We in India, as a result of our planned economic development, not central planning, but mixed planning, mixed economy, we have experimented with, we have moved to a stage of partial maturity of the economy, when we needed new forms of management, new forms of, expression of the spirit of enterprise, so that the economy can move forward. The compulsion to liberalisation and globalisation arose from this. This is why we say that India's liberalisation is an irreversible process....and, in a vast country, with millions of people and poverty, rampant, we cannot liberalise recklessly, in such a way that the balance of the society is upset and while some sections would flourish, make profits, the rest of the people would be left without employment and be helpless. Therefore, we have to have a balanced approach to liberalisation and also to globalisation.
