Analysis of the economic reforms in India and European countries

Abstract

In the process of transforming the inherited socialist economic system into a market economy, there was a certain difference between India and European countries. Namely, the transition of the economic system in India took place in two phases: through the transformation of socially-owned enterprises and privatization. The aforementioned difference stems from the fact that India, together with other republics of the former Yugoslavia, has based its economy on the already mentioned model of the so-called of self-governing socialism.