economic activity and a slowdown in GDP growth.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup></li> <li><b><a href="/wiki/Goods_and_Services_Tax_(India)" title="Goods and Services Tax (India)">Goods and Services Tax</a> (GST) implementation</b>: The introduction of the GST in July 2017 aimed to streamline India's tax system. However, challenges in its implementation, including complex rules, confusion about tax rates, and technology issues led to disruptions in supply chains and compliance burdens for small businesses which negatively impacted GDP growth. GST is also sometimes considered a regressive tax as it arguably disproportionately affects the poor more than the rich. It also lead to a decrease in fiscal autonomy of Indian state governments.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup></li> <li><b><a href="/wiki/Banking_in_India" title="Banking in India">Banking sector</a> woes</b>: The Indian banking sector has been grappling with a high level of <a href="/wiki/Non-performing_loan" title="Non-performing loan">non-performing assets</a> (NPAs) or bad loans. This has led to a credit crunch, with domestic banks becoming more cautious in lending especially to the MSME Sector, which in turn has constrained investment and growth in the country.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup></li> <li><b>Global economic factors</b>: The <a href="/wiki/China%E2%80%93United_States_trade_war" title="China–United States trade war">US-China trade war</a> which continued under Joe Biden, volatile oil prices, and a slowdown in global economic growth have impacted India's economy. These factors have contributed to reduced exports and investments, as well as currency volatility.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup></li> <li><b>Weak private investment</b>: India has experienced a decline in private investment, a perceived "unfavourable" business environment, low aggregate demand and the aforementioned credit crunch. This has had a dampening effect on GDP growth.</li> <li><b>Rural distress and consumption slowdown</b>: The rural economy in India, which largely depends on agriculture, has been under stress due to low crop prices, high input costs, poor rainfall, and mounting farmer debt. This has led to reduced rural consumption and a slowdown in overall <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a>.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup></li> <li><b>Income inequality</b>: The increase in income inequality in India as a result of economic reforms has contributed to a decrease in the purchasing power of low-income individuals. This decrease in purchasing power has led to a relatively low demand for goods and services in certain sectors.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup></li></ol> <div class="mw-heading mw-heading2"><h2 id="Later_reforms">Later reforms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=12" title="Edit section: Later reforms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Economic_liberalisation_in_India" title="Special:EditPage/Economic liberalisation in India">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">December 2015</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>During the <a href="/wiki/Atal_Bihari_Vajpayee" title="Atal Bihari Vajpayee">Atal Bihari Vajpayee</a> administration, there were extensive liberal reforms, with the <a href="/wiki/National_Democratic_Alliance" title="National Democratic Alliance">NDA Coalition</a> beginning the privatisation of government-owned businesses, including hotels, VSNL, Maruti Suzuki, and airports. The coalition also implemented tax reduction policies, enacted fiscal policies aimed at reducing deficits and debts, and increased initiatives for public works.<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p><p>In 2011, the second <a href="/wiki/United_Progressive_Alliance" title="United Progressive Alliance">UPA</a> Coalition Government led by <a href="/wiki/Manmohan_Singh" title="Manmohan Singh">Manmohan Singh</a> proposed the introduction of 51% Foreign Direct Investment in the retail sector. However, the decision was delayed due to pressure from coalition parties and the opposition, and it was ultimately approved in December 2012.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p><p>After coming to power in 2014, the <a href="/wiki/Narendra_Modi" title="Narendra Modi">Narendra Modi</a> led government launched several initiatives aimed at promoting economic growth and development. One of the notable programs was the "<a href="/wiki/Make_in_India" title="Make in India">Make in India</a>" campaign, which sought to encourage domestic and foreign companies to invest in manufacturing and production in India. The program aimed to create employment opportunities and enhance the country's manufacturing capabilities. </p> <div class="mw-heading mw-heading3"><h3 id="Privatisation_of_airports">Privatisation of airports</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=13" title="Edit section: Privatisation of airports"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After 2014, the Indian government under the leadership of Prime Minister Narendra Modi initiated the privatisation of airports in India as part of its policy of economic liberalisation and development. Under this policy, the Airports Authority of India (AAI) has been engaging in Public-Private Partnerships (PPP) with private companies for the development, management, and operation of airports in India. This has led to the privatisation of several airports across the country, including those in <a href="/wiki/Ahmedabad_Airport" title="Ahmedabad Airport">Ahmedabad</a>, <a href="/wiki/Chaudhary_Charan_Singh_International_Airport" title="Chaudhary Charan Singh International Airport">Lucknow</a>, <a href="/wiki/Jaipur_International_Airport" title="Jaipur International Airport">Jaipur</a>, <a href="/wiki/Guwahati_airport" class="mw-redirect" title="Guwahati airport">Guwahati</a>, <a href="/wiki/Thiruvananthapuram_International_Airport" title="Thiruvananthapuram International Airport">Thiruvananthapuram</a>, and <a href="/wiki/Mangalore_International_Airport" title="Mangalore International Airport">Mangaluru</a>.<sup id="cite_ref-:16_79-0" class="reference"><a href="#cite_note-:16-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p><p>While the privatisation of airports has been hailed as a step towards modernisation and efficiency, there have also been concerns about the potential impact on workers and the local communities. Critics have argued that the privatisation of airports may lead to job losses and a decline in wages, and that the focus on profit-making may lead to neglect of social and environmental concerns.There have also been controversies around the awarding of contracts to private companies, with allegations of corruption and favouritism in the selection process. However, the government has defended its privatisation policy as a necessary step towards achieving economic growth and development in the country.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> </p><p>Under the second NDA Government, the coal industry was opened up through the passing of the Coal Mines (Special Provisions) Bill of 2015. This effectively ended the state monopoly over the mining of the coal sector and opened it up for private, foreign investments, as well as <a href="/wiki/Private_sector" title="Private sector">private sector</a> mining of coal.<sup id="cite_ref-:16_79-1" class="reference"><a href="#cite_note-:16-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p><p>In the 2016 budget session of Parliament, the <a href="/wiki/Narendra_Modi" title="Narendra Modi">Narendra Modi</a> led NDA Government pushed through the Insolvency and Bankruptcy Code to create time-bound processes for insolvency resolution of companies and individuals.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p><p>On 1 July 2017, the NDA Government under Modi approved the Goods and Services Tax Act, which had been first proposed 17 years earlier under the NDA Government in 2000. The act aimed to replace multiple indirect taxes with a unified tax structure.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p><p>In 2019, Finance Minister <a href="/wiki/Nirmala_Sitharaman" title="Nirmala Sitharaman">Nirmala Sitharaman</a> announced a reduction in the base corporate tax rate from 30% to 22% for companies that do not seek exemptions, and the tax rate for new manufacturing companies was reduced from 25% to 15%. The Indian government proposed agricultural and labor reforms in 2020, but <a href="/wiki/2020%E2%80%932021_Indian_farmers%27_protest" title="2020–2021 Indian farmers' protest">faced backlash from farmers</a> who protested against the proposed agricultural bills. Eventually, due to the sustained protests, the <a href="/wiki/2020_Indian_agriculture_acts" title="2020 Indian agriculture acts">government repealed the agricultural bills</a>.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=14" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Top_10%25_and_bottom_50%25_income_shares_in_India_1900-2021.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Top_10%25_and_bottom_50%25_income_shares_in_India_1900-2021.jpg/379px-Top_10%25_and_bottom_50%25_income_shares_in_India_1900-2021.jpg" decoding="async" width="379" height="334" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Top_10%25_and_bottom_50%25_income_shares_in_India_1900-2021.jpg/569px-Top_10%25_and_bottom_50%25_income_shares_in_India_1900-2021.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Top_10%25_and_bottom_50%25_income_shares_in_India_1900-2021.jpg/758px-Top_10%25_and_bottom_50%25_income_shares_in_India_1900-2021.jpg 2x" data-file-width="798" data-file-height="704" /></a><figcaption>Top 10% and bottom 50% income shares in India 1900–2021</figcaption></figure><p>After 1991, the Indian government removed some restrictions on imports of agricultural products causing a price crash while cutting subsidies for the farmers to keep government intervention to the minimum as per neoliberal ideals causing further farmer distress.<sup id="cite_ref-:10_52-1" class="reference"><a href="#cite_note-:10-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/2020%E2%80%932021_Indian_farmers%27_protest" title="2020–2021 Indian farmers' protest">2020–2021 Indian farmers' protests</a> forced the Indian government to repeal three laws meant to further liberalize Indian agriculture sector.<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> </p><p>India is highly dependent on indirect taxes, especially the tax levied on the sale and manufacture of goods and services that ordinary Indians depend upon.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> </p><p>The liberalization of the economy made India more vulnerable to global market forces, such as fluctuations in commodity prices, exchange rates and global demand for exports. This increased the country's dependence on global market forces, as it became more susceptible to external shocks and economic crises.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> A commonly cited example of this is the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2008 Financial Crisis</a>; although the Indian banking sector had low exposure to US banking sector, the crisis still had a negative impact on the Indian economy due to lower global demand, decline in foreign investment and tightening of credit.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Employment">Employment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=15" title="Edit section: Employment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Initially, the liberalization policies did seem to accelerate the pace of employment generation. However, over the years, this growth in employment has slowed down significantly. A study suggests that even supporters of liberalisation concede that the immediate impact on the labor market has been negative.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> This is particularly true in sectors like agriculture and manufacturing, where the reforms have not satisfactorily addressed the challenges, resulting in minimal job creation despite high economic growth overall.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> </p><p>The employment growth rate in the period between 2004-2005 and 2011-2012 was just 0.45% per annum, and analyses of long-term trends have indicated that periods of higher economic growth have not translated into job creation, a phenomenon often described as "jobless growth".<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p><p>According to the <a href="/wiki/Centre_for_Monitoring_Indian_Economy" title="Centre for Monitoring Indian Economy">Centre for Monitoring Indian Economy</a> (CMIE), although India's population has increased, the workforce has remained stagnant at just over 400 million for the past five years (since 2018), and the quality of jobs has remained low.<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>The service sector, despite its substantial contribution to India's GDP, is often characterized by high productivity but low employment generation. This is because the fastest-growing sub-sectors within services, such as software services, telecommunications, and banking, are capital intensive, not requiring as much labor as other sectors like agriculture or manufacturing. Capital-intensive industries often require the importation of machinery and technology, which can lead to increased current account deficit (with its accompanying vulnerabilities) and is considered a <a href="/wiki/Leakage_(economics)" title="Leakage (economics)">leakage</a> of domestic investment and spending. India's manufacturing sector has seen increased import intensity, meaning that a significant portion of the inputs needed for production comes from imports.<sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Labor_force_participation">Labor force participation</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=16" title="Edit section: Labor force participation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>India's labor force participation rate, a measure of the proportion of the working-age population that is either employed or actively looking for work, has seen a significant decline in recent years. According to the <a href="/wiki/Centre_for_Monitoring_Indian_Economy" title="Centre for Monitoring Indian Economy">Centre for Monitoring Indian Economy</a> (CMIE), India's LPR was approximately 41.38% in March 2021 but has further dropped to around 40.15%. This decline is notable compared to other Asian economies where LPRs are above 60%.<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> </p><p>The low LFPR has been persistent even before the COVID-19 pandemic and has been especially notable in the case of Indian women, where the declining participation rate has been attributed to high unemployment rates and the industry-wise composition of total employment, suggesting displacement.<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> </p><p>Furthermore, a large portion of those who are counted as employed are actually underemployed, such as over one-third of the self-employed who are unpaid workers in their household enterprises. </p> <div class="mw-heading mw-heading3"><h3 id="Vulnerabilities_from_international_integration">Vulnerabilities from international integration</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=17" title="Edit section: Vulnerabilities from international integration"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The integration into global markets has also made India susceptible to foreign monetary policies, particularly those of the U.S. Federal Reserve. Changes in the Fed's policy rates can have a direct impact on the Indian market through various channels. Rate hikes by the Fed tend to strengthen the U.S. dollar against other currencies, including the Indian rupee, which increases the debt servicing costs for Indian borrowers with loans in foreign currency. </p><p>A stronger dollar can lead to capital outflows from India as the interest rate differential between the U.S. and India narrows, making India less attractive to foreign investors as <a href="/wiki/Emerging_market" title="Emerging market">emerging markets</a> are considered 'risky'. These capital outflows can influence asset prices and increase market volatility in India, as well as deplete foreign exchange reserves and create liquidity issues. India's foreign exchange reserves are built through <a href="/wiki/Foreign_portfolio_investment" title="Foreign portfolio investment">foreign capital inflows</a> instead of a <a href="/wiki/Current_account_(balance_of_payments)" title="Current account (balance of payments)">current account surplus</a> like in the case of Russia or China. </p><p>Additionally, the central bank is forced to raise interest rates in order to arrest some of the capital outflows hence reducing domestic demand and accompanying economic effects. </p> <div class="mw-heading mw-heading4"><h4 id="Vulnerabilities_from_global_commodity_prices">Vulnerabilities from global commodity prices</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=18" title="Edit section: Vulnerabilities from global commodity prices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>India continues to be vulnerable to effects of global commodity prices, particularly the price of crude oil. The long-term effects include a heightened vulnerability to an increase in the import bill and Current Account Deficit, depreciation of the Indian Rupee and an inflationary impact associated with a rise in crude oil prices.<sup id="cite_ref-:14_97-0" class="reference"><a href="#cite_note-:14-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p><p>India's approach to food self-sufficiency is shaped by <a href="/wiki/Green_Revolution_in_India" title="Green Revolution in India">strategic state policies</a> that have historically insulated it from the kind of food scarcity experienced by some African nations that are heavily reliant on food imports. </p><p>Data from the Petroleum Planning & Analysis Cell of the Ministry of Oil indicates that India's import dependence for crude oil has escalated to 87.8% in August 2023, an increase from 86.5% in the prior year.<sup id="cite_ref-:14_97-1" class="reference"><a href="#cite_note-:14-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Dependence_on_global_export_demand">Dependence on global export demand</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=19" title="Edit section: Dependence on global export demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Neoliberal reforms have led to a significant increase in exports as a share of the India's GDP. While this has fueled growth in some sectors, it also means that the Indian economy becomes more vulnerable to fluctuations in global market demand. Over-reliance on exports can lead to economic instability if global demand weakens or if there are competitive pressures from other countries. Moreover, this strategy often results in neglecting the domestic market and local production capacities, which can exacerbate economic inequalities and reduce self-sufficiency.<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> </p><p>India's export demand, influenced by the global market, has seen a contraction in recent times. In April 2023, India's merchandise exports contracted by 12.7%, with imports also seeing a sharp decline due to low demand in the U.S. and EU Markets. </p> <div class="mw-heading mw-heading4"><h4 id="Impact_on_domestic_monetary_and_fiscal_policies">Impact on domestic monetary and fiscal policies</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=20" title="Edit section: Impact on domestic monetary and fiscal policies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>India's fiscal policies have been criticised by some for prioritizing the demands of foreign investors over the domestic demand and well-being of its citizens. The criticism is rooted in the observation that the Indian government has adopted a regime of fiscal austerity, where it has been reducing its fiscal deficit relative to its GDP by cutting down on revenue expenditure such as welfare, subsidies, and other services. This austerity in revenue expenditure has led to a significant reduction in government spending on welfare, such as health, <a href="/wiki/Mahatma_Gandhi_National_Rural_Employment_Guarantee_Act,_2005" title="Mahatma Gandhi National Rural Employment Guarantee Act, 2005">rural employment</a>, social assistance, child care centers, <a href="/wiki/Midday_Meal_Scheme" title="Midday Meal Scheme">midday meals</a>, and maternity benefits. As a consequence, the domestic demand is depressed, real wages are falling, and employment situation is dire.<sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-101" class="reference"><a href="#cite_note-101"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">[</span>103<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/B._V._R._Subrahmanyam" title="B. V. R. Subrahmanyam">BVR Subrahmanyam</a>, the CEO of NITI Aayog said in a speech about cutting funding for Ministry of Women and Child Development “I still remember when we were cutting off … women and child – state subject – 36,000, make it 18,000 crores,” that is 360 billion rupees ($5.8bn) to 180 billion rupees ($2.9bn).<sup id="cite_ref-aljazeera.com_104-0" class="reference"><a href="#cite_note-aljazeera.com-104"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup> </p><p>Additionally, the incomes of informal workers, such as food delivery platform workers, have fallen, and their net incomes have declined significantly after accounting for inflation and fuel costs.<sup id="cite_ref-105" class="reference"><a href="#cite_note-105"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup> </p><p>The government's economic policies, shaped by the desire to attract foreign capital is criticised by some for causing a deterioration in the economic condition of the working class, which potentially leads to a cycle of reduced aggregate demand, further hurting the economy and making it subservient to the interests of foreign capital at the expense of its domestic prosperity. </p> <div class="mw-heading mw-heading5"><h5 id="Cutting_of_state_finances">Cutting of state finances</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=21" title="Edit section: Cutting of state finances"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In a study conducted in January 2023, researchers from the National Institute of Public Finance and Policy examined state revenues. Their analysis revealed that in 17 of the 18 states they investigated, the income generated from state-level taxes diminished after implementation of GST compared to the pre-GST era. This decline was observed in terms of the percentage of the gross state domestic product (GSDP).<sup id="cite_ref-aljazeera.com_104-1" class="reference"><a href="#cite_note-aljazeera.com-104"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup> This reduction in revenue leads to states being forced to cut back on spending. </p> <div class="mw-heading mw-heading3"><h3 id="Income_Inequality">Income Inequality</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=22" title="Edit section: Income Inequality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The liberalisation of the Indian economy was followed by a large increase in inequality with the income share of the top 10% of the population increasing from 35% in 1991 to 57.1% in 2014. Likewise, the income share of the bottom 50% decreased from 20.1% in 1991 to 13.1% in 2014.<sup id="cite_ref-106" class="reference"><a href="#cite_note-106"><span class="cite-bracket">[</span>106<span class="cite-bracket">]</span></a></sup> It has also been criticised for decreasing rural living standards, rural employment and an increase in <a href="/wiki/Farmer_suicides_in_India" class="mw-redirect" title="Farmer suicides in India">farmer suicides</a>.<sup id="cite_ref-:10_52-2" class="reference"><a href="#cite_note-:10-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> Income inequality in India has been a major concern, especially since 2016. The top 10% of the population holds 77% of the total national wealth, with the richest 1% acquiring 73% of the wealth generated in 2017, while the poorest half of the population, about 670 million people, saw only a 1% increase in their wealth.<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">[</span>107<span class="cite-bracket">]</span></a></sup> </p><p>The annual income of the bottom 20% of households in India experienced a sharp decline of 53% during the pandemic year of 2020-21 compared to their 2015-16 levels, and have yet to bounce back to pre-pandemic levels. In contrast, the top 20% of households saw their annual income increase by 39%. This challenges the neoliberal argument that economic liberalisation benefits all segments to some extent, even if it exacerbates income disparities.<sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">[</span>108<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">[</span>109<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Poverty">Poverty</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=23" title="Edit section: Poverty"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Share-living-with-less-than-10-int--per-day.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Share-living-with-less-than-10-int--per-day.svg/220px-Share-living-with-less-than-10-int--per-day.svg.png" decoding="async" width="220" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Share-living-with-less-than-10-int--per-day.svg/330px-Share-living-with-less-than-10-int--per-day.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Share-living-with-less-than-10-int--per-day.svg/440px-Share-living-with-less-than-10-int--per-day.svg.png 2x" data-file-width="850" data-file-height="600" /></a><figcaption>Despite economic reforms, decline in poverty has been slow in India compared to its neighbours like China, which did not liberalise to the same extent.</figcaption></figure> <p>Poverty continues to persist in India, before the COVID-19 pandemic there were 59 million Indians living below $2 a day and 1,162 million living between $2.01 and $10 a day.<sup id="cite_ref-:11_110-0" class="reference"><a href="#cite_note-:11-110"><span class="cite-bracket">[</span>110<span class="cite-bracket">]</span></a></sup> Low government expenditure on healthcare has resulted in a healthcare quality divide between rich and poor as well as between the rural and urban population.<sup id="cite_ref-111" class="reference"><a href="#cite_note-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> </p><p>The COVID-19 pandemic has had a profound impact on poverty levels in India, significantly reversing the progress made over recent decades in poverty reduction. The World Bank's forecasts indicated a substantial increase in global extreme poverty due to the economic consequences of the pandemic. This has exacerbated hunger and poverty within the country.<sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup> </p><p>The Asian Development Bank reported that in 2022, 5.7% of the employed population in India was living below $1.90 purchasing power parity per day.<sup id="cite_ref-113" class="reference"><a href="#cite_note-113"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup> The World Bank's global poverty update in September 2023 indicated that India accounts for 40% of the increase in the global extreme poverty rate during the COVID-19 pandemic.<sup id="cite_ref-114" class="reference"><a href="#cite_note-114"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup> </p><p>Some critiques suggest that the multidimensional poverty indices, while comprehensive, may not sufficiently capture the severity of issues such as hunger and absolute poverty. They point to evidence of declining calorie intake and food grain consumption, arguing this reflects an increase in absolute poverty rather than an enhancement in living standards through the diversification of consumption.