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Economic liberalisation in India, initiated in 1991, marked a major shift from a state-controlled economy to a market-oriented one. The policy package, which included deregulation, reduction of trade barriers, privatization, and encouragement of foreign direct investment (FDI), aimed to accelerate economic growth, integrate India with the global economy, and promote efficiency. While these reforms significantly increased GDP growth and expanded sectors like information technology, telecommunications, and services, their implications for employment and inequality have been complex and often contentious. One of the most significant impacts of liberalisation has been the structural transformation of the Indian economy. Prior to 1991, agriculture employed the majority of the workforce, with limited opportunities in industry and services. Liberalisation accelerated the growth of the service sector, particularly in IT and financial services, leading to a decline in the relative contribution of agriculture to GDP. However, this growth has been largely jobless in nature, meaning that while output increased, employment generation did not keep pace with the growing labour force. The manufacturing sector, expected to absorb surplus labour from agriculture, has not expanded sufficiently to provide large-scale employment. Consequently, the employment elasticity of growth has declined, indicating that high economic growth did not translate proportionately into job creation. Liberalisation also promoted a shift from public sector employment to private sector employment. Public sector jobs, which traditionally offered stability, ______ ___ _____ ____ _________ ________ _____ _______.
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