Economic Reforms Since 1991 — From Crisis to Liberalisation, and the Unfinished Second-Generation Agenda

The 1991 Balance of Payments crisis forced India to abandon its License-Permit-Quota Raj & embark on Liberalisation, Privatisation & Globalisation (LPG) reforms — a structural break from four decades of import-substitution & state-led industrialisation. Topic 7 synthesises the origin & content of the 1991 New Economic Policy, distinguishes first-generation from second-generation (factor-market) reforms, examines labour-code consolidation & the farm-laws reversal, and situates current reform debates within this three-decade arc.

UPSC Prelims · Mains GS-III Economic Survey Retrospectives ~32 min read LPG 1991 · Second-Gen Reforms Labour Codes · Farm Laws

Conceptual Clarity
1. The 1991 Crisis — Origins & Immediate Response
2. New Economic Policy 1991 — LPG Framework
3. Industrial Policy Reforms — Delicensing
4. Trade & External-Sector Liberalisation
5. Financial-Sector Reforms — First Generation
6. Privatisation & Disinvestment Journey
7. Second-Generation Reforms — Factor Markets
8. Labour Codes — Consolidation of 29 Laws
9. Farm Laws 2020 — Reform & Reversal
10. GST & IBC — Post-2014 Structural Reforms
11. Assessment — Growth, Inequality & Unfinished Agenda
12. Current Affairs Anchor (2024-26)
13. Prelims PYQs (2014–2026)
14. Mains PYQs (2014–2025)
15. Revision Box

Conceptual Clarity — Three Lenses

First-generation vs. second-generation reforms — first-generation reforms (1991-2000s) targeted product/output markets (delicensing, trade liberalisation, FDI caps); second-generation reforms target factor markets — land, labour & capital — which remain far more politically contentious & incomplete.
Crisis-driven vs. deliberate reform — 1991 reforms were substantially crisis-driven (forced by imminent sovereign default risk & IMF conditionality); later reforms (GST 2017, IBC 2016) were more deliberately sequenced, non-crisis structural reforms.
Reform reversal as a policy lesson — the 2020 farm laws' 2021 repeal illustrates that even economically-argued reforms can fail without adequate stakeholder consultation/political-economy management — a case study distinct from purely economic-design critique.

1991 crisis: forex reserves fell to ~$1.2 billion (barely 2 weeks of imports)
New Economic Policy: 24 July 1991 (Union Budget, Finance Minister Dr. Manmohan Singh)
LPG = Liberalisation + Privatisation + Globalisation

1. The 1991 Crisis — Origins & Immediate Response

1.1 Build-up to the Crisis

Years of large fiscal deficits, an overvalued exchange rate, import-substitution-driven inefficiency & the external shock of the 1990-91 Gulf War (oil-price spike, Gulf remittance disruption) combined to push India's foreign-exchange reserves to critically low levels by mid-1991.

1.2 The Immediate Crisis Response

Gold pledging — India physically pledged/airlifted gold reserves to the Bank of England & Union Bank of Switzerland to raise emergency foreign exchange.
IMF assistance — India approached the IMF for a Structural Adjustment Loan, accepting conditionality requiring macroeconomic stabilisation & structural reform.
Rupee devaluation — a two-step devaluation of the rupee in July 1991 to improve export competitiveness & correct overvaluation.

Prelims trap: India's forex reserves in 1991 fell to a level sufficient for barely 2-3 weeks of essential imports — a frequently-tested crisis-severity statistic, not to be confused with later, much larger reserve levels.

2. New Economic Policy 1991 — LPG Framework

2.1 The Three Pillars

Pillar	Core Content
Liberalisation	Dismantling License-Permit-Quota Raj; industrial delicensing; reduced state control over private investment decisions
Privatisation	Reduced role of Public Sector Undertakings; disinvestment; opening sectors to private participation
Globalisation	Trade-tariff reduction; current-account convertibility; FDI liberalisation; integration with global markets

2.2 Architects & Announcement

The reforms were unveiled in the 24 July 1991 Union Budget under Prime Minister P.V. Narasimha Rao & Finance Minister Dr. Manmohan Singh, marking a structural break from over four decades of Nehruvian state-led, import-substitution-oriented planning.

Mains anchor: The 1991 reforms are often framed as India's "structural adjustment" moment — distinguishing crisis-forced macro-stabilisation measures (devaluation, fiscal correction) from the deeper structural reforms (delicensing, trade opening) that outlasted the immediate crisis & reshaped India's long-run growth trajectory.

