Though there were no such announcements or proposals while India launched its reforms in 1991, in the coming times, many ‘generations’ of reforms were announced by the governments. A total of three generations of reforms have been announced till date, while experts have gone to suggest the fourth generation, too.

First Generation Reforms (1991–2000): They included: Promotion to Private Sector; Public Sector Reforms; External Sector Reforms; Financial Sector Reforms; Tax Reforms; etc.

Second Generation Reforms (2000–01 onwards): They included doing away with administered prices; Reforms in Government and Public Institutions; Legal Sector Reforms; Reforms in Critical Areas; etc.

Third Generation Reforms: Focus on empowering the Panchayati Raj Institutions.