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India had experienced two major attempts to liberalise the economy - the first one took place in the 1980s; the second one started in 1991. The first exercise failed by and large, but the second one was more successful, even though, at first sight, the political conditions were less favourable. The reforms did not stop when the Congress (I) government was replaced in 1996 by a coalition headed by the Janta Dal, or in 1998, when a coalition led by the Bharateeya Janata Party took over.
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