What was involved in the liberalization of the Indian economy?

Answer by  Jakecutter (1819)

Getting rid of the politicians who would deny India the right to export goods was the start. Once India set up its own international trade the Indian economy was well on its way to being liberated. The time to receive imports has even been drastically altered to be shorter than they were before.

Answer by  Archer (23)

The most important thing was basically a cultural one: The de-facto abolishment of the castes. The massive investions into education (grammar schools, universities) and the efforts in becoming lesser import-dependant played a role, too. It's still an ongoing political process.

Answer by  ZakT (31)

Liberalization involved the opening of the economy to Foreign Direct Investment (FDI). This means that companies, both foreign and domestic, are made to compete with each other, without government interference or regulation.

Answer by  tamarawilhite (17883)

India reduces the number of bureaucrats who could deny permission to import goods (called "permit rajahs") and the necessary steps to import equipment and materials. It used to take 18 months to import a computer; it now takes less than 3 months. India also simplified its tax code and allowed foreign investment, including real estate and building.