View: 1991 economic reforms gave us miracle growth, but now it’s fading SECTIONS Share Synopsis In 1991, India’s capita income was just $360 a year, having been overtaken by several “miracle economies” of Asia growing at 7% per year or more. Three decades later, before Covid hit. India’s per capita income was up to $2,100. GDP had grown at 7% for two decades, making India a miracle economy too. When Manmohan Singh launched economic liberalisation in 1991, India was the world’s biggest beggar for aid. Today India is a net aid donor, having committed $30.6 billion to Asian neighbours and Africa. In 1991, India’s capita income was just $360 a year, having been overtaken by several “miracle economies” of Asia growing at 7% per year or more. Three decades later, before Covid hit. India’s per capita income was up to $2,100. GDP had grown at 7% for two decades, making India a miracle economy too.