From liberalisation to atmanirbhar Bharat : policy pathways

Abstract

India’s economic policy framework has undergone a significant transformation since the liberalisation reforms of 1991. These reforms marked a shift from a state-controlled, protectionist regime to a market-oriented and globally integrated economy. Over the past three decades, liberalisation has contributed to high economic growth, increased foreign investment, and structural transformation, particularly in the services sector. However, recent global disruptions, including the COVID-19 pandemic and geopolitical tensions, have exposed vulnerabilities in global supply chains and external dependencies. In response, the Government of India introduced the Atmanirbhar Bharat Abhiyan in 2020, aimed at promoting self-reliance, strengthening domestic manufacturing, and enhancing economic resilience.This paper critically examines the transition from liberalisation to Atmanirbhar Bharat, analysing whether it represents a departure from or an evolution of the earlier policy paradigm. Using secondary data from institutions such as the Reserve Bank of India, World Bank, and International Monetary Fund, the study employs descriptive and analytical methods to evaluate policy outcomes. The findings suggest that Atmanirbhar Bharat is not a reversal of globalisation but a strategic recalibration aimed at balancing domestic capability-building with global integration.