Need to Redefine the Purpose of Land Records in India
Recent slowdown of the Indian economy has been a matter of concern for policymakers. The 5 per cent growth rate for the fiscal year 2019-20 is far below the desired double digit growth rate for India, attributable to a mix of both, internal and external factors. India’s economic journey proves to be an example of partial success. The early success was triggered by the liberalization efforts in 1991 entailing the removal of industrial controls and licenses, following a phase of socialist policies for about three decades post-independence (with a Hindu growth rate of 3.5 per cent). After the economic reforms in 1991, the growth rate reached around 5 per cent for the three year period of 1994-97. However, external factors like global economic crisis have dwindled this economic growth, the last one being the global financial crisis in 2008-09. Since the crisis, India has not been able to recover and attain the desired double digit growth, something that China exhibited in its peak years.