ECONOMIC REFORMS IN INDIA
1. Macroeconomic Stabilisation Measures : It includes all those economic policies which intend to boost the aggregate demand in the economy — be it domestic or external. For the enhanced domestic demand, the focus has to be on increasing the purchasing power of the masses, which entails an emphasis on the creation o f gainful and quality employment opportunities.
2. Structural Reform Measures : It includes all the policy reforms which have been initiated by the government to boost the aggregate supply of goods and services in the economy. It naturally entails unshackling the economy so that it may search for its own potential of enhanced productivity.
GENERATIONS OF ECONOMIC REFORMS
First Generation Reforms (1991-2000)
Second Generation Reforms (2000-01 onwards)
Third Generation Reforms
Fourth Generation Reforms
THE REFORM APPROACH