International Journal For Multidisciplinary Research

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From Crisis to Confidence: A Study of Economic Growth, Governance, and Institutional Resilience in the 1990s

Author(s) Ms Tuba Naquib
Country India
Abstract Abstract
Since the watershed economic liberalisation of 1991, India has witnessed a deep structural transformation that has been marked by accelerated GDP growth, governance reforms and repeated exposure to major economic shocks. The existing literature has independently examined the growth models, governance design, and also the crisis responses. However, there still remains a critical gap in the integrative research that connects economic theory with institutional design and resilience in the Indian context. The study addresses this gap by analysing how the governance reforms and institutional evolution has shaped India’s growth trajectory and its capacity from the era of liberalisation in 1991 to the current 2025 period. A critical approach of mixed methods, combined with the macroeconomic time series data of World Bank, RBI, IMF, MOSPI along with the qualitative policy analysis of key reforms such as the Right to Information Act, GST, digital governance, federal fiscal restructuring and Aadhaar– DBT. The
study maps India’s economic phases into three critical theoretical frameworks: the Solow Swan model (1991 to 2003), endogenous growth model (2003 to 2016) and institutional economies (2016 to present). The analysis finds that while the capital accumulation and market liberalisation has seen the initial post reform acceleration, long-run economic growth, increasingly dependent on human capital, innovation and service sector expansion. Since 2016, governance reforms and institutional strengthening have emerged as the dominant determinants of economic performance and resilience. India’s responses to major shocks like the 2008 global financial crisis, the demonetisation of 2016 and the COVID-19 pandemic demonstrate that strong institutional quality, digital public infrastructure and the policy mechanism, enhance the recovery
patterns and long-term stability. This study concludes by understanding the relationship between economy, growth and resilience. While India has achieved substantial progress, structural constraints and also state capacity, and
institutional asymmetries continue to shape outcomes. This paper contributes in a way that analytically formulates a link between the growth theory, governance, reform and resilience, offering policy recommendations for sustaining inclusive and shock-resistant growth in the decade ahead.
Keywords Keywords: Economic Liberalisation; Governance; Institutional Economics; Economic Resilience; Fiscal Reforms
Field Arts
Published In Volume 7, Issue 6, November-December 2025
Published On 2025-11-27
DOI https://doi.org/10.36948/ijfmr.2025.v07i06.61743
Short DOI https://doi.org/hbdr7w
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