Episode 118: 1991 - India’s Economic Liberation and rise as an economic superpower

India's second economic phase began with the landmark economic reforms of 1991, triggered by a balance of payments crisis. These reforms ushered in an era of liberalization, privatization and globalization that dismantled many of the past restrictive economic policies. This shift led to significantly higher growth rates, averaging 6-7% annually, propelling India to become one of the world's fastest-growing major economies.