This paper critically examines the comprehensive analysis of the impacts of economic liberalization on India's growth trajectory since the economic reforms of 1991. The paper also analyzes how liberalization reshaped the Indian economy, drawing on a careful examination of macroeconomic patterns, policy reforms, sectoral performance, and foreign investment inflows. The study draws on qualitative and quantitative evidence to evaluate changes in GDP growth, employment, trade, and industrial production, and regional disparities and socio-economic concerns that persisted or have arisen in the post-reform period. By situating India's liberalization in the international and historical context, the study offers a balanced analysis of the successes, shortcomings, and long-term consequences of market-based reforms. The evidence suggests that although liberalization unleashed mammoth economic growth and global integration, its benefits have been disproportionately distributed, and more inclusive and sustainable policy interventions in the years to come are needed.