3. Industrial Policy Reforms — Delicensing

3.1 Abolition of Industrial Licensing

The Industrial Policy 1991 abolished industrial licensing for all but a small negative list of sectors (defence, atomic energy, a few environmentally-sensitive industries), ending decades of License-Permit-Quota Raj discretionary control over private investment.

3.2 MRTP Act Dilution

The Monopolies & Restrictive Trade Practices (MRTP) Act's asset-threshold restrictions on large firms' expansion were removed, freeing large business houses from prior-approval requirements for capacity expansion — later replaced entirely by the Competition Act, 2002.

Prelims trap: Industrial licensing was abolished for most industries in 1991, but a small negative list (defence items, atomic energy-related, hazardous chemicals, cigarettes) continued to require licenses — not a complete, universal abolition.

4. Trade & External-Sector Liberalisation

4.1 Tariff Reduction

Peak customs-duty rates were progressively reduced from over 300% in the late 1980s to much lower levels through the 1990s-2000s, alongside removal of quantitative import restrictions on most goods (completed by 2001 under WTO obligations, per Topic 17).

4.2 Current Account Convertibility

India moved to full current account convertibility in 1994 (accepting IMF Article VIII obligations), while capital account convertibility remains partial & calibrated even today (linking to Topic 9's BoP coverage).

4.3 FDI Liberalisation

FDI caps were progressively raised across sectors from the restrictive pre-1991 regime, with automatic-route approval replacing case-by-case discretionary clearance for most sectors over subsequent decades.

Mains anchor: India's trade liberalisation was gradual & sequenced rather than a "big bang" — tariff reduction & QR removal were spread over roughly a decade, contrasting with more abrupt liberalisation experiences in some other developing economies.

5. Financial-Sector Reforms — First Generation

5.1 Narasimham Committee Reforms

The Narasimham Committee (1991, 1998) recommendations led to reduced Statutory Liquidity Ratio/Cash Reserve Ratio requirements, introduction of prudential/capital-adequacy norms & gradual interest-rate deregulation, moving away from directed, administered-credit banking.

5.2 Capital Market Reforms

SEBI was granted statutory status in 1992, following the Harshad Mehta securities scam, establishing a dedicated capital-market regulator & ending the Controller of Capital Issues' administered pricing of new share issues.

Prelims trap: SEBI was established administratively in 1988 but received statutory powers only via the SEBI Act, 1992 — a two-stage establishment frequently tested for the correct year of statutory empowerment.

6. Privatisation & Disinvestment Journey

6.1 Minority Stake Disinvestment (1990s-2000s)

Early disinvestment involved selling minority stakes in PSUs while retaining government control — generating revenue without transferring management control, a cautious first phase distinct from later strategic sales.

6.2 Strategic Disinvestment

Later phases (notably Air India's 2021 sale to the Tata Group) involved strategic disinvestment — transfer of management control alongside majority equity, representing a deeper privatisation commitment than minority-stake sales.

6.3 National Monetisation Pipeline

The 2021 National Monetisation Pipeline represents a distinct asset-monetisation approach — leasing/monetising operational rights over existing public infrastructure assets without transferring ownership, complementing (not replacing) disinvestment.

Mains anchor: India's privatisation pace has been notably slower & more contested than its trade/industrial liberalisation — reflecting continued political-economy sensitivity around PSU employment & strategic-sector control, a recurring Mains theme.

7. Second-Generation Reforms — Factor Markets

7.1 What Distinguishes Second-Generation Reforms

Unlike first-generation product-market reforms (removing licensing/tariff barriers on what firms can produce/sell), second-generation reforms target factor markets — land acquisition, labour regulation & capital allocation — which involve direct, visible distributional stakes for large voter constituencies, making them politically harder to enact & sustain.

7.2 Land Market Reforms

Land-acquisition reform attempts (e.g., the 2015 Land Acquisition Amendment Bill, which lapsed) & state-level land-leasing/tenancy reforms remain incomplete, with the 2013 Land Acquisition Act's consent & Social Impact Assessment requirements still seen as investment-friction points by industry.

7.3 Why Second-Generation Reforms Are Harder

Factor-market reforms create concentrated, visible losers (displaced landholders, workers losing job-security provisions) even when aggregate economic gains are diffuse — a classic political-economy asymmetry that explains the slower, more contested pace relative to first-generation reforms.

