Sustainable Development of LPG Policies of India

Abstract

Prof. Irma Glicman Adelman, an Irish Economist working in California University at Berkely, in her research work on ‘Development Over Two Centuries’, which is published in the Journal of Evolutionary Economics, 1995, has identified and concluded that India, along with China, would be one of the largest economies in this 21st Century. She has stated that the period 1700-1820 is the period of Netherlands (Holland), the period 1820-1890 is the period of England, the period 1890-2000 is the period of America and this 21st Century is the century of China and India. World Bank has also identified that India would be a one the leading players of this century after China and USA. India is the third largest economy in terms of Purchasing Power Parity with $7.277 trillion. India ($ 2. 936 trillion in nominal) will challenge the Global Economic Order in the next 15 years. India already overtook Italian economy ($ 2.078 trillion) this year (2019), and will overtake England economy ($ 3.002 trillion at present) in the year 2020, Japanese economy ($5.154 trillion, 2019) by 2025 and USA economy ($21. 239 trillion in 2019) in 2050. China with $14.140 trillion already overtook Japan economy and will overtake USA economy in 2024. India has the following advantages compared with other economies. India is 3th largest GDP in the world in terms of Purchasing Power Parity Criteria ($11.326 trillion in 2019). India is third fastest growing economy in the world after China and Vietnam. In this paper an attempt is made to bring out the major achievements and failures of economic reforms in India during the liberalisation period. It is mainly base on secondary information I read through government publications and reports and generally descriptive in nature. This paper has been divided into two sections (1) dealt with achievements of LPG policies and (2) dealt with the reasons for delay in achieving the proposed targets within the stipulated period.