Indian economy since the reform process began in 1991 has been characterized by high corporate profits and increased incomes for elite sections as well as rising inequality and "jobless growth" (Gopalakrishnan, 2007). Key changes since 1990s included the abolishing of industrial licensing (except in certain areas such as alcoholic drinks, cigarettes/tobacco, electronics, aerospace and defence equipment, explosives and hazardous chemicals), removal of barriers to the import of many goods, and a significant reduction of tariffs on imports (Krishna & Mitra, 1998). Such changes signaled a shift from an 'import substitution policy' (ISI) of the 1950s to a 'strategy of Manufacturing Export-led Industrialisation' (MELI) policy in the 1990s (Storm, 1997: Cited in Gopinath, 2009).
Indian Member 40.00
Others Member 3.00