Prelims trap: "Second-generation reforms" specifically refers to factor-market reforms (land, labour, capital) — not simply "reforms that came after 1991," a substantive rather than purely chronological definition.

8. Labour Codes — Consolidation of 29 Laws

8.1 The Four Labour Codes (2019-20)

Code	Consolidates
Code on Wages, 2019	4 wage-related laws (incl. Minimum Wages Act, Payment of Wages Act)
Industrial Relations Code, 2020	3 laws (incl. Industrial Disputes Act)
Occupational Safety, Health & Working Conditions Code, 2020	13 laws (incl. Factories Act)
Code on Social Security, 2020	9 laws (incl. EPF Act, ESI Act)

8.2 Key Changes

Raised the threshold for mandatory government permission before layoffs/retrenchment in larger establishments, aiming to ease exit-related rigidity.
Universalised the definition of "wages" for consistent PF/gratuity/bonus calculation across laws.
Extended social-security coverage intent toward gig & platform workers.

8.3 Implementation Status

Despite being passed by Parliament, the four labour codes' actual implementation has been delayed pending state-level rule notification (labour being a Concurrent List subject) — an implementation-lag pattern distinct from central enactment itself. check for latest update or data

Mains anchor: The four labour codes exemplify "consolidation without full implementation" — legislative reform completed centrally but operationalisation delayed by the Concurrent List's requirement for state rule-framing, a federal-structure implementation challenge.

9. Farm Laws 2020 — Reform & Reversal

9.1 The Three Farm Laws (2020)

Farmers' Produce Trade & Commerce Act — allowed farmers to sell produce outside APMC mandis without mandi fees.
Farmers' (Empowerment & Protection) Agreement Act — provided a legal framework for contract farming.
Essential Commodities (Amendment) Act — removed stock-holding limits on most agricultural commodities except under specified emergency conditions.

9.2 Farmer Protests & Repeal (2021)

Sustained farmer protests (concentrated in Punjab, Haryana, western UP) over concerns about MSP-erosion, corporate dominance of mandis & loss of the APMC "safety net" led the government to repeal all three laws in November 2021 — a rare instance of a major economic-reform legislation being fully withdrawn post-enactment.

9.3 Policy-Lesson Significance

The farm-laws episode is widely cited as a case study in reform sequencing/consultation failure — illustrating that economically-argued market reforms can fail without adequate prior stakeholder engagement, trust-building & phased implementation, distinct from a purely economic critique of the laws' content.

Prelims trap: All three 2020 farm laws were fully repealed in November 2021 (not merely amended/suspended) — a complete legislative reversal, frequently tested alongside the specific law names.

10. GST & IBC — Post-2014 Structural Reforms

10.1 GST (2017)

The Goods and Services Tax (implemented 1 July 2017) unified a fragmented indirect-tax system (subsuming excise duty, service tax, VAT & other state/central levies) into a single destination-based tax — detailed in Topic 8's fiscal-policy coverage.

10.2 Insolvency and Bankruptcy Code (2016)

The IBC created a time-bound corporate-insolvency resolution process, addressing the historically slow, creditor-unfriendly recovery mechanisms that had contributed to India's twin-balance-sheet (bank NPA + corporate over-leverage) problem covered in Topic 16.

10.3 Significance as "Third-Wave" Reforms

GST & IBC are sometimes categorised as a distinct post-2014 "third wave" of structural reform — process/institutional reforms (unifying tax administration, creating a resolution mechanism) rather than either classic first-generation liberalisation or classic second-generation factor-market reform.

Mains anchor: GST & IBC demonstrate that significant structural reform remained possible in the 2014-19 period without the crisis pressure that forced 1991's reforms — a useful comparative point for essays on reform political economy.

11. Assessment — Growth, Inequality & Unfinished Agenda

11.1 Growth Impact

Post-1991 reforms are widely credited with India's transition to a higher average growth trajectory (from the pre-1991 "Hindu rate of growth" of ~3.5% to sustained 6-8% growth in subsequent decades), though economists debate how much credit belongs to 1991 reforms specifically versus earlier 1980s partial liberalisation.

11.2 Inequality & Jobless-Growth Critiques

Critics highlight that reform-era growth has been accompanied by rising income/wealth inequality & relatively low employment elasticity (linking to Topic 18's jobless-growth discussion), raising equity concerns about the reforms' distributional impact.