<sup id="cite_ref-115" class="reference"><a href="#cite_note-115"><span class="cite-bracket">[</span>115<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Decline_in_consumption">Decline in consumption</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=24" title="Edit section: Decline in consumption"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The 2017-18 National Sample Survey on consumer expenditure in India which was leaked revealed a worrisome decline in consumer spending, marking the first such drop in 40 years. The survey indicated that the average monthly spending by an Indian fell by 3.7% to Rs 1,446 from Rs 1,501 in 2011–12. In rural areas, the decline was even sharper at 8.8%, although urban spending saw a 2% rise over the same period.<sup id="cite_ref-:13_116-0" class="reference"><a href="#cite_note-:13-116"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-117" class="reference"><a href="#cite_note-117"><span class="cite-bracket">[</span>117<span class="cite-bracket">]</span></a></sup> </p><p>Despite these concerning findings, the government decided not to release the report, citing "data quality issues" and later scrapped the survey altogether. This action was seen as a rejection of evidence by the government, especially since such surveys are crucial for setting the base year for key macroeconomic data like GDP.<sup id="cite_ref-:13_116-1" class="reference"><a href="#cite_note-:13-116"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Producer_Support_Estimate_measured_as_a_percentage_of_gross_farm_receipts.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ae/Producer_Support_Estimate_measured_as_a_percentage_of_gross_farm_receipts.jpg/550px-Producer_Support_Estimate_measured_as_a_percentage_of_gross_farm_receipts.jpg" decoding="async" width="550" height="273" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ae/Producer_Support_Estimate_measured_as_a_percentage_of_gross_farm_receipts.jpg/825px-Producer_Support_Estimate_measured_as_a_percentage_of_gross_farm_receipts.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ae/Producer_Support_Estimate_measured_as_a_percentage_of_gross_farm_receipts.jpg/1100px-Producer_Support_Estimate_measured_as_a_percentage_of_gross_farm_receipts.jpg 2x" data-file-width="2780" data-file-height="1380" /></a><figcaption>India's Producer Support Estimate consistently registers negative figures, suggesting that the government is more inclined towards taxing or discouraging its agricultural producers, rather than providing them with support or subsidies.<sup id="cite_ref-118" class="reference"><a href="#cite_note-118"><span class="cite-bracket">[</span>118<span class="cite-bracket">]</span></a></sup></figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Agrarian_crisis">Agrarian crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=25" title="Edit section: Agrarian crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Neoliberal economic policies have markedly shaped India's agricultural crisis, impacting a vast number of people since more than 70% rely on farming for their livelihood. This situation is intensified by several economic strategies, particularly those shaped by the World Trade Organization (WTO) demands. The WTO urges countries such as India to cut back on agricultural subsidies, which are crucial for sustaining food security and supporting the rural economy.<sup id="cite_ref-119" class="reference"><a href="#cite_note-119"><span class="cite-bracket">[</span>119<span class="cite-bracket">]</span></a></sup> </p><p>Post-1991 economic reforms explicitly rejected the need for institutional transformation in agriculture, leading to a contraction of the role of the Indian state. The state was encouraged to withdraw its protectionist disposition, making way for a free, privatised, and financialised market. The opening up of the markets exposed small farmers to volatile global market forces influenced by heavy subsidies given to agriculture sector in developed countries, against which they were not equipped to compete.<sup id="cite_ref-120" class="reference"><a href="#cite_note-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-121" class="reference"><a href="#cite_note-121"><span class="cite-bracket">[</span>121<span class="cite-bracket">]</span></a></sup> </p><p>With the withdrawal of state support and the opening up of agricultural markets, many farmers have had to take loans to keep up with the increased costs of farming, leading to a debt trap for many. The debt trap resulted in a high incidence of farmer suicides. In 2017 alone, 10,655 farmers took their lives due to these pressures.<sup id="cite_ref-122" class="reference"><a href="#cite_note-122"><span class="cite-bracket">[</span>122<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Hunger_and_Malnutrition">Hunger and Malnutrition</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=26" title="Edit section: Hunger and Malnutrition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The 2023 Global Hunger Index indicates that little progress has been made since 2015. This stagnation is seen as a result of the combined effects of multiple crises.India was ranked 111th out of 125 countries, which indicates a serious level of hunger representing a decline from the previous year, where India was positioned at 107th.<sup id="cite_ref-123" class="reference"><a href="#cite_note-123"><span class="cite-bracket">[</span>123<span class="cite-bracket">]</span></a></sup> </p><p>India has the highest child wasting rate reported in the 2023 GHI at 18.7 percent.The child stunting rate, which indicates children with low height for their age and chronic undernutrition, stands at 35.5 percent. The proportion of undernourished individuals in India is 16.6 percent, which contributes to the overall hunger issues in the country. India's hunger situation is more severe compared to neighboring countries such as Pakistan (102nd), Bangladesh (81st), Nepal (69th), and Sri Lanka (60th), which all have better rankings in the index.<sup id="cite_ref-124" class="reference"><a href="#cite_note-124"><span class="cite-bracket">[</span>124<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Anemia">Anemia</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=27" title="Edit section: Anemia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Anemia represents a serious public health crisis in India, with government statistics revealing a widespread prevalence of the condition across various demographics. According to the National Family Health Survey (NFHS) for 2019–2021, anemia affects a substantial portion of the population, including 67.1% of children aged 6–59 months, 59.1% of adolescent girls (15–19 years), 31.1% of adolescent boys (15–19 years), 57.2% of women of reproductive age (15–49 years), and 52.2% of pregnant women.<sup id="cite_ref-125" class="reference"><a href="#cite_note-125"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">[</span>126<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=28" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Economy_of_India" title="Economy of India">Economy of India</a></li> <li><a href="/wiki/Globalization_in_India" title="Globalization in India">Globalization in India</a></li> <li><a href="/wiki/Licence_Raj" title="Licence Raj">Licence Raj</a></li> <li><a href="/wiki/Hindu_rate_of_growth" title="Hindu rate of growth">Hindu rate of growth</a></li> <li><a href="/wiki/Economic_miracle" title="Economic miracle">Economic miracle</a></li> <li><a href="/wiki/Indian_Diaspora" class="mw-redirect" title="Indian Diaspora">Indian Diaspora</a></li> <li><a href="/wiki/Income_inequality_in_India" title="Income inequality in India">Income inequality in India</a></li> <li><a href="/wiki/Remittances_to_India" title="Remittances to India">Remittances to India</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=29" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-originalreport-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-originalreport_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation report cs1"><a rel="nofollow" class="external text" href="https://documents.worldbank.org/en/publication/documents-reports/documentdetail/999451468260069468/india-structural-adjustment-credit-project">India – Structural Adjustment Credit Project (English) – Presidents report</a> (Report). World Bank. 12 November 1991. p. 1.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=India+%E2%80%93+Structural+Adjustment+Credit+Project+%28English%29+%E2%80%93+Presidents+report&rft.pages=1&rft.pub=World+Bank&rft.date=1991-11-12&rft_id=https%3A%2F%2Fdocuments.worldbank.org%2Fen%2Fpublication%2Fdocuments-reports%2Fdocumentdetail%2F999451468260069468%2Findia-structural-adjustment-credit-project&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></span> </li> <li id="cite_note-worldbank-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-worldbank_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20190509212112/http://lnweb90.worldbank.org/oed/oeddoclib.nsf/DocUNIDViewForJavaSearch/0586CC45A28A2749852567F5005D8C89">"Structural adjustments in India – a reportof the Independent Evaluation Group (IEG"</a>. 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Verlag Barbara Budrich. p. 136. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/20.500.12657%2F57067">20.500.12657/57067</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-8474-2474-1" title="Special:BookSources/978-3-8474-2474-1"><bdi>978-3-8474-2474-1</bdi></a>. <q>There was a perpetual fear of foreign influence on the Indian economy. 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Retrieved <span class="nowrap">6 November</span> 2023</span> – via publications.aap.org.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Pediatrics&rft.atitle=Public+Health+Crisis+of+Anemia+in+India%3A+A+Study+of+Three+Villages&rft.date=2022-02&rft_id=https%3A%2F%2Fpublications.aap.org%2Fpediatrics%2Farticle%2F149%2F1%2520Meeting%2520Abstracts%2520February%25202022%2F506%2F186346%2FPublic-Health-Crisis-of-Anemia-in-India-A-Study-of%3Fautologincheck%3Dredirected%23%3A~%3Atext%3DConclusion%3A%2520Anemia%2520is%2520a%2520serious%2Ccombat%2520this%2520public%2520health%2520issue&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading3"><h3 id="Works_cited">Works cited</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=30" title="Edit section: Works cited"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKumar2005" class="citation book cs1">Kumar, Dharma (2005). <i>The Cambridge Economic History of India, Volume II : c. 1757–2003</i>. New Delhi: Orient Longman. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-81-250-2710-2" title="Special:BookSources/978-81-250-2710-2"><bdi>978-81-250-2710-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Cambridge+Economic+History+of+India%2C+Volume+II+%3A+c.+1757%E2%80%932003&rft.place=New+Delhi&rft.pub=Orient+Longman&rft.date=2005&rft.isbn=978-81-250-2710-2&rft.aulast=Kumar&rft.aufirst=Dharma&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTask_Force_Report2006" class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090207125338/http://harrisschool.uchicago.edu/News/press-releases/IPP%20Economic%20Reform%20in%20India.pdf">"Economic reforms in India: Task force report"</a> <span class="cs1-format">(PDF)</span>. University of Chicago. Archived from <a rel="nofollow" class="external text" href="http://harrisschool.uchicago.edu/News/press-releases/IPP%20Economic%20Reform%20in%20India.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 7 February 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Economic+reforms+in+India%3A+Task+force+report&rft.pub=University+of+Chicago&rft_id=http%3A%2F%2Fharrisschool.uchicago.edu%2FNews%2Fpress-releases%2FIPP%2520Economic%2520Reform%2520in%2520India.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_liberalisation_in_India&action=edit&section=31" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>For a short educational video of the <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081118121401/http://one.revver.com/watch/339183/flv/affiliate/94378">"economic history of India"</a>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNick_Gillespie2009" class="citation web cs1">Nick Gillespie (2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090613102213/http://reason.com/blog/show/131810.html">"What Slumdog Millionaire can teach Americans about economic stimulus"</a>. <i>Reason</i>. Archived from <a rel="nofollow" class="external text" href="http://www.reason.com/blog/show/131810.html">the original</a> on 13 June 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">6 April</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Reason&rft.atitle=What+Slumdog+Millionaire+can+teach+Americans+about+economic+stimulus&rft.date=2009&rft.au=Nick+Gillespie&rft_id=http%3A%2F%2Fwww.reason.com%2Fblog%2Fshow%2F131810.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGurcharan_Das2006" class="citation magazine cs1">Gurcharan Das (2006). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090307101534/http://www.foreignaffairs.org/20060701faessay85401-p0/gurcharan-das/the-india-model.html">"The India Model"</a>. <i>The Foreign Affairs</i>. Archived from <a rel="nofollow" class="external text" href="http://www.foreignaffairs.org/20060701faessay85401-p0/gurcharan-das/the-india-model.html">the original</a> on 7 March 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Foreign+Affairs&rft.atitle=The+India+Model&rft.date=2006&rft.au=Gurcharan+Das&rft_id=http%3A%2F%2Fwww.foreignaffairs.org%2F20060701faessay85401-p0%2Fgurcharan-das%2Fthe-india-model.