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Post liberalisation the indian economy has been

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Unformatted text preview: n Das, Chief Mentor, Confederation of Indian Industries].’ Post liberalisation, the Indian economy has been growing at a phenomenal pace. Between 1991 and 2005 the economy expanded at an annual average of around 6%. This is a very different situation from the one that prevailed earlier, with India barely managing a “Hindu rate of growth” of about 3.5% per annum. It is being widely accepted that this increase in growth rates is due to the abolishment of the ‘Licence-Permit-Quota Raj’ and the liberalisation of the economy to give greater scope for the private sector to flourish. With privatisation of many Public Sector Enterprises (PSUs) and the withdrawal of the government from a large variety of sectors, the wings of the bureaucracy have been clipped. Thus, while a large number of individuals from ‘elite’ social and educational backgrounds would foray into the Civil Services pre-1991, this number has been greatly reduced after lucrative opportunities emerged post-1991, especially with the entry of Multi-National Companies (MNCs) into India. As a recent study shows, the demographic profile of the new age civil servant has drastically changed. The earlier urbane aspirant has been replaced by the ambitious, studious small-town candidate, and there are a much larger number of women aspirants from Tier-II and Tier-III cities than before. 30% of the successful candidates are OBCs. The preference for the Indian Foreign Service has given way to a much greater demand for the Indian Administrative Service, Indian Police Service, and India Revenue Service. After the financial crisis in 2008, a huge ‘End of History’ Debate has emerged, questioning the flawless spirit of the free market. Instead, there is a great clamour for government regulation of the market, as well as greater involvement in the social sector, to compensate for what many have termed “reckless liberalisation” of the Indian economy. The slowing growth rates of the western world, along with continuous insecurities of further economic crisis fuelled by sovereign debt crisis and bank fail...
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