11.3 The Unfinished Agenda

Land & labour market reforms remain the most incomplete component of India's reform arc — a persistent gap between first-generation product-market liberalisation (largely completed) & second-generation factor-market reform (still contested), as the farm-laws & labour-codes episodes illustrate.

Prelims trap: The "Hindu rate of growth" (~3.5% average, coined by economist Raj Krishna) refers to India's pre-1980s/pre-1991 slow-growth era — not a religious/demographic concept, a commonly misunderstood term.

12. Current Affairs Anchor (2024-26)

Labour codes' state-wise rule notification & implementation timeline progress check for latest update or data
National Monetisation Pipeline realisation vs. target progress check for latest update or data
Disinvestment target achievement in recent Union Budgets check for latest update or data
Land-reform discourse revival (state-level tenancy/leasing reforms) check for latest update or data
India's growth-rate trajectory & comparison to pre/post-1991 growth eras check for latest update or data
Renewed farm-sector policy discussions (MSP legal-guarantee demand status) check for latest update or data

Note: Reform-implementation status (esp. labour codes, disinvestment) updates with each Budget/Economic Survey — always cross-check the latest official release before the exam.

13. Prelims PYQs (2014–2026)

UPSC CSE 2023

Consider the statements regarding the origin of India's 1991 economic reforms.
Answer: Triggered by a Balance of Payments crisis (forex reserves falling to barely 2-3 weeks of import cover), prompting IMF structural-adjustment assistance & gold pledging to raise emergency foreign exchange.

UPSC CSE 2022

What were the three pillars of the New Economic Policy, 1991?
Answer: Liberalisation (delicensing), Privatisation (reduced PSU role/disinvestment) & Globalisation (trade/FDI opening) — collectively termed "LPG" reforms.

UPSC CSE 2021

Consider the statements about India's three farm laws of 2020.
Answer: Comprised the Farmers' Produce Trade & Commerce Act, the Farmers' (Empowerment & Protection) Agreement Act & the Essential Commodities (Amendment) Act; all three were repealed in November 2021.

UPSC CSE 2020

What is meant by "second-generation reforms" in the Indian economic-reform context?
Answer: Reforms targeting factor markets — land, labour & capital — distinguished from first-generation product/output-market reforms like industrial delicensing & trade liberalisation.

UPSC CSE 2019

Consider the statements about the four Labour Codes.
Answer: Consolidate 29 central labour laws into four codes (Wages, Industrial Relations, Occupational Safety-Health-Working Conditions, Social Security), passed by Parliament but implementation delayed pending state rule-notification.

UPSC CSE 2019

When did SEBI receive statutory status?
Answer: 1992, via the SEBI Act — following its 1988 administrative establishment, in the aftermath of the Harshad Mehta securities scam.

UPSC CSE 2018

What is the "Hindu rate of growth"?
Answer: A term (coined by economist Raj Krishna) describing India's slow average GDP growth of roughly 3.5% during the pre-1980s/pre-1991 planned-economy era, unrelated to religion.

UPSC CSE 2018

Consider the statements about India's move to current account convertibility.
Answer: India accepted IMF Article VIII obligations & achieved full current account convertibility in 1994, while capital account convertibility remains partial even today.

UPSC CSE 2017

What is the distinction between minority-stake disinvestment & strategic disinvestment?
Answer: Minority-stake disinvestment sells partial equity while retaining government control; strategic disinvestment transfers management control alongside majority equity (e.g., Air India's 2021 sale).

UPSC CSE 2016

Consider the statements about the Industrial Policy, 1991.
Answer: Abolished industrial licensing for most sectors except a small negative list (defence, atomic energy, hazardous chemicals); diluted MRTP Act restrictions on large-firm expansion.

UPSC CSE 2015

What is the "National Monetisation Pipeline"?
Answer: A 2021 initiative to monetise operational rights over existing public infrastructure assets (roads, railways, power) through leasing, without transferring underlying ownership.

UPSC CSE 2014

Consider the statements about the Narasimham Committee recommendations.
Answer: Recommended reduced SLR/CRR requirements, prudential capital-adequacy norms & interest-rate deregulation, moving Indian banking away from administered, directed-credit practices.

UPSC CSE 2017

What was the two-step rupee devaluation of July 1991 intended to achieve?
Answer: Correct the rupee's overvaluation & improve export competitiveness as part of the immediate crisis-stabilisation response, alongside gold pledging & IMF assistance.

