Economic reforms refer to deregulation or reducing the size of government to remove distortions caused by regulations or government intervention. India implemented economic reforms in 1991 when the country was on the brink of bankruptcy. Manmohan Singh, as Finance Minister, unshackled India's economy through liberalization, privatization, and globalization. The main features of economic reforms were freeing the economy from licenses, permits and controls; privatizing state-run companies; and integrating India's economy globally through foreign investment and trade. The reforms led to increased GDP growth and foreign investment but also widened inequality and posed challenges for domestic businesses and farmers.