Public Policy and Economic Reforms in India: An Assessment of Their Impact on Economic Growth and Development

Abstract Public policy and economic reforms have played a significant role in shaping India’s economic transformation, particularly since the introduction of the New Economic Policy in 1991. The reform process has progressively focused on liberalisation, privatisation, globalisation, fiscal restructuring, financial inclusion, digitalisation, investment promotion and strengthening the business environment. This study examines the role of public policy and economic reforms in promoting economic growth and development in India. The study is based on secondary data collected from official sources, including government publications, the Reserve Bank of India, Ministry of Statistics and Programme Implementation, Ministry of Finance, NITI Aayog and international databases. Selected indicators such as GDP growth, per-capita income, foreign direct investment, tax revenue, financial inclusion and employment are analysed to assess the outcomes of policy reforms. The study indicates that economic reforms have contributed to greater market efficiency, investment, financial inclusion and economic integration. However, challenges relating to employment generation, income inequality, regional disparities and inclusive development continue to require policy attention. The study concludes that future economic reforms should focus not only on accelerating economic growth but also on ensuring inclusive, sustainable and broad-based development.