Short Summary

This chapter distinguishes between quantitative economic growth, qualitative economic development, and human development as measured by the Human Development Index (HDI). It discusses the principles of economic planning, the transition from the Planning Commission to NITI Aayog, and the implementation of democratic planning in India. The chapter thoroughly analyzes the economic reform measures introduced in 1991—namely liberalisation, privatisation, and globalisation—explaining their triggers, benefits, and associated challenges like inflation and market competition. Finally, it reviews financial inclusion initiatives and the objectives incorporated within Assam's current Five Year Plan.