Economic reforms refer to the changes made in the economy with a view to deregulate it and to solve the prevailing economic problems of the country. In India, economic reforms were introduced in 1991, with the implementation of New Economic Policy.These reforms can be categorised as:

1. Stabilisation reforms: These reforms were short-term measures which intended to correct disequilibrium in BoP and to check inflation.
2. Structural reforms: These are long-term measures which intend to bring efficiency in the working of the economy. These reforms can be categorised as liberalisation, privatisation and globalisation.