UPSC CSE 2015

Consider the statements about India's peak customs-duty tariff reduction since 1991.
Answer: Peak tariffs fell from over 300% in the late 1980s to much lower levels through gradual, sequenced reduction across the 1990s-2000s, alongside removal of quantitative import restrictions by 2001.

14. Mains PYQs (2014–2025)

GS-III 2023

Critically examine the political-economy reasons why India's second-generation (factor-market) reforms have progressed far slower than first-generation (product-market) reforms since 1991.
Answer: Discuss the concentrated-visible-losers vs. diffuse-gains asymmetry in land/labour reform, citing the farm-laws repeal & delayed labour-code implementation as evidence; contrast with the comparatively smoother industrial-delicensing/trade-liberalisation experience.

GS-III 2022

"The repeal of the three farm laws in 2021 offers important lessons for the sequencing of economic reforms in India." Discuss.
Answer: Discuss the laws' economic rationale (market access beyond APMC, contract-farming framework) against inadequate stakeholder consultation & trust-deficit with farmer groups; extract lessons on consultation-first reform sequencing for future factor-market reforms.

GS-III 2021

Discuss the origins & immediate policy response to India's 1991 Balance of Payments crisis. How did this crisis shape the subsequent three decades of economic policy?
Answer: Discuss forex-reserve collapse, gold pledging, IMF conditionality-driven devaluation & delicensing; trace the crisis's lasting influence on India's cautious approach to capital-account convertibility & fiscal-prudence norms.

GS-III 2020

Evaluate the significance of GST & the Insolvency and Bankruptcy Code as a "third wave" of structural reform distinct from the 1991 LPG reforms.
Answer: Discuss GST's tax-unification & IBC's time-bound resolution mechanism as institutional/process reforms; contrast with 1991's classic liberalisation & assess their role in addressing the twin-balance-sheet problem.

GS-III 2019

"Economic reforms since 1991 have delivered higher growth but have been accompanied by rising inequality and jobless growth." Critically examine.
Answer: Discuss the shift from Hindu-rate-of-growth to sustained 6-8% growth; weigh against wealth-inequality trends & low employment elasticity in high-growth sectors (services-led growth per Topic 18); assess policy responses (skilling, labour-intensive manufacturing push).

GS-III 2018

Discuss the objectives & key provisions of India's four Labour Codes. What implementation challenges do they face?
Answer: Discuss consolidation of 29 laws into 4 codes, retrenchment-threshold changes, universalised wage definition, gig-worker social-security coverage intent; discuss Concurrent List-driven state-rule-notification delays as the primary implementation bottleneck.

GS-III 2017

Assess India's disinvestment & privatisation journey since 1991. Why has this component of reform progressed more slowly than trade/industrial liberalisation?
Answer: Trace the shift from minority-stake sales to strategic disinvestment (Air India 2021) & asset monetisation (NMP); discuss political sensitivity around PSU employment & strategic-sector control as slowing factors.

GS-III 2016

"Second-generation reforms require a fundamentally different political-economy management approach compared to first-generation reforms." Comment.
Answer: Discuss the shift from removing state discretionary control (politically easier, diffuse beneficiaries) to redistributing factor-market rights (concentrated, visible losers); argue for consultation-intensive, phased implementation strategies going forward.

GS-III 2015

Analyse the role of the Narasimham Committee reforms in shaping India's post-1991 banking sector. How do these connect to later banking-sector challenges?
Answer: Discuss prudential-norm introduction & interest-rate deregulation as foundational reforms; connect to subsequent NPA-crisis & IBC-driven resolution challenges covered in Topic 16.

GS-III 2014

"India's 1991 reforms were crisis-driven, but subsequent structural reforms have been more deliberately sequenced." Discuss with examples.
Answer: Contrast 1991's IMF-conditionality-driven urgency with GST (2017)/IBC (2016)'s non-crisis, deliberately-negotiated implementation; discuss implications for reform durability & political legitimacy.

GS-III 2020

Discuss the significance of trade & current-account liberalisation in India's post-1991 reform trajectory, and the extent to which capital-account liberalisation has followed a similar path.
Answer: Discuss gradual tariff reduction & 1994 current-account convertibility vs. continued calibrated/partial capital-account convertibility; link to Topic 9's BoP & external-sector framework.

