International Research Journal of Commerce , Arts and Science
( Online- ISSN 2319 - 9202 ) New DOI : 10.32804/CASIRJ
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TRENDS IN INDIAN SERVICE SECTOR: CASE STUDY OF INSURANCE INDUSTRY
2 Author(s): SHIVANI GARG , SHWETA GARG
Vol - 5, Issue- 2 , Page(s) : 114 - 142 (2014 ) DOI : https://doi.org/10.32804/CASIRJ
India continued to follow import substitution strategy (ISS) of growth during the period 1951-1980. “The ISS with heavy ‘industry’ first strategy with central planning created a plethora of controls, procedures, permits and bureaucratic restrictions”. The ISS, along with other factors landed us into economic crisis of 1990-91. The New Economic Policy of July, 1991 heralded a new era for India by introducing comprehensive reforms in industrial sectors as well as in services sector .It was expected that these policy measures would restore the health of the economy and put it on higher growth trajectory.