In the dynamic landscape of the global market economies, India has recently achieved a remarkable milestone by surpassing the historically powerful financial hub of Hong Kong to become the fourth-largest stock market in the world. This is a remarkable turn of events given where the country has long existed on the economic world stage. The achievement reflects a steadfast journey of embracing market principles and freedom as catalysts for economic prosperity and development.
The trajectory of India’s economic transformation can, of course, can be traced back to the currency crisis of 1991, caused by, among other factors, an abnormally high reliance on imports and an overwhelming loss of confidence in the government. Although clearly a dark time in India’s economic history, the crisis ultimately provided a watershed moment as it marked the country’s shift from a mixed economy to one of liberalization, privatization and globalization.
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