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRavinder_Kaur2012" class="citation journal cs1">Ravinder Kaur (2012). <a rel="nofollow" class="external text" href="https://www.academia.edu/3347336">"India Inc. and its Moral Discontent"</a>. <i>Economic and Political Weekly</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+and+Political+Weekly&rft.atitle=India+Inc.+and+its+Moral+Discontent&rft.date=2012&rft.au=Ravinder+Kaur&rft_id=https%3A%2F%2Fwww.academia.edu%2F3347336&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAditya_Gupta2006" class="citation web cs1">Aditya Gupta (2006). <a rel="nofollow" class="external text" href="https://wayback.archive-it.org/all/20090226070930/http://www.ccsindia.org/interns2006/How%20Wrong%20is%20left%20about%20ecoonimic%20reforms%20in%20India%20-%20Aditya.pdf">"How wrong has the Indian Left been about economic reforms?"</a> <span class="cs1-format">(PDF)</span>. Centre for Civil Society. Archived from <a rel="nofollow" class="external text" href="http://www.ccsindia.org/interns2006/How%20Wrong%20is%20left%20about%20ecoonimic%20reforms%20in%20India%20-%20Aditya.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 26 February 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">25 February</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=How+wrong+has+the+Indian+Left+been+about+economic+reforms%3F&rft.pub=Centre+for+Civil+Society&rft.date=2006&rft.au=Aditya+Gupta&rft_id=http%3A%2F%2Fwww.ccsindia.org%2Finterns2006%2FHow%2520Wrong%2520is%2520left%2520about%2520ecoonimic%2520reforms%2520in%2520India%2520-%2520Aditya.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090114195859/http://www.ukibc.com/ukindia2/files/India60.pdf">"The India Report"</a> <span class="cs1-format">(PDF)</span>. Astaire Research <<doesn't work>>. 2007. Archived from <a rel="nofollow" class="external text" href="http://www.ukibc.com/ukindia2/files/India60.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 14 January 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+India+Report&rft.pub=Astaire+Research+%3C%3Cdoesn%27t+work%3E%3E&rft.date=2007&rft_id=http%3A%2F%2Fwww.ukibc.com%2Fukindia2%2Ffiles%2FIndia60.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+liberalisation+in+India" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output 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.navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Economic_liberalisation_in_Asia" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Asia_topic" title="Template:Asia topic"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Asia_topic" title="Template talk:Asia topic"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Asia_topic" title="Special:EditPage/Template:Asia topic"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economic_liberalisation_in_Asia" style="font-size:114%;margin:0 4em">Economic liberalisation in Asia</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_sovereign_states" title="List of sovereign states">Sovereign states</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/w/index.php?title=Economic_liberalisation_in_Afghanistan&action=edit&redlink=1" class="new" title="Economic liberalisation in Afghanistan (page does not exist)">Afghanistan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Armenia&action=edit&redlink=1" class="new" title="Economic liberalisation in Armenia (page does not exist)">Armenia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Azerbaijan&action=edit&redlink=1" class="new" title="Economic liberalisation in Azerbaijan (page does not exist)">Azerbaijan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Bahrain&action=edit&redlink=1" class="new" title="Economic liberalisation in Bahrain (page does not exist)">Bahrain</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Bangladesh&action=edit&redlink=1" class="new" title="Economic liberalisation in Bangladesh (page does not exist)">Bangladesh</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Bhutan&action=edit&redlink=1" class="new" title="Economic liberalisation in Bhutan (page does not exist)">Bhutan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Brunei&action=edit&redlink=1" class="new" title="Economic liberalisation in Brunei (page does not exist)">Brunei</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Cambodia&action=edit&redlink=1" class="new" title="Economic liberalisation in Cambodia (page does not exist)">Cambodia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_China&action=edit&redlink=1" class="new" title="Economic liberalisation in China (page does not exist)">China</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Cyprus&action=edit&redlink=1" class="new" title="Economic liberalisation in Cyprus (page does not exist)">Cyprus</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_East_Timor&action=edit&redlink=1" class="new" title="Economic liberalisation in East Timor (page does not exist)">East Timor (Timor-Leste)</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Egypt&action=edit&redlink=1" class="new" title="Economic liberalisation in Egypt (page does not exist)">Egypt</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Georgia_(country)&action=edit&redlink=1" class="new" title="Economic liberalisation in Georgia (country) (page does not exist)">Georgia</a></li> <li><a class="mw-selflink selflink">India</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Indonesia&action=edit&redlink=1" class="new" title="Economic liberalisation in Indonesia (page does not exist)">Indonesia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Iran&action=edit&redlink=1" class="new" title="Economic liberalisation in Iran (page does not exist)">Iran</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Iraq&action=edit&redlink=1" class="new" title="Economic liberalisation in Iraq (page does not exist)">Iraq</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Israel&action=edit&redlink=1" class="new" title="Economic liberalisation in Israel (page does not exist)">Israel</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Japan&action=edit&redlink=1" class="new" title="Economic liberalisation in Japan (page does not exist)">Japan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Jordan&action=edit&redlink=1" class="new" title="Economic liberalisation in Jordan (page does not exist)">Jordan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Kazakhstan&action=edit&redlink=1" class="new" title="Economic liberalisation in Kazakhstan (page does not exist)">Kazakhstan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_North_Korea&action=edit&redlink=1" class="new" title="Economic liberalisation in North Korea (page does not exist)">North Korea</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_South_Korea&action=edit&redlink=1" class="new" title="Economic liberalisation in South Korea (page does not exist)">South Korea</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Kuwait&action=edit&redlink=1" class="new" title="Economic liberalisation in Kuwait (page does not exist)">Kuwait</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Kyrgyzstan&action=edit&redlink=1" class="new" title="Economic liberalisation in Kyrgyzstan (page does not exist)">Kyrgyzstan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Laos&action=edit&redlink=1" class="new" title="Economic liberalisation in Laos (page does not exist)">Laos</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Lebanon&action=edit&redlink=1" class="new" title="Economic liberalisation in Lebanon (page does not exist)">Lebanon</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Malaysia&action=edit&redlink=1" class="new" title="Economic liberalisation in Malaysia (page does not exist)">Malaysia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_the_Maldives&action=edit&redlink=1" class="new" title="Economic liberalisation in the Maldives (page does not exist)">Maldives</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Mongolia&action=edit&redlink=1" class="new" title="Economic liberalisation in Mongolia (page does not exist)">Mongolia</a></li> <li><a href="/wiki/Economic_liberalisation_in_Myanmar" class="mw-redirect" title="Economic liberalisation in Myanmar">Myanmar</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Nepal&action=edit&redlink=1" class="new" title="Economic liberalisation in Nepal (page does not exist)">Nepal</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Oman&action=edit&redlink=1" class="new" title="Economic liberalisation in Oman (page does not exist)">Oman</a></li> <li><a href="/wiki/Economic_liberalisation_in_Pakistan" title="Economic liberalisation in Pakistan">Pakistan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_the_Philippines&action=edit&redlink=1" class="new" title="Economic liberalisation in the Philippines (page does not exist)">Philippines</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Qatar&action=edit&redlink=1" class="new" title="Economic liberalisation in Qatar (page does not exist)">Qatar</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Russia&action=edit&redlink=1" class="new" title="Economic liberalisation in Russia (page does not exist)">Russia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Saudi_Arabia&action=edit&redlink=1" class="new" title="Economic liberalisation in Saudi Arabia (page does not exist)">Saudi Arabia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Singapore&action=edit&redlink=1" class="new" title="Economic liberalisation in Singapore (page does not exist)">Singapore</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Sri_Lanka&action=edit&redlink=1" class="new" title="Economic liberalisation in Sri Lanka (page does not exist)">Sri Lanka</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Syria&action=edit&redlink=1" class="new" title="Economic liberalisation in Syria (page does not exist)">Syria</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Tajikistan&action=edit&redlink=1" class="new" title="Economic liberalisation in Tajikistan (page does not exist)">Tajikistan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Thailand&action=edit&redlink=1" class="new" title="Economic liberalisation in Thailand (page does not exist)">Thailand</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Turkey&action=edit&redlink=1" class="new" title="Economic liberalisation in Turkey (page does not exist)">Turkey</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Turkmenistan&action=edit&redlink=1" class="new" title="Economic liberalisation in Turkmenistan (page does not exist)">Turkmenistan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_the_United_Arab_Emirates&action=edit&redlink=1" class="new" title="Economic liberalisation in the United Arab Emirates (page does not exist)">United Arab Emirates</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Uzbekistan&action=edit&redlink=1" class="new" title="Economic liberalisation in Uzbekistan (page does not exist)">Uzbekistan</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Vietnam&action=edit&redlink=1" class="new" title="Economic liberalisation in Vietnam (page does not exist)">Vietnam</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Yemen&action=edit&redlink=1" class="new" title="Economic liberalisation in Yemen (page does not exist)">Yemen</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_states_with_limited_recognition" title="List of states with limited recognition">States with<br />limited recognition</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/w/index.php?title=Economic_liberalisation_in_Abkhazia&action=edit&redlink=1" class="new" title="Economic liberalisation in Abkhazia (page does not exist)">Abkhazia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Northern_Cyprus&action=edit&redlink=1" class="new" title="Economic liberalisation in Northern Cyprus (page does not exist)">Northern Cyprus</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_the_State_of_Palestine&action=edit&redlink=1" class="new" title="Economic liberalisation in the State of Palestine (page does not exist)">Palestine</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_South_Ossetia&action=edit&redlink=1" class="new" title="Economic liberalisation in South Ossetia (page does not exist)">South Ossetia</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Taiwan&action=edit&redlink=1" class="new" title="Economic liberalisation in Taiwan (page does not exist)">Taiwan</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Dependent_territory" title="Dependent territory">Dependencies</a> and<br />other territories</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/w/index.php?title=Economic_liberalisation_in_the_British_Indian_Ocean_Territory&action=edit&redlink=1" class="new" title="Economic liberalisation in the British Indian Ocean Territory (page does not exist)">British Indian Ocean Territory</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Christmas_Island&action=edit&redlink=1" class="new" title="Economic liberalisation in Christmas Island (page does not exist)">Christmas Island</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_the_Cocos_(Keeling)_Islands&action=edit&redlink=1" class="new" title="Economic liberalisation in the Cocos (Keeling) Islands (page does not exist)">Cocos (Keeling) Islands</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Hong_Kong&action=edit&redlink=1" class="new" title="Economic liberalisation in Hong Kong (page does not exist)">Hong Kong</a></li> <li><a href="/w/index.php?title=Economic_liberalisation_in_Macau&action=edit&redlink=1" class="new" title="Economic liberalisation in Macau (page does not exist)">Macau</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Asia" title="Category:Asia">Category</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Asia" title="Portal:Asia">Asia portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="23x15px&#124;border_&#124;alt=India&#124;link=India_Economy_of_India" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_India" title="Template:Economy of India"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_India" title="Template talk:Economy of