Hi student,

When India became independent, Jawaharlal Nehru became the first Prime minister.  He was influenced by communist ideas. He had held all the sectors and all the establishment powers lied with the government of India like education sector, railway, steel, automobile, etc.

But by the end of 1990, the economy of India shrunk and we were left only with small amounts of foreign reserves.  In 1991, our finance minister revised the policy, and liberalized our economy for foreign companies and also for Indian private companies to do business in our country. Through this, we became part of globalization and then India's economy started to grow.

Feel free to ask doubts in the Comment Section.

I hope this information helps you.

Good Luck!