The problem of economic development is one of the most interesting issues of
both economic theory and practice. One of the most appealing cases is India, which has
implemented various development strategies aimed at high economic growth since its
liberation from British rule. Between 1956 and 1974 India’s GDP growth was relatively
low and the economy itself was closed and highly regulated. The specific features of the
Indian economy come from the conditions resulting from regulations and initiatives taken
at the central, but also state and local, levels. A paradigm shift in economic policy after
1990 resulted in higher growth rates and India became one of the fastest growing economies
in the world. The article describes changes in India’s economic development policy
since 1990 that have gradually led to high growth rates. The study mainly uses historical
analysis based on domestic and foreign literature as well as an analysis of existing data.
The article concludes that reforms based on the recommendations of the Washington Consensus
were accompanied by a strong role of the state, which created the foundations of the
new institutional order, supervised changes and intervened when necessary. As a result, the
economy entered a path of rapid growth and the efficiency of the entire market increased.
Without the active and coordinated role of the state such great success would not have
been possible in recent years.
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