We still have a long way to become developed country…

The economic liberalization of 1991, initiated by then Indian prime minister P. V. Narasimha Rao and
his finance minister Manmohan Singh in response to a balance-of-payments crisis,
did away with the Licence Raj (investment, industrial and import licensing) and ended many public monopolies,
allowing automatic approval of foreign direct investment in many sectors.
Since then, the overall direction of liberalization has remained the same,
irrespective of the ruling party, although no party has yet tried to take on
powerful lobbies such as the trade unions and farmers, or contentious issues
such as reforming labour laws and reducing agricultural subsidies.Now India is growing at a good rate.
Or we can say second highest rate in this world.But still we have a way ahead because its almost 44 years when the ruling congress
did not allowed any liberalization.
If India grows at 6 percent per annum on a sustained basis, it
will take 14 years to reach the current level of per capita income of
People’s Republic of China, 36 years to reach Thailand’s, and 104
years to reach that of the United States. Thus, the need for
accelerated growth can hardly be overemphasized. At the same time,
the task of implementing reforms in a democracy is complex.
Therefore, those wishing for rapid reforms will need to be patient. The
good news, however, is that the experience of the past decade shows
that change can occur. Moreover, the success of the reforms in
delivering growth and poverty reduction must make the road to future
reforms less bumpy. The support for reforms today, though far from
universal, is fortunately much stronger than it was 10 years ago.