The policy of liberalization and privatization introduced through the economic reforms of 1991 brought a paradigm shift in the economic, commercial, and legal framework of India. These reforms accelerated the transition from a state-controlled economy to a market-oriented economic system by promoting private participation, encouraging foreign direct investment, reducing governmental intervention, and integrating the Indian economy with the global market. As a consequence, Indian commercial laws have undergone significant transformation to address the changing needs of trade, commerce, investment and corporate governance in a competitive global environment. This paper critically examines the changing dimensions of Indian commercial laws in the era of liberalization and privatization. It explores the evolution and modernization of commercial legislations relating to corporate governance, banking and financial regulation, competition law, foreign investment, consumer protection, intellectual property rights, and digital commerce. The study further evaluates the role of the judiciary and regulatory institutions in ensuring a balance between economic freedom, market efficiency, social justice, and public accountability. the emerging legal and regulatory challenges arising from globalization, privatization, technological innovation, cross-border transactions, and digital economic activities. Attention has been given to issues concerning labour welfare, business ethics, environmental responsibility, consumer rights, and data protection in the contemporary commercial regime. The research adopts a doctrinal and analytical methodology to assess how Indian commercial law has adapted itself to evolving economic realities while preserving constitutional principles and regulatory safeguards. The study that liberalization and privatization have substantially reshaped Indian commercial laws by making them more progressive, investor-oriented, flexible, and internationally harmonized. Nevertheless, the rapidly changing commercial environment necessitates continuous legal reforms, effective regulatory supervision, and a balanced approach to ensure inclusive, sustainable, and equitable economic development in India.