note on Indian economy and marketing Related: Important Functions of Marketing - Principles of Marketing

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Marketing in the Indian economy

Since 1991 India has been going through a processof economic reforms and liberalization. These reforms aim atmodernization of the country’s industrial system,removal of unproductive controls,strengthening of private investment, includingforeign investment, andintegration of India’s economy with the globaleconomy.In short, all round opening up of the country’s economy hasbeen the essence of the reforms.

Marketing in the Indian economy

The reforms can be classified into twobroad categories:

•Liberalization measures

•Macroeconomic reforms and structuraladjustments

Marketing in the Indian economy-Macroeconomic Reforms

Fiscal/Monetary reforms -Reduction of fiscal deficits.
Reforms of tax systemsInterest rate reforms
Inflation controlBanking reforms -Banks to operate as commercial institutionsPhasing out priority sector lendingDeregulation of deposit interest ratesOperational freedom in lending ratesAdherance to norms on capital adequacy,Income recognition and provision for bad debts.Disinvestment in public sector banksPermission for new private sector banks

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