This chapter discusses the period from 1992–3 up to 2008–9, the year of the impact of the global financial crisis on India. The introduction of systemic economic reforms in 1991 opened the economy significantly to external competition and investment, removed the import and capacity licensing, devalued the rupee, and floated it under the watchful management of the RBI, defanged the MRTP Act, and allowed market forces to play a much greater role than before in the economy. The growth rate revived, from its drastic fall in the crisis year of 1991–2 to 1.42 per cent, and eventually averaged at rates exceeding 9 per cent a year in the years 2005–6 to 2007–8 or prior to the impact of the global financial crisis which lowered it to 6.8 per cent in 2008–9.
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