If we divide the era of economic reforms in India in phases, we can say that the first phase is over as our PM says, that went for fifteen long years. The foundation of economic reforms was laid during 1990s by the PM himself; he was then the finance minister of India. India has come a long way in the fifteen years.
The people of India have experienced major changes in almost every sector of India. Some of the sectors, Information Technology, Telecommunication, Service Sectors, Infrastructure development have achieved landmark development.
Cellular phones, computers, Air travel, branded cloths are now not for higher-class people only. The middle and the lower middle class people are also enjoying all these things.
The PM Man Mohan Singh has shown his satisfaction and joy on the first phase of reforms in India. He was speaking at NDTV Profit’s business awards function. As we know, he is more an academician than politician, he gave fluent speech with no political boundaries at the award function.
Some people who are in the UPA presently called Singh as an agent of global imperialism during the 90s. This time the bigger question is that India took fifteen long years. India should not take another fifteen years for the second phase of the reforms.
In this phase India needs fast progress but political pressure is pulling the reform process downside (We can see this in the case of withholding the privatization process) because of the vote bank politics in India. Lets see how long the second phase will go.