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{{main|Economy of India}}
[[Image:Bombay-Stock-Exchange-2.jpg|right|thumb|The [[Bombay Stock Exchange]], [[BSE Sensex|Sensex]], index reflects investor confidence in the Indian economy.]]
[[Image:IndianBankNotes.JPG|right|thumb| [[Indian bank notes]] depicting [[M. K. Gandhi]]]]
For most of its post-independence history, India adhered to a quasi-[[socialism|socialist]] approach with strict government control over [[private sector]] participation, [[foreign trade]], and [[foreign direct investment]]. However, since 1991, India has gradually opened up its markets through [[liberalization|economic reforms]] and reduced government controls on foreign trade and investment. Foreign exchange reserves have risen from US$5.8 billion in March 1991 to US$177 billion in January 2007, while federal and state budget deficits have reduced.<ref name="Revenue surge boosts fiscal health">{{cite web |url=http://www.business-standard.com/common/storypage.php?autono=269424&leftnm=2&subLeft=0&chkFlg= |title="Revenue surge boosts fiscal health" |publisher=[[Business Standard]] |accessdate=2006-12-28}}</ref> [[Privatization|Privatisation]] of publicly-owned companies and the opening of certain sectors to private and foreign participation has continued amid political debate.
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