First generation of reforms were implemented between which among the following years in India?

The correct answer is 1991-2000.

• It was in the year 2000-01, that the government announced the reforms of the second generation, the ones which had been initiated by the then in 1991-2000 were called as 1st generation reforms. Important steps taken during these reforms were-
  • Promotions to the private sector
  • To make the Public sector undertaking more profitable and efficient.
  • Reforms for the banking sector, Insurance, etc.
  • Tax reforms

• The second generation of reforms was launched in the year 2000-01 when the reforms launched in the 1990s were not taking place as per the desired level of improvement. The major components covered in these reforms are-

  • Factor Market reforms related to petroleum, sugar, fertilizers, drugs, etc. in which dismantling of Administered Price Mechanism(APM) took place which means the regulation of the price of various products by the government.
    • Petroleum, Sugar, Fertilizers, Drugs, etc. were totally under the APM before the second generation reforms, now in petroleum only kerosene, LPG was under the APM, while petrol, diesel, and lubricants phased out from the APM
  • Public sector reforms related to the leverage to the capital market, international tie-ups, and green filed ventures. 
  • Legal sector reforms - These reforms were started in the first generation itself, but it was implemented and newer things were added in these like reforms in the Indian Penal code, Labour laws, company laws and enable suitably legal provisions like cyber laws, etc.
  • Reforms in Critical areas like in the infrastructure sector, education, healthcare sector, agricultural sector, etc.
  • State's role in the reforms - For the very first time state's role was defined in the process of economic reforms, all new steps of the reforms were started by the state with the centre playing a supportive role in it.
  • Social sector - The social sector especially in healthcare and the education sector gets special attention in the second generation of reforms with the increase in the allocations as well as centre showing greater performance to the development programmes in the health and education sector.
• The third generation of reforms was made on the launching of the tenth plan(2002-07). This generation of reforms was introduced to the cause of the fully functional Panchayati Raj Institutions (PRIs) so that the economic reforms can reach the grass-root level.
  • This generation of reforms was fully focussed on the world-class infrastructure and nurturing the spirit of entrepreneurship in India.