India"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_India" title="Special:EditPage/Template:Economy of India"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="23x15px&#124;border_&#124;alt=India&#124;link=India_Economy_of_India" style="font-size:114%;margin:0 4em"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/India" title="India"><img alt="India" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Economy_of_India" title="Economy of India">Economy of India</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_companies_of_India" title="List of companies of India">Companies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BSE_SENSEX" title="BSE SENSEX">BSE SENSEX</a></li> <li><a href="/wiki/NIFTY_50" title="NIFTY 50">NIFTY 50</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Governance</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ministry_of_Finance_(India)" title="Ministry of Finance (India)">Ministry of Finance</a> <ul><li><a href="/wiki/Minister_of_Finance_(India)" title="Minister of Finance (India)">Finance ministers</a></li></ul></li> <li><a href="/wiki/Ministry_of_Commerce_and_Industry_(India)" title="Ministry of Commerce and Industry (India)">Ministry of Commerce and Industry</a></li> <li><a href="/wiki/Finance_Commission" title="Finance Commission">Finance Commission</a></li> <li><a href="/wiki/Economic_Advisory_Council" title="Economic Advisory Council">Economic Advisory Council</a></li> <li><a href="/wiki/Central_Statistics_Office_(India)" title="Central Statistics Office (India)">Central Statistical Office</a></li> <li><a href="/wiki/Securities_and_Exchange_Board_of_India" title="Securities and Exchange Board of India">Securities and Exchange Board of India</a></li> <li><a href="/wiki/Enforcement_Directorate" title="Enforcement Directorate">Enforcement Directorate</a></li> <li><a href="/wiki/External_debt_of_India" title="External debt of India">External debt</a></li> <li><a href="/wiki/Foreign_trade_of_India" title="Foreign trade of India">Foreign trade</a></li> <li><a href="/wiki/Foreign_direct_investment_in_India" title="Foreign direct investment in India">Foreign direct investment</a></li> <li><a href="/wiki/Foreign-exchange_reserves_of_India" title="Foreign-exchange reserves of India">Foreign exchange reserves</a></li> <li><a href="/wiki/Remittances_to_India" title="Remittances to India">Remittances</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">Taxation</a></li> <li><a href="/wiki/Subsidies_in_India" title="Subsidies in India">Subsidies</a></li> <li><a href="/wiki/Industrial_licensing_in_India" title="Industrial licensing in India">Industrial licensing</a></li> <li><a href="/wiki/National_Voluntary_Guidelines_on_Social,_Environmental_and_Economic_Responsibilities_of_Business" title="National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business">Voluntary guidelines</a></li> <li><a href="/wiki/NITI_Aayog" title="NITI Aayog">NITI Aayog</a></li> <li><a href="/wiki/Make_in_India" title="Make in India">Make in India</a></li> <li><a href="/wiki/Atmanirbhar_Bharat" title="Atmanirbhar Bharat">Atmanirbhar Bharat</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Indian_rupee" title="Indian rupee">Indian rupee</a> <ul><li><a href="/wiki/Indian_rupee_sign" title="Indian rupee sign">Sign</a></li> <li><a href="/wiki/History_of_the_rupee" title="History of the rupee">History</a></li> <li><a href="/wiki/Exchange_rate_history_of_the_Indian_rupee" title="Exchange rate history of the Indian rupee">Historical Forex</a></li> <li><a href="/wiki/Digital_rupee" title="Digital rupee">Digital rupee</a></li> <li><a href="/wiki/Coinage_of_India" title="Coinage of India">Coinage</a></li> <li><a href="/wiki/Indian_paisa" title="Indian paisa">Paisa</a></li></ul></li> <li><a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">Reserve Bank of India</a> <ul><li><a href="/wiki/List_of_governors_of_the_Reserve_Bank_of_India" title="List of governors of the Reserve Bank of India">Governor</a></li> <li><a href="/wiki/India_Government_Mint" title="India Government Mint">Mint</a></li></ul></li> <li><a href="/wiki/Inflation_in_India" title="Inflation in India">Inflation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Financial services</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_in_India" title="Banking in India">Banking</a></li> <li><a href="/wiki/Insurance_in_India" title="Insurance in India">Insurance</a></li> <li><a href="/wiki/Multi_Commodity_Exchange" title="Multi Commodity Exchange">Multi Commodity Exchange</a></li> <li><a href="/wiki/The_Gold_(Control)_Act,_1968" title="The Gold (Control) Act, 1968">Bullion</a></li> <li><a href="/wiki/Indian_black_money" title="Indian black money">Black money</a> <ul><li><a href="/wiki/Bombay_Stock_Exchange" title="Bombay Stock Exchange">Bombay</a></li> <li><a href="/wiki/National_Stock_Exchange_of_India" title="National Stock Exchange of India">National</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_history_of_India" title="Economic history of India">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">COVID-19 impact</a></li> <li><a href="/wiki/Economic_development_in_India" title="Economic development in India">Economic development</a></li> <li><a class="mw-selflink selflink">Liberalisation</a></li> <li><a href="/wiki/Licence_Raj" title="Licence Raj">Licence Raj</a></li> <li><a href="/wiki/Green_Revolution_in_India" title="Green Revolution in India">Green revolution</a></li> <li><a href="/wiki/List_of_schemes_of_the_government_of_India" title="List of schemes of the government of India">Government initiatives</a></li> <li><a href="/wiki/Indian_numbering_system" title="Indian numbering system">Numbering system</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_Indians_by_net_worth" title="List of Indians by net worth">Billionaires</a></li> <li><a href="/wiki/Demographics_of_India" title="Demographics of India">Demography</a></li> <li><a href="/wiki/Income_in_India" title="Income in India">Income</a> <ul><li><a href="/wiki/Poverty_in_India" title="Poverty in India">Poverty</a></li></ul></li> <li><a href="/wiki/Indian_labour_law" title="Indian labour law">Labour law</a></li> <li><a href="/wiki/Pensions_in_India" title="Pensions in India">Pensions</a> <ul><li><a href="/wiki/Employees%27_Provident_Fund_Organisation" title="Employees' Provident Fund Organisation">EPFO</a></li> <li><a href="/wiki/National_Pension_Scheme" class="mw-redirect" title="National Pension Scheme">NPS</a></li> <li><a href="/wiki/Public_Provident_Fund_(India)" title="Public Provident Fund (India)">PPF</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By state</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Andhra_Pradesh" title="Economy of Andhra Pradesh">Andhra Pradesh</a></li> <li><a href="/wiki/Economy_of_Assam" title="Economy of Assam">Assam</a></li> <li><a href="/wiki/Economy_of_Bihar" title="Economy of Bihar">Bihar</a></li> <li><a href="/wiki/Economy_of_Delhi" title="Economy of Delhi">Delhi</a></li> <li><a href="/wiki/Economy_of_Goa" class="mw-redirect" title="Economy of Goa">Goa</a></li> <li><a href="/wiki/Economy_of_Gujarat" title="Economy of Gujarat">Gujarat</a></li> <li><a href="/wiki/Economy_of_Haryana" title="Economy of Haryana">Haryana</a></li> <li><a href="/wiki/Economy_of_Himachal_Pradesh" title="Economy of Himachal Pradesh">Himachal Pradesh</a></li> <li><a href="/wiki/Economy_of_Jammu_and_Kashmir" class="mw-redirect" title="Economy of Jammu and Kashmir">Jammu and Kashmir</a></li> <li><a href="/wiki/Economy_of_Jharkhand" class="mw-redirect" title="Economy of Jharkhand">Jharkhand</a></li> <li><a href="/wiki/Economy_of_Karnataka" title="Economy of Karnataka">Karnataka</a></li> <li><a href="/wiki/Economy_of_Kerala" title="Economy of Kerala">Kerala</a></li> <li><a href="/wiki/Economy_of_Ladakh" class="mw-redirect" title="Economy of Ladakh">Ladakh</a></li> <li><a href="/wiki/Economy_of_Madhya_Pradesh" title="Economy of Madhya Pradesh">Madhya Pradesh</a></li> <li><a href="/wiki/Economy_of_Maharashtra" title="Economy of Maharashtra">Maharashtra</a></li> <li><a href="/wiki/Economy_of_Mizoram" title="Economy of Mizoram">Mizoram</a></li> <li><a href="/wiki/Economy_of_Odisha" title="Economy of Odisha">Odisha</a></li> <li><a href="/wiki/Economy_of_Punjab,_India" title="Economy of Punjab, India">Punjab</a></li> <li><a href="/wiki/Economy_of_Rajasthan" title="Economy of Rajasthan">Rajasthan</a></li> <li><a href="/wiki/Economy_of_Tamil_Nadu" title="Economy of Tamil Nadu">Tamil Nadu</a></li> <li><a href="/wiki/Economy_of_Telangana" title="Economy of Telangana">Telangana</a></li> <li><a href="/wiki/Economy_of_Uttarakhand" title="Economy of Uttarakhand">Uttarakhand</a></li> <li><a href="/wiki/Economy_of_Uttar_Pradesh" title="Economy of Uttar Pradesh">Uttar Pradesh</a></li> <li><a href="/wiki/Economy_of_West_Bengal" title="Economy of West Bengal">West Bengal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sectors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agriculture_in_India" title="Agriculture in India">Agriculture</a> <ul><li><a href="/wiki/Animal_husbandry_in_India" title="Animal husbandry in India">Livestock</a></li> <li><a href="/wiki/Fishing_in_India" title="Fishing in India">Fishing</a></li></ul></li> <li><a href="/wiki/Automotive_industry_in_India" title="Automotive industry in India">Automotive</a></li> <li><a href="/wiki/Chemical_industry_in_India" title="Chemical industry in India">Chemical</a></li> <li><a href="/wiki/Construction_industry_of_India" title="Construction industry of India">Construction</a></li> <li><a href="/wiki/Defence_industry_of_India" title="Defence industry of India">Defence</a></li> <li><a href="/wiki/Education_in_India" title="Education in India">Education</a></li> <li><a href="/wiki/Energy_in_India" title="Energy in India">Energy</a> <ul><li><a href="/wiki/Electricity_sector_in_India" title="Electricity sector in India">Electricity</a></li> <li><a href="/wiki/Nuclear_power_in_India" title="Nuclear power in India">Nuclear</a></li> <li><a href="/wiki/Oil_and_gas_industry_in_India" title="Oil and gas industry in India">Oil and gas</a></li> <li><a href="/wiki/Solar_power_in_India" title="Solar power in India">Solar</a></li> <li><a href="/wiki/Wind_power_in_India" title="Wind power in India">Wind</a></li></ul></li> <li><a href="/wiki/Electronics_and_semiconductor_manufacturing_industry_in_India" title="Electronics and semiconductor manufacturing industry in India">Electronics and semiconductor</a></li> <li><a href="/wiki/Entertainment_industry_in_India" class="mw-redirect" title="Entertainment industry in India">Entertainment</a></li> <li><a href="/wiki/Forestry_in_India" title="Forestry in India">Forestry</a></li> <li><a href="/wiki/Gambling_in_India" title="Gambling in India">Gambling</a></li> <li><a href="/wiki/Healthcare_in_India" title="Healthcare in India">Healthcare</a></li> <li><a href="/wiki/Information_technology_in_India" title="Information technology in India">Information technology</a></li> <li><a href="/wiki/Media_of_India" class="mw-redirect" title="Media of India">Media</a> <ul><li><a href="/wiki/Cinema_of_India" title="Cinema of India">Cinema</a></li> <li><a href="/wiki/FM_broadcasting_in_India" title="FM broadcasting in India">FM Radio</a></li> <li><a href="/wiki/Television_in_India" title="Television in India">Television</a></li> <li><a href="/wiki/Printing_industry_in_India" title="Printing industry in India">Printing</a></li></ul></li> <li><a href="/wiki/Mining_in_India" title="Mining in India">Mining</a> <ul><li><a href="/wiki/Coal_in_India" title="Coal in India">Coal</a></li> <li><a href="/wiki/Iron_and_steel_industry_in_India" title="Iron and steel industry in India">Iron and Steel</a></li></ul></li> <li><a href="/wiki/Pharmaceutical_industry_in_India" title="Pharmaceutical industry in India">Pharmaceuticals</a></li> <li><a href="/wiki/Pulp_and_paper_industry_in_India" title="Pulp and paper industry in India">Pulp and paper</a></li> <li><a href="/wiki/Retailing_in_India" title="Retailing in India">Retail</a></li> <li><a href="/wiki/Science_and_technology_in_India" title="Science and technology in India">Science and technology</a> <ul><li><a href="/wiki/Biotechnology_in_India" title="Biotechnology in India">Biotechnology</a></li></ul></li> <li><a href="/wiki/Space_industry_of_India" title="Space industry of India">Space</a></li> <li><a href="/wiki/Telecommunications_in_India" title="Telecommunications in India">Telecommunications</a></li> <li><a href="/wiki/Textile_industry_in_India" title="Textile industry in India">Textiles</a></li> <li><a href="/wiki/Tourism_in_India" title="Tourism in India">Tourism</a></li> <li><a href="/wiki/Transport_in_India" title="Transport in India">Transport</a> <ul><li><a href="/wiki/Aviation_in_India" title="Aviation in India">Aviation</a> <ul><li><a href="/wiki/Civil_aviation_in_India" title="Civil aviation in India">Civil</a></li></ul></li> <li><a href="/wiki/List_of_ports_in_India" title="List of ports in India">Ports</a></li> <li><a href="/wiki/Rail_transport_in_India" title="Rail transport in India">Rail</a></li> <li><a href="/wiki/Roads_in_India" title="Roads in India">Roads</a></li></ul></li> <li><a href="/wiki/List_of_electricity_organisations_in_India" title="List of electricity organisations in India">Electricity</a></li> <li><a href="/wiki/Water_supply_and_sanitation_in_India" title="Water supply and sanitation in India">Water</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Regulator</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Insurance_Regulatory_and_Development_Authority" title="Insurance Regulatory and Development Authority">IRDAI</a></li> <li><a href="/wiki/Reserve_Bank_of_India" title="Reserve Bank of India">RBI</a></li> <li><a href="/wiki/SEBI" class="mw-redirect" title="SEBI">SEBI</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Board_of_India" title="Insolvency and Bankruptcy Board of India">IBBI</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/National_Company_Law_Tribunal" title="National Company Law Tribunal">NCLT</a> <ul><li><a