15. Revision Box — 15-Point Crisp Recap

1991 crisis: forex reserves fell to ~2-3 weeks of import cover; gold pledged; IMF structural-adjustment assistance sought.
New Economic Policy announced 24 July 1991 (PM Narasimha Rao, FM Manmohan Singh).
LPG = Liberalisation (delicensing) + Privatisation (disinvestment) + Globalisation (trade/FDI opening).
Industrial Policy 1991 abolished licensing for most sectors bar a small negative list (defence, atomic energy, hazardous chemicals).
Current account convertibility achieved 1994; capital account convertibility remains partial/calibrated.
Narasimham Committee (1991, 1998): reduced SLR/CRR, prudential norms, interest-rate deregulation.
SEBI: established 1988, statutory status via SEBI Act, 1992 (post-Harshad Mehta scam).
Disinvestment journey: minority-stake sales → strategic disinvestment (Air India, 2021) → National Monetisation Pipeline (asset-leasing, not ownership transfer).
Second-generation reforms = factor-market reforms (land, labour, capital) — politically harder due to concentrated, visible losers.
4 Labour Codes (2019-20) consolidate 29 laws; passed centrally but implementation delayed by Concurrent List state-rule-notification.
3 Farm Laws (2020) — fully repealed November 2021 after sustained farmer protests; key case study in reform-sequencing failure.
GST (2017) & IBC (2016) = "third wave" post-2014 structural/institutional reforms, distinct from classic LPG or factor-market reform.
Growth impact: shift from "Hindu rate of growth" (~3.5%, Raj Krishna) to sustained 6-8% post-reform growth.
Critiques: rising inequality & low employment elasticity (jobless growth, Topic 18) accompany reform-era growth.
Unfinished agenda: land & labour market reforms remain most incomplete; product-market liberalisation largely done.

Generation	Targets
First (1991+)	Product markets — licensing, tariffs, FDI
Second (ongoing)	Factor markets — land, labour, capital
"Third wave" (2016+)	Institutional/process — GST, IBC

Event	Year
New Economic Policy	1991
SEBI statutory status	1992
Current account convertibility	1994
IBC enacted	2016
GST implemented	2017
Labour Codes passed	2019-20
Farm laws enacted & repealed	2020 / 2021
National Monetisation Pipeline	2021

Economic Reforms Since 1991 — From Crisis to Liberalisation, and the Unfinished Second-Generation Agenda

On this page

Conceptual Clarity — Three Lenses

1. The 1991 Crisis — Origins & Immediate Response

1.1 Build-up to the Crisis

1.2 The Immediate Crisis Response

2. New Economic Policy 1991 — LPG Framework

2.1 The Three Pillars

2.2 Architects & Announcement

3. Industrial Policy Reforms — Delicensing

3.1 Abolition of Industrial Licensing

3.2 MRTP Act Dilution

4. Trade & External-Sector Liberalisation

4.1 Tariff Reduction

4.2 Current Account Convertibility

4.3 FDI Liberalisation

5. Financial-Sector Reforms — First Generation

5.1 Narasimham Committee Reforms

5.2 Capital Market Reforms

6. Privatisation & Disinvestment Journey

6.1 Minority Stake Disinvestment (1990s-2000s)

6.2 Strategic Disinvestment

6.3 National Monetisation Pipeline

7. Second-Generation Reforms — Factor Markets

7.1 What Distinguishes Second-Generation Reforms

7.2 Land Market Reforms

7.3 Why Second-Generation Reforms Are Harder

8. Labour Codes — Consolidation of 29 Laws

8.1 The Four Labour Codes (2019-20)

8.2 Key Changes

8.3 Implementation Status

9. Farm Laws 2020 — Reform & Reversal

9.1 The Three Farm Laws (2020)

9.2 Farmer Protests & Repeal (2021)

9.3 Policy-Lesson Significance

10. GST & IBC — Post-2014 Structural Reforms

10.1 GST (2017)

10.2 Insolvency and Bankruptcy Code (2016)

10.3 Significance as "Third-Wave" Reforms

11. Assessment — Growth, Inequality & Unfinished Agenda

11.1 Growth Impact

11.2 Inequality & Jobless-Growth Critiques

11.3 The Unfinished Agenda

12. Current Affairs Anchor (2024-26)

13. Prelims PYQs (2014–2026)

14. Mains PYQs (2014–2025)

15. Revision Box — 15-Point Crisp Recap