Reformist cultural perception & values that shaped post liberalization economic institutions in India

Abstract

Some major reforms that were introduced 26 years ago have transformed India. The nation which used to be poor and growing at a slow pace has now become one of the fastest growing economies of the world. Post these reforms, many old and paralysed economic institutions were demolished and new institutions were formed or old institutions were reconstructed. In this piece of work, the researchers point out the reforms in cultural perception and the values which played a crucial role in the formation of post-liberalization economic institutions in India. This research article is based upon the theoretical analysis cultural values and perception that reformed Indian economy, as well as survey questionnaires constructed to measure the views of Indian youngsters on the topic. Most of the youngsters who took part in the survey accepted that reformist cultural perception and values played a crucial role in shaping economic institutions in the post-liberalization period. There was a paradigm shift in Indian financial institutions after 1991. Even though many of them were established much before 1991, their functioning was completely reformed after liberalization. Liberalization Privatization – Globalization (LPG) opened the windows of Indian culture for global changes. The trio of these phenomena did internationalization of cultural perception and values of Indians. There was a major change in approach too. It became limited to unlimited, local to global, and technophobic to techno-savvy. Post liberalization economic institutions have one common outline that was to make the Indian economy competitive and this competitiveness can be easily found in our cultural perception as well. In the post LPG period orthodox and old-style cultural values converted into progressive and modern ones. The weaker sections of the society came into the mainstream and represented their potential. Caste, gender, and regional discriminations faded after liberalization. Economic Institutions like SIDBI, IRDAI, SEBI, NPCI, NFS, AICIL, CDSL, NSDL, NOFHC, CERSAI, PFRDA, EPFO, BCSBI, DIDRBT and many more were formed after liberalization in India. Even reformist cultural values like progressiveness, transparency, equality, liberal thinking and logical approach have become more significant after LPG. Democratic and liberalized economic institutions in India came when these values entered and were strengthened in our Indian Culture. Thus, there is no doubt in concluding that reformist cultural perception & values shaped post-liberalization economic institutions in India.