href="/wiki/National_Company_Law_Appellate_Tribunal" title="National Company Law Appellate Tribunal">NCLAT</a></li></ul></li> <li><a href="/wiki/Board_for_Industrial_and_Financial_Reconstruction" title="Board for Industrial and Financial Reconstruction">BIFR</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Board_of_India" title="Insolvency and Bankruptcy Board of India">IBBI</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Code,_2016" title="Insolvency and Bankruptcy Code, 2016">IBC</a></li> <li><a href="/wiki/Securitisation_and_Reconstruction_of_Financial_Assets_and_Enforcement_of_Security_Interest_Act,_2002" title="Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002">SARFESI Act</a></li> <li><a href="/wiki/Income-tax_Act,_1961" class="mw-redirect" title="Income-tax Act, 1961">Income Tax Act</a></li> <li><a href="/wiki/Companies_Act,_2013" class="mw-redirect" title="Companies Act, 2013">Companies Act</a></li> <li><a href="/wiki/Banking_Regulation_Act,_1949" title="Banking Regulation Act, 1949">Banking Act</a></li> <li><a href="/wiki/Insurance_Act,_1938" title="Insurance Act, 1938">Insurance Act</a></li> <li><a href="/wiki/Foreign_Exchange_Management_Act" title="Foreign Exchange Management Act">FEMA</a></li> <li><a href="/wiki/Mumbai_Consensus" title="Mumbai Consensus">Mumbai Consensus</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Economy_of_India" title="Category:Economy of India">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:Economy_of_India" class="extiw" title="commons:Category:Economy of India">Commons</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Wikiquote page"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/13px-Wikiquote-logo.svg.png" decoding="async" width="13" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/20px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/27px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span> <a href="https://en.wikiquote.org/wiki/Economy_of_India" class="extiw" title="wikiquote:Economy of India">Wikiquotes</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Capitalism" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism" title="Template:Capitalism"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism" title="Template talk:Capitalism"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism" title="Special:EditPage/Template:Capitalism"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Capitalism" style="font-size:114%;margin:0 4em"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div>Aspects and <a href="/wiki/Perspectives_on_capitalism_by_school_of_thought" title="Perspectives on capitalism by school of thought">perspectives</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anarchy_of_production" title="Anarchy of production">Anarchy of production</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Centralisation" title="Centralisation">Centralization</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_development" title="Economic development">Economic development</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Economic planning</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Ecopreneurship" title="Ecopreneurship">Ecopreneurship</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Financial_Revolution" title="Financial Revolution">Financial Revolution</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of capitalist theory</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Invention" title="Invention">Invention</a></li> <li><a href="/wiki/Market_economy#Capitalism" title="Market economy">Market economy</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Merchantilism" class="mw-redirect" title="Merchantilism">Merchantilism</a></li> <li><a href="/wiki/Meritocracy" title="Meritocracy">Meritocracy</a></li> <li><a href="/wiki/Multinational_corporation" title="Multinational corporation">Multinational corporation</a></li> <li><a href="/wiki/Nationalization" title="Nationalization">Nationalization</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Perspectives_on_capitalism_by_school_of_thought" title="Perspectives on capitalism by school of thought">Perspectives on capitalism by school of thought</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Property_rights_(economics)" title="Property rights (economics)">Property rights</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Regulation" title="Regulation">Regulation</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li> <li><a href="/wiki/Wealth" title="Wealth">Wealth</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Ideology</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Anglo-Saxon_model" title="Anglo-Saxon model">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Conservative" class="mw-redirect" title="Conservative">Conservative</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Liberal</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neo-capitalism" title="Neo-capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_capitalism" class="mw-redirect" title="Social capitalism">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Cultural aspects</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Advertising" title="Advertising">Advertising</a></li> <li><a href="/wiki/American_Dream" title="American Dream">American Dream</a></li> <li><a href="/wiki/Black_Friday_(shopping)" title="Black Friday (shopping)">Black Friday</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Decentralization" title="Decentralization">Decentralization</a></li> <li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic freedom</a></li> <li><a href="/wiki/Economic_mobility" title="Economic mobility">Economic mobility</a></li> <li><a href="/wiki/Individualism" title="Individualism">Individualism</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Liberty" title="Liberty">Liberty</a></li> <li>Mainstream</li> <li><a href="/wiki/Philanthropy" title="Philanthropy">Philanthropy</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Private foundation</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Rule_of_law#In_relation_to_economics" title="Rule of law">Rule of law</a></li> <li><a href="/wiki/Social_alienation" title="Social alienation">Social alienation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Social aspects</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Corporatism" title="Corporatism">Corporatism</a></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/wiki/Employment" title="Employment">Employment</a></li> <li><a href="/wiki/Freedom_of_association" title="Freedom of association">Freedom of association</a></li> <li><a href="/wiki/Labour_market_flexibility" title="Labour market flexibility">Labour market flexibility</a></li> <li><a href="/wiki/Labour_supply" title="Labour supply">Labour supply</a></li> <li><a href="/wiki/Productivity" title="Productivity">Productivity</a></li> <li><a href="/wiki/Prosperity" title="Prosperity">Prosperity</a></li> <li><a href="/wiki/Syndicate" title="Syndicate">Syndicate</a></li> <li><a href="/wiki/Social_venture_capital" title="Social venture capital">Social venture capital</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Market_fundamentalism" title="Market fundamentalism">Market fundamentalism</a></li> <li><a href="/wiki/Marxism" title="Marxism">Marxism</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Antithesis</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Anarchism" title="Anarchism">Anarchism</a></li> <li><a href="/wiki/Anarcho-communism" class="mw-redirect" title="Anarcho-communism">Anarcho-communism</a></li> <li><a href="/wiki/Anarcho-primitivism" title="Anarcho-primitivism">Anarcho-primitivism</a></li> <li><a href="/wiki/Anarcho-syndicalism" title="Anarcho-syndicalism">Anarcho-syndicalism</a></li> <li><a href="/wiki/Collectivist_anarchism" title="Collectivist anarchism">Collectivist anarchism</a></li> <li><a href="/wiki/Communalism_(Bookchin)" class="mw-redirect" title="Communalism (Bookchin)">Communalism</a></li> <li><a href="/wiki/Communism" title="Communism">Communism</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Economic democracy</a></li> <li><a href="/wiki/Eco-socialism" title="Eco-socialism">Eco-socialism</a></li> <li><a href="/wiki/Free-market_socialism" class="mw-redirect" title="Free-market socialism">Free-market socialism</a></li> <li><a href="/wiki/Green_anarchism" title="Green anarchism">Green anarchism</a></li> <li><a href="/wiki/Individualist_anarchism" title="Individualist anarchism">Individualist anarchism</a></li> <li><a href="/wiki/Libertarian_socialism" title="Libertarian socialism">Libertarian socialism</a></li> <li><a href="/wiki/Market_anarchism" title="Market anarchism">Market anarchism</a></li> <li><a href="/wiki/Market_socialism" title="Market socialism">Market socialism</a></li> <li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Post-scarcity_economy" class="mw-redirect" title="Post-scarcity economy">Post-scarcity economy</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing economy</a></li> <li><a href="/wiki/Social_anarchism" title="Social anarchism">Social anarchism</a></li> <li><a href="/wiki/Socialism" title="Socialism">Socialism</a></li> <li><a href="/wiki/Syndicalism" title="Syndicalism">Syndicalism</a></li></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Neoliberalism" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Neoliberalism" title="Template:Neoliberalism"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Neoliberalism" class="mw-redirect" title="Template talk:Neoliberalism"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Neoliberalism" title="Special:EditPage/Template:Neoliberalism"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Neoliberalism" style="font-size:114%;margin:0 4em"><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Ideas</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Balanced_budget" title="Balanced budget">Balanced budget</a></li> <li><a href="/wiki/Denationalization" class="mw-redirect" title="Denationalization">Denationalization</a></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a></li> <li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic freedom</a></li> <li><a href="/wiki/Economic_integration" title="Economic integration">Economic integration</a></li> <li><a href="/wiki/Economic_interdependence" title="Economic interdependence">Economic interdependence</a></li> <li><a href="/wiki/Economic_liberalization" title="Economic liberalization">Economic liberalization</a></li> <li><a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">Foreign direct investment</a></li> <li><a href="/wiki/Free_market" title="Free market">Free markets</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a> (<a href="/wiki/Free_trade_area" title="Free trade area">area</a>)</li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/Intellectual_property" title="Intellectual property">Intellectual property</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Marketization" title="Marketization">Marketization</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming model</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Public%E2%80%93private_partnership" title="Public–private partnership">Public–private partnership</a></li> <li><a href="/wiki/School_voucher" title="School voucher">School vouchers</a></li> <li><a href="/wiki/Single_market" title="Single market">Single market</a></li> <li><a href="/wiki/Supranationalism" class="mw-redirect" title="Supranationalism">Supranationalism</a></li> <li><a href="/wiki/Tax_cuts" class="mw-redirect" title="Tax cuts">Tax cuts</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a></li> <li><a href="/wiki/Chicago_School_(economics)" class="mw-redirect" title="Chicago School (economics)">Chicago School</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/Reaganomics" title="Reaganomics">Reaganomics</a></li> <li><a href="/wiki/Rogernomics" title="Rogernomics">Rogernomics</a></li> <li><a href="/wiki/Trickle-down_economics" title="Trickle-down economics">Trickle-down</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Movements</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fiscal_conservatism" title="Fiscal conservatism">Fiscal conservatism</a></li> <li><a href="/wiki/Thatcherism" title="Thatcherism">Thatcherism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li> <li><a href="/wiki/New_Democrats_(United_States)" title="New Democrats (United States)">New Democrats</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Governance</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Association_of_Southeast_Asian_Nations" class="mw-redirect" title="Association of Southeast Asian Nations">Association of Southeast Asian Nations</a></li> <li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a></li> <li><a href="/wiki/European_Union" title="European Union">European Union</a></li> <li><a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a></li> <li><a href="/wiki/Greater_Arab_Free_Trade_Area" class="mw-redirect" title="Greater Arab Free Trade Area">Greater Arab Free Trade Area</a></li> <li><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a></li> <li><a href="/wiki/MERCOSUR" class="mw-redirect" title="MERCOSUR">MERCOSUR</a></li> <li><a href="/wiki/North_American_Free_Trade_Agreement" title="North American Free Trade Agreement">North American Free Trade Agreement</a></li> <li><a href="/wiki/Regional_Comprehensive_Economic_Partnership" title="Regional Comprehensive Economic Partnership">Regional Comprehensive Economic Partnership</a></li> <li><a href="/wiki/World_Bank" title="World Bank">World Bank</a></li> <li><a href="/wiki/World_Economic_Forum" title="World Economic Forum">World Economic Forum</a></li> <li><a href="/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Organizations</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mont_Pelerin_Society" title="Mont Pelerin Society">Mont Pelerin Society</a></li> <li><a href="/wiki/Chicago_boys" class="mw-redirect" title="Chicago