What the two recovery phases in the 1990s have in common is that although the economy started to recover there was no autonomous and sustainable expansion of private demand as a whole. This was principally because the economy was directly hit by a cyclical slowdown in overseas economies and was also vulnerable to shocks such as financial system instability.
With experiments running from state controls, liberalization, socialism, reversal to market mechanism, deregulation and privatization, there is today almost a consensus on the broad contours of economic policy in the country although the modalities, policy instruments and nuances differ as they ought to.