Abstract
Since, the economic reforms have been implemented in India in the year 1991 by the then Prime Minister Sri P.V. Narasimha rao, three major development trends are visible. First, the vast majority of successes have been private‐sector successes, whereas the vast majority of failures have been government failures, mainly in service delivery. Second, wherever markets have become competitive and globalized, the outcomes have been excellent. But many areas remain unreformed, a few areas have been marked by backsliding, and those along with new forms of regulation are combining to create what can be called neo‐illiberalism. Third, the weak quality of Indian institutions is increasingly a problem, and without better institutions, India will be unable to sustain high growth. Consider each of those three trends in further detail. The private sector has performed outstandingly in the past 30 years, taking advantage of new opportunities created by liberalization and globalization. Indian companies more than held their own against foreign newcomers, and the vast majority of big Indian companies have become multinationals, making acquisitions globally.
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