boys">Chicago boys</a></li> <li><a href="/wiki/Third_Way_(United_States)" title="Third Way (United States)">Third Way</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">James M. Buchanan</a></li> <li><a href="/wiki/Augusto_Pinochet" title="Augusto Pinochet">Augusto Pinochet</a></li> <li><a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a></li> <li><a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a></li> <li><a href="/wiki/Bill_Clinton" title="Bill Clinton">Bill Clinton</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Anti-globalization" class="mw-redirect" title="Anti-globalization">Anti-globalization</a></li> <li><a href="/wiki/Alter-globalization" title="Alter-globalization">Alter-globalization</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian capitalism</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Criticism_of_intellectual_property" class="mw-redirect" title="Criticism of intellectual property">Criticism of intellectual property</a></li> <li><a href="/wiki/Market_fundamentalism" title="Market fundamentalism">Market fundamentalism</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div><div role="navigation" class="navbox" aria-labelledby="Liberalism" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Liberalism" title="Template:Liberalism"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Liberalism" title="Template talk:Liberalism"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Liberalism" title="Special:EditPage/Template:Liberalism"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Liberalism" style="font-size:114%;margin:0 4em"><span style="vertical-align:1px;"><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Ideas</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Consent_of_the_governed" title="Consent of the governed">Consent of the governed</a></li> <li><a href="/wiki/Due_process" title="Due process">Due process</a></li> <li><a href="/wiki/Liberal_democracy" title="Liberal democracy">Democracy</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_globalization" title="Economic globalization">Economic globalization</a></li> <li><a href="/wiki/Social_equality" title="Social equality">Equality</a> <ul><li><a href="/wiki/Gender_equality" title="Gender equality">Gender</a></li> <li><a href="/wiki/Equality_before_the_law" title="Equality before the law">Legal</a></li></ul></li> <li><a href="/wiki/Federalism" title="Federalism">Federalism</a></li> <li><a href="/wiki/Freedom" title="Freedom">Freedom</a> <ul><li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic</a> <ul><li><a href="/wiki/Free_market" title="Free market">Market</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Trade</a></li></ul></li> <li><a href="/wiki/Freedom_of_the_press" title="Freedom of the press">Press</a></li> <li><a href="/wiki/Freedom_of_religion" title="Freedom of religion">Religion</a></li> <li><a href="/wiki/Freedom_of_speech" title="Freedom of speech">Speech</a></li></ul></li> <li><a href="/wiki/Harm_principle" title="Harm principle">Harm principle</a></li> <li><a href="/wiki/Internationalism_(politics)" title="Internationalism (politics)">Internationalism</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Labor_theory_of_property" title="Labor theory of property">Labor theory of property</a></li> <li><i><a href="/wiki/Laissez-faire" title="Laissez-faire">Laissez-faire</a></i></li> <li><a href="/wiki/Liberty" title="Liberty">Liberty</a> <ul><li><a href="/wiki/Negative_liberty" title="Negative liberty">Negative</a></li> <li><a href="/wiki/Positive_liberty" title="Positive liberty">Positive</a></li></ul></li> <li><a href="/wiki/Limited_government" title="Limited government">Limited government</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Natural_monopoly" title="Natural monopoly">Natural monopoly</a></li> <li><a href="/wiki/Open_society" title="Open society">Open society</a></li> <li><a href="/wiki/Permissive_society" title="Permissive society">Permissive society</a></li> <li><a href="/wiki/Popular_sovereignty" title="Popular sovereignty">Popular sovereignty</a></li> <li><a href="/wiki/Property" title="Property">Property</a> <ul><li><a href="/wiki/Private_property" title="Private property">Private</a></li> <li><a href="/wiki/Public_property" title="Public property">Public</a></li></ul></li> <li><a href="/wiki/Rights" title="Rights">Rights</a> <ul><li><a href="/wiki/Civil_and_political_rights" title="Civil and political rights">Civil and political</a></li> <li><a href="/wiki/Natural_rights_and_legal_rights" title="Natural rights and legal rights">Natural and legal</a></li> <li><a href="/wiki/Right_to_property" title="Right to property">To own property</a></li> <li><a href="/wiki/Right_to_keep_and_bear_arms" title="Right to keep and bear arms">To bear arms</a></li></ul></li> <li><a href="/wiki/Rule_of_law" title="Rule of law">Rule of law</a></li> <li><a href="/wiki/Secularism" title="Secularism">Secularism</a></li> <li><a href="/wiki/Secular_humanism" title="Secular humanism">Secular humanism</a></li> <li><a href="/wiki/Separation_of_church_and_state" title="Separation of church and state">Separation of church and state</a></li> <li><a href="/wiki/Separation_of_powers" title="Separation of powers">Separation of powers</a></li> <li><a href="/wiki/Social_contract" title="Social contract">Social contract</a></li> <li><a href="/wiki/Social_justice" title="Social justice">Social justice</a> <ul><li><a href="/wiki/Social_services" title="Social services">Social services</a></li> <li><a href="/wiki/Welfare_state" title="Welfare state">Welfare state</a></li></ul></li> <li><a href="/wiki/Whig_history" title="Whig history">Whig history</a></li></ul></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Schools</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic</a> <ul><li><a href="/wiki/Fiscal_conservatism" title="Fiscal conservatism">Fiscal</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neo</a></li></ul></li> <li><a href="/wiki/Equity_feminism" title="Equity feminism">Equity feminism</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Classical_radicalism" title="Classical radicalism">Radical</a> <ul><li><a href="/wiki/Anti-clericalism" title="Anti-clericalism">Anti-clerical</a></li> <li><a href="/wiki/Civic_nationalism" title="Civic nationalism">Civic nationalism</a></li> <li><a href="/wiki/Republicanism" title="Republicanism">Republican</a></li> <li><a href="/wiki/Utilitarianism" title="Utilitarianism">Utilitarian</a></li></ul></li> <li><a href="/wiki/Whig_history" title="Whig history">Whig</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocratic</a></li> <li><a href="/wiki/Encyclop%C3%A9distes" title="Encyclopédistes">Encyclopaedist</a></li> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Conservative_liberalism" title="Conservative liberalism">Conservative</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Liberal_conservatism" title="Liberal conservatism">Liberal conservatism</a></li> <li><a href="/wiki/National_liberalism" title="National liberalism">National</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Social_liberalism" title="Social liberalism">Social</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Green_liberalism" title="Green liberalism">Green</a></li> <li><a href="/wiki/Liberal_feminism" title="Liberal feminism">Liberal feminism</a> <ul><li><a href="/wiki/Ecofeminism" title="Ecofeminism">Ecofeminism</a></li></ul></li> <li><a href="/wiki/Liberal_socialism" title="Liberal socialism">Liberal socialism</a> <ul><li><a href="/wiki/Social_democracy" title="Social democracy">Social democracy</a></li></ul></li> <li><a href="/wiki/Progressivism" title="Progressivism">Progressivism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Constitutional_liberalism" title="Constitutional liberalism">Constitutional</a> <ul><li><a href="/wiki/Constitutional_patriotism" title="Constitutional patriotism">Constitutional patriotism</a></li></ul></li> <li><a href="/wiki/Cultural_liberalism" title="Cultural liberalism">Cultural</a></li> <li><a href="/wiki/Liberal_corporatism" title="Liberal corporatism">Corporate</a></li> <li><a href="/wiki/Liberal_internationalism" title="Liberal internationalism">International</a></li> <li><a href="/wiki/Libertarianism" title="Libertarianism">Libertarianism</a> <ul><li><a href="/wiki/Left-libertarianism" title="Left-libertarianism">Left-libertarianism</a></li> <li><a href="/wiki/Geolibertarianism" title="Geolibertarianism">Geolibertarianism</a></li> <li><a href="/wiki/Neoclassical_liberalism" title="Neoclassical liberalism">Neoclassical liberalism</a></li> <li><a href="/wiki/Paleolibertarianism" title="Paleolibertarianism">Paleolibertarianism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li></ul></li> <li><a href="/wiki/Radical_centrism" title="Radical centrism">Radical centrism</a></li> <li><a href="/wiki/Religious_liberalism" title="Religious liberalism">Religious</a> <ul><li><a href="/wiki/Liberal_Christianity" title="Liberal Christianity">Christian</a></li> <li><a href="/wiki/Liberalism_and_progressivism_within_Islam" title="Liberalism and progressivism within Islam">Islamic</a></li></ul></li> <li><a href="/wiki/Secular_liberalism" title="Secular liberalism">Secular</a></li> <li><a href="/wiki/Technoliberalism" title="Technoliberalism">Techno</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Liberal_parties_by_country" title="Liberal parties by country">By region</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Africa</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Liberalism_in_Egypt" title="Liberalism in Egypt">Egypt</a></li> <li><a href="/wiki/Liberalism_in_Nigeria" title="Liberalism in Nigeria">Nigeria</a></li> <li><a href="/wiki/Liberalism_in_Senegal" title="Liberalism in Senegal">Senegal</a></li> <li><a href="/wiki/Liberalism_in_South_Africa" title="Liberalism in South Africa">South Africa</a></li> <li><a href="/wiki/Liberalism_in_Tunisia" title="Liberalism in Tunisia">Tunisia</a></li> <li><a href="/wiki/Liberalism_in_Zimbabwe" title="Liberalism in Zimbabwe">Zimbabwe</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Asia</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Liberalism_in_China" title="Liberalism in China">China</a></li> <li><a href="/wiki/Liberalism_in_Hong_Kong" title="Liberalism in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Liberalism_in_India" title="Liberalism in India">India</a></li> <li><a href="/wiki/Liberalism_in_Iran" title="Liberalism in Iran">Iran</a></li> <li><a href="/wiki/Liberalism_in_Israel" title="Liberalism in Israel">Israel</a></li> <li><a href="/wiki/Liberalism_in_Japan" title="Liberalism in Japan">Japan</a></li> <li><a href="/wiki/Liberalism_in_South_Korea" title="Liberalism in South Korea">South Korea</a> <ul><li><a href="/wiki/Chinilpa#Anti-Chinilpa_politics" class="mw-redirect" title="Chinilpa">Anti-<i>Chinilpa</i></a></li> <li><a href="/wiki/Centrist_reformism" title="Centrist reformism">Centrist reformist</a></li> <li><a href="/wiki/Progressivism_in_South_Korea" title="Progressivism in South Korea">Progressive</a></li></ul></li> <li><a href="/wiki/Liberal_Party_(Philippines)" title="Liberal Party (Philippines)">Philippines</a></li> <li><a href="/wiki/Liberalism_in_Turkey" title="Liberalism in Turkey">Turkey</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Liberalism_in_Europe" title="Liberalism in Europe">Europe</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Liberalism_in_Albania" title="Liberalism in Albania">Albania</a></li> <li><a href="/wiki/Liberalism_in_Armenia" title="Liberalism in Armenia">Armenia</a></li> <li><a href="/wiki/Liberalism_in_Austria" title="Liberalism in Austria">Austria</a></li> <li><a href="/wiki/Liberalism_in_Belgium" title="Liberalism in Belgium">Belgium</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Bulgaria" title="Liberalism and radicalism in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Liberalism_in_Croatia" title="Liberalism in Croatia">Croatia</a></li> <li><a href="/wiki/Liberalism_in_Cyprus" title="Liberalism in Cyprus">Cyprus</a></li> <li><a href="/wiki/Liberalism_in_the_Czech_lands" class="mw-redirect" title="Liberalism in the Czech lands">Czech lands</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Denmark" title="Liberalism and radicalism in Denmark">Denmark</a></li> <li><a href="/wiki/Liberalism_and_centrism_in_Estonia" title="Liberalism and centrism in Estonia">Estonia</a></li> <li><a href="/wiki/Liberalism_and_centrism_in_Finland" title="Liberalism and centrism in Finland">Finland</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_France" title="Liberalism and radicalism in France">France</a> <ul><li><a href="/wiki/Orl%C3%A9anist" title="Orléanist">Orléanist</a></li></ul></li> <li><a href="/wiki/Liberalism_in_Georgia" title="Liberalism in Georgia">Georgia</a></li> <li><a href="/wiki/Liberalism_in_Germany" title="Liberalism in Germany">Germany</a></li> <li><a href="/wiki/Liberalism_in_Greece" title="Liberalism in Greece">Greece</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Hungary" title="Liberalism and radicalism in Hungary">Hungary</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Italy" title="Liberalism and radicalism in Italy">Italy</a> <ul><li><a href="/wiki/Berlusconism" title="Berlusconism">Berlusconism</a></li> <li><a href="/wiki/Liberism" class="mw-redirect" title="Liberism">Liberism</a></li></ul></li> <li><a href="/wiki/Liberalism_in_Latvia" title="Liberalism in Latvia">Latvia</a></li> <li><a href="/wiki/Liberalism_in_Lithuania" title="Liberalism in Lithuania">Lithuania</a></li> <li><a href="/wiki/Liberalism_in_Luxembourg" title="Liberalism in Luxembourg">Luxembourg</a></li> <li><a href="/wiki/Liberalism_in_North_Macedonia" title="Liberalism in North Macedonia">Macedonia</a></li> <li><a href="/wiki/Liberalism_in_Moldova" title="Liberalism in Moldova">Moldova</a></li> <li><a href="/wiki/Liberalism_in_Montenegro" title="Liberalism in Montenegro">Montenegro</a></li> <li><a