Whose Decision is it Anyways? The Changing Purchasing Patterns of Indian Families

Socio-Economic Changes In India

India has undergone a tremendous change in terms of its market economies since the adoption of the Liberalization, Privatization and Globalizations movements in mid 1990s. This change has resulted in not only changing the way the Indian companies operate and do business but also the way the consumer indulges in the purchasing of goods and services.

The new economic policy of 1991 in India initiated fresh inflow of capital from foreign investors thus releasing the country from the highly regulated ‘licence raj’. In addition to opening the foreign direct investments, state utilities like electricity, telecommunications and aviation and were sold to private investors. The change could best be described as pro-business rather than pro-market. This triggered the process of liberalization in 1990. This change accompanied by the globalization and privatization altered the Indian society and market economy.