Economy

Tracking progress in numbers

High-rises and slum dwellings jostling for space in Mumbai. Photo: Prashant Nakwe

High-rises and slum dwellings jostling for space in Mumbai. Photo: Prashant Nakwe  

The economic reforms kick-started in 1991 brought about expansion of the services sector helped largely by a liberalised investment and trade regime. They also increased consumer choices, and reduced poverty significantly.

The share of services in GDP has increased 20 percentage points since 1991, reflecting a decisive change in the nature of India's economic output.

Average growth rate has been a constant since 1991 across sectors, but agriculture has seen a deceleration.

Roads have boosted connectivity and acted as a multiplier.

Entrepreneurship has surged post reforms

The dismantling of barriers resulted in a surge in FDI inflows till the global financial crisis

Foreign exchange reserves, which plummeted in 1991, burgeoned year on year since then.

Telecom Subscriber growth rate soared in the mid-1990s, with the overall base crossing a billion in 2015-16.

Number of colleges and universities increased by 537% in 25 years since 1991 after adding about 5,000 institutions in 40 years.

The Tendulkar committee estimated a drop in poverty rate to 21.9% in 2011-12.

Compiled by Sharad Raghavan, Sriram Lakshman and Srinivasan Ramani. Infographic: Prathap Ravishankar

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Printable version | Mar 29, 2020 5:22:48 PM | https://www.thehindu.com/business/Economy/Tracking-progress-in-numbers/article14506114.ece

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