href="/wiki/Liberalism_in_the_Netherlands" title="Liberalism in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Liberalism_in_Norway" title="Liberalism in Norway">Norway</a></li> <li><a href="/wiki/Liberalism_in_Portugal" title="Liberalism in Portugal">Portugal</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Romania" title="Liberalism and radicalism in Romania">Romania</a></li> <li><a href="/wiki/Liberalism_in_Russia" title="Liberalism in Russia">Russia</a></li> <li><a href="/wiki/Liberalism_in_Serbia" title="Liberalism in Serbia">Serbia</a></li> <li><a href="/wiki/Liberalism_in_Slovakia" title="Liberalism in Slovakia">Slovakia</a></li> <li><a href="/wiki/Liberalism_in_Slovenia" title="Liberalism in Slovenia">Slovenia</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Spain" title="Liberalism and radicalism in Spain">Spain</a></li> <li><a href="/wiki/Liberalism_and_centrism_in_Sweden" title="Liberalism and centrism in Sweden">Sweden</a></li> <li><a href="/wiki/Liberalism_in_Switzerland" title="Liberalism in Switzerland">Switzerland</a></li> <li><a href="/wiki/Liberalism_in_Turkey" title="Liberalism in Turkey">Turkey</a></li> <li><a href="/wiki/Liberalism_in_Ukraine" title="Liberalism in Ukraine">Ukraine</a></li> <li><a href="/wiki/Liberalism_in_the_United_Kingdom" title="Liberalism in the United Kingdom">United Kingdom</a> <ul><li><a href="/wiki/Gladstonian_liberalism" title="Gladstonian liberalism">Gladstonian</a></li> <li><a href="/wiki/Libertarianism_in_the_United_Kingdom" title="Libertarianism in the United Kingdom">Libertarian</a></li> <li><a href="/wiki/Manchester_Liberalism" title="Manchester Liberalism">Manchester</a></li> <li><a href="/wiki/Muscular_liberalism" title="Muscular liberalism">Muscular</a></li> <li><a href="/wiki/Radicals_(UK)" title="Radicals (UK)">Radical</a></li> <li><a href="/wiki/Whiggism" title="Whiggism">Whiggist</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Liberalism_and_conservatism_in_Latin_America" title="Liberalism and conservatism in Latin America">Latin America and<br />the Caribbean</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Liberalism_in_Bolivia" title="Liberalism in Bolivia">Bolivia</a></li> <li><a href="/wiki/Liberalism_in_Brazil" title="Liberalism in Brazil">Brazil</a> <ul><li><a href="/wiki/Lulism" title="Lulism">Lulism</a></li></ul></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Chile" title="Liberalism and radicalism in Chile">Chile</a></li> <li><a href="/wiki/Liberalism_in_Colombia" title="Liberalism in Colombia">Colombia</a></li> <li><a href="/wiki/Liberalism_in_Cuba" title="Liberalism in Cuba">Cuba</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Ecuador" title="Liberalism and radicalism in Ecuador">Ecuador</a></li> <li><a href="/wiki/Liberalism_in_Honduras" title="Liberalism in Honduras">Honduras</a></li> <li><a href="/wiki/Liberalism_in_Mexico" title="Liberalism in Mexico">Mexico</a></li> <li><a href="/wiki/Liberalism_in_Nicaragua" title="Liberalism in Nicaragua">Nicaragua</a></li> <li><a href="/wiki/Liberalism_in_Panama" title="Liberalism in Panama">Panama</a></li> <li><a href="/wiki/Liberalism_and_radicalism_in_Paraguay" title="Liberalism and radicalism in Paraguay">Paraguay</a></li> <li><a href="/wiki/Liberalism_in_Peru" title="Liberalism in Peru">Peru</a></li> <li><a href="/wiki/Liberalism_in_Uruguay" title="Liberalism in Uruguay">Uruguay</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">North America</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Liberalism_in_Canada" title="Liberalism in Canada">Canada</a></li> <li><a href="/wiki/Liberalism_in_the_United_States" title="Liberalism in the United States">United States</a> <ul><li><a href="/wiki/Jacksonian_democracy" title="Jacksonian democracy">Jacksonian</a></li> <li><a href="/wiki/Jeffersonian_democracy" title="Jeffersonian democracy">Jeffersonian</a></li> <li><a href="/wiki/Libertarianism_in_the_United_States" title="Libertarianism in the United States">Libertarian</a></li> <li><a href="/wiki/Modern_liberalism_in_the_United_States" title="Modern liberalism in the United States">Modern</a></li> <li><a href="/wiki/Progressivism_in_the_United_States" title="Progressivism in the United States">Progressive</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Oceania</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Liberalism_in_Australia" title="Liberalism in Australia">Australia</a> <ul><li><a href="/wiki/Moderates_(Liberal_Party_of_Australia)" title="Moderates (Liberal Party of Australia)">Small-l</a></li></ul></li> <li><a href="/wiki/Historic_liberalism_in_New_Zealand" title="Historic liberalism in New Zealand">New Zealand</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Philosophers</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/John_Milton" title="John Milton">Milton</a></li> <li><a href="/wiki/John_Locke" title="John Locke">Locke</a></li> <li><a href="/wiki/Baruch_Spinoza" title="Baruch Spinoza">Spinoza</a></li> <li><a href="/wiki/Montesquieu" title="Montesquieu">Montesquieu</a></li> <li><a href="/wiki/Voltaire" title="Voltaire">Voltaire</a></li> <li><a href="/wiki/Jean-Jacques_Rousseau" title="Jean-Jacques Rousseau">Rousseau</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Immanuel_Kant" title="Immanuel Kant">Kant</a></li> <li><a href="/wiki/Anne_Robert_Jacques_Turgot" title="Anne Robert Jacques Turgot">Turgot</a></li> <li><a href="/wiki/Edmund_Burke" title="Edmund Burke">Burke</a></li> <li><a href="/wiki/Joseph_Priestley" title="Joseph Priestley">Priestley</a></li> <li><a href="/wiki/Thomas_Paine" title="Thomas Paine">Paine</a></li> <li><a href="/wiki/Cesare_Beccaria" title="Cesare Beccaria">Beccaria</a></li> <li><a href="/wiki/Marquis_de_Condorcet" title="Marquis de Condorcet">Condorcet</a></li> <li><a href="/wiki/Jeremy_Bentham" title="Jeremy Bentham">Bentham</a></li> <li><a href="/wiki/Adamantios_Korais" title="Adamantios Korais">Korais</a></li> <li><a href="/wiki/Olympe_De_Gouges" class="mw-redirect" title="Olympe De Gouges">De Gouges</a></li> <li><a href="/wiki/Mary_Wollstonecraft" title="Mary Wollstonecraft">Wollstonecraft</a></li> <li><a href="/wiki/Germaine_de_Sta%C3%ABl" title="Germaine de Staël">Staël</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Wilhelm_von_Humboldt" title="Wilhelm von Humboldt">Humboldt</a></li> <li><a href="/wiki/Benjamin_Constant" title="Benjamin Constant">Constant</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Fran%C3%A7ois_Guizot" title="François Guizot">Guizot</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Harriet_Martineau" title="Harriet Martineau">Martineau</a></li> <li><a href="/wiki/Ralph_Waldo_Emerson" title="Ralph Waldo Emerson">Emerson</a></li> <li><a href="/wiki/Alexis_de_Tocqueville" title="Alexis de Tocqueville">Tocqueville</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Herbert_Spencer" title="Herbert Spencer">Spencer</a></li> <li><a href="/wiki/Matthew_Arnold" title="Matthew Arnold">Arnold</a></li> <li><a href="/wiki/John_Dalberg-Acton,_1st_Baron_Acton" title="John Dalberg-Acton, 1st Baron Acton">Acton</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Leonard_Hobhouse" title="Leonard Hobhouse">Hobhouse</a></li> <li><a href="/wiki/Benedetto_Croce" title="Benedetto Croce">Croce</a></li> <li><a href="/wiki/Ernst_Cassirer" title="Ernst Cassirer">Cassirer</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Mises</a></li> <li><a href="/wiki/Jos%C3%A9_Ortega_y_Gasset" title="José Ortega y Gasset">Ortega</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/R._G._Collingwood" title="R. G. Collingwood">Collingwood</a></li> <li><a href="/wiki/Karel_%C4%8Capek" title="Karel Čapek">Čapek</a></li> <li><a href="/wiki/Hu_Shih" title="Hu Shih">Hu</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Karl_Popper" title="Karl Popper">Popper</a></li> <li><a href="/wiki/Raymond_Aron" title="Raymond Aron">Aron</a></li> <li><a href="/wiki/Isaiah_Berlin" title="Isaiah Berlin">Berlin</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/John_Rawls" title="John Rawls">Rawls</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Nozick" title="Robert Nozick">Nozick</a></li> <li><a href="/wiki/Will_Kymlicka" title="Will Kymlicka">Kymlicka</a></li> <li><a href="/wiki/Raif_Badawi" title="Raif Badawi">Badawi</a></li></ul></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Politicians</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Thomas_Jefferson" title="Thomas Jefferson">Jefferson</a></li> <li><a href="/wiki/Hugo_Ko%C5%82%C5%82%C4%85taj" title="Hugo Kołłątaj">Kołłątaj</a></li> <li><a href="/wiki/James_Madison" title="James Madison">Madison</a></li> <li><a href="/wiki/Jos%C3%A9_Gervasio_Artigas" title="José Gervasio Artigas">Artigas</a></li> <li><a href="/wiki/Sim%C3%B3n_Bol%C3%ADvar" title="Simón Bolívar">Bolívar</a></li> <li><a href="/wiki/Victor_de_Broglie_(1785%E2%80%931870)" title="Victor de Broglie (1785–1870)">Broglie</a></li> <li><a href="/wiki/Alphonse_de_Lamartine" title="Alphonse de Lamartine">Lamartine</a></li> <li><a href="/wiki/Thomas_Babington_Macaulay" title="Thomas Babington Macaulay">Macaulay</a></li> <li><a href="/wiki/Lajos_Kossuth" title="Lajos Kossuth">Kossuth</a></li> <li><a href="/wiki/Ferenc_De%C3%A1k_(politician)" title="Ferenc Deák (politician)">Deák</a></li> <li><a href="/wiki/Richard_Cobden" title="Richard Cobden">Cobden</a></li> <li><a href="/wiki/Giuseppe_Mazzini" title="Giuseppe Mazzini">Mazzini</a></li> <li><a href="/wiki/Benito_Ju%C3%A1rez" title="Benito Juárez">Juárez</a></li> <li><a href="/wiki/Abraham_Lincoln" title="Abraham Lincoln">Lincoln</a></li> <li><a href="/wiki/William_Ewart_Gladstone" title="William Ewart Gladstone">Gladstone</a></li> <li><a href="/wiki/Camillo_Benso,_Count_of_Cavour" title="Camillo Benso, Count of Cavour">Cavour</a></li> <li><a href="/wiki/Domingo_Faustino_Sarmiento" title="Domingo Faustino Sarmiento">Sarmiento</a></li> <li><a href="/wiki/Theodor_Mommsen" title="Theodor Mommsen">Mommsen</a></li> <li><a href="/wiki/Dadabhai_Naoroji" title="Dadabhai Naoroji">Naoroji</a></li> <li><a href="/wiki/Itagaki_Taisuke" title="Itagaki Taisuke">Itagaki</a></li> <li><a href="/wiki/Vasil_Levski" title="Vasil Levski">Levski</a></li> <li><a href="/wiki/Nam%C4%B1k_Kemal" title="Namık Kemal">Kemal</a></li> <li><a href="/wiki/Alfred_Deakin" title="Alfred Deakin">Deakin</a></li> <li><a href="/wiki/Pavel_Milyukov" title="Pavel Milyukov">Milyukov</a></li> <li><a href="/wiki/David_Lloyd_George" title="David Lloyd George">Lloyd George</a></li> <li><a href="/wiki/Eleftherios_Venizelos" title="Eleftherios Venizelos">Venizelos</a></li> <li><a href="/wiki/Kaarlo_Juho_St%C3%A5hlberg" title="Kaarlo Juho Ståhlberg">Ståhlberg</a></li> <li><a href="/wiki/Gopal_Krishna_Gokhale" title="Gopal Krishna Gokhale">Gokhale</a></li> <li><a href="/wiki/Walther_Rathenau" title="Walther Rathenau">Rathenau</a></li> <li><a href="/wiki/Francisco_I._Madero" title="Francisco I. Madero">Madero</a></li> <li><a href="/wiki/Luigi_Einaudi" title="Luigi Einaudi">Einaudi</a></li> <li><a href="/wiki/William_Lyon_Mackenzie_King" title="William Lyon Mackenzie King">King</a></li> <li><a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Roosevelt</a></li> <li><a href="/wiki/Lester_B._Pearson" title="Lester B. Pearson">Pearson</a></li> <li><a href="/wiki/Bertil_Ohlin" title="Bertil Ohlin">Ohlin</a></li> <li><a href="/wiki/John_F._Kennedy" title="John F. Kennedy">Kennedy</a></li> <li><a href="/wiki/Roy_Jenkins" title="Roy Jenkins">Jenkins</a></li> <li><a href="/wiki/Leszek_Balcerowicz" title="Leszek Balcerowicz">Balcerowicz</a></li> <li><a href="/wiki/Guy_Verhofstadt" title="Guy Verhofstadt">Verhofstadt</a></li> <li><a href="/wiki/Barack_Obama" title="Barack Obama">Obama</a></li> <li><a href="/wiki/Emmanuel_Macron" title="Emmanuel Macron">Macron</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Organisations</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <li><a href="/wiki/Africa_Liberal_Network" title="Africa Liberal Network">Africa Liberal Network</a></li> <li><a href="/wiki/Alliance_of_Liberals_and_Democrats_for_Europe" title="Alliance of Liberals and Democrats for Europe">Alliance of Liberals and Democrats for Europe</a></li> <li><a href="/wiki/Alliance_of_Liberals_and_Democrats_for_Europe_Party" title="Alliance of Liberals and Democrats for Europe Party">Alliance of Liberals and Democrats for Europe Party</a></li> <li><a href="/wiki/Arab_Liberal_Federation" title="Arab Liberal Federation">Arab Liberal Federation</a></li> <li><a href="/wiki/Council_of_Asian_Liberals_and_Democrats" title="Council of Asian Liberals and Democrats">Council of Asian Liberals and Democrats</a></li> <li><a href="/wiki/European_Democratic_Party" title="European Democratic Party">European Democratic Party</a></li> <li><a href="/wiki/European_Liberal_Youth" title="European Liberal Youth">European Liberal Youth</a></li> <li><a href="/wiki/International_Alliance_of_Libertarian_Parties" title="International Alliance of Libertarian Parties">International Alliance of Libertarian Parties</a></li> <li><a href="/wiki/International_Federation_of_Liberal_Youth" title="International Federation of Liberal Youth">International Federation of Liberal Youth</a></li> <li><a href="/wiki/Liberal_International" title="Liberal International">Liberal International</a></li> <li><a href="/wiki/Liberal_Network_for_Latin_America" title="Liberal Network for Latin America">Liberal Network for Latin America</a></li> <li><a href="/wiki/Category:Liberal_parties" title="Category:Liberal parties">Liberal parties</a></li> <li><a href="/wiki/Liberal_South_East_European_Network" title="Liberal South East European Network">Liberal South East European Network</a></li> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Anti-authoritarianism" title="Anti-authoritarianism">Anti-authoritarianism</a></li> <li><a href="/wiki/Anti-communism" title="Anti-communism">Anti-communism</a></li> <li><a href="/wiki/Political_views_of_American_academics" title="Political views of American 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