Structural changes in Indian economy post Liberalization, Privatization and Globalization – An Overview.
Sanjay Deshpande
TYBMM – A13

Executive Summary

Contents

Acknowledgements

I would like to express profound gratitude to Prof. Perrie Subramanium for giving encouragement and guidance to work on Impact of Liberalization, Privatization and Globalization on Indian Economy - An Overview. Also I would like to express thanks to Ms. Priyamvada Jain and Mr. Aadi Vaidya for being beacon for support throughout the paper.

Introduction
Before diving into the specific details of the topic, let’s first understand what Liberalization, Privatization and Globalization (LPG) mean and the reasons for them to being implemented.
Economic liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy in exchange for greater participation of private entities; the doctrine is associated with classical liberalism. The arguments for economic liberalization include greater efficiency and effectiveness that would translate to a "bigger pie" for everybody. Thus, liberalization in short refers to "the removal of controls", to encourage economic development.
Most first world countries, in order to remain globally competitive, have pursued the path of economic liberalization: partial or full privatization of government institutions and assets, greater labor-market flexibility, lower tax rates for businesses, less restriction on both domestic and foreign capital, open markets, etc. In developing countries, economic liberalization refers more to liberalization or further "opening up" of their respective economies to foreign capital and investments. The fastest growing developing economies today; Brazil, China and India,