The
economic development in India followed
socialist-inspired policies for most of its independent history, including state-ownership of many sectors;
India's per capita income increased at only around
1
nnualised rate in the three decades after its independence. Since the mid-1980s, India has slowly opened up its markets through
economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a
free market economy.