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Oct 14, 2019 · New Economic Policy of India-1991. New Economic Policy refers to economic liberalisation or relaxation in the import tariffs, deregulation of markets or opening the markets for...
Objectives of New Economic Policy 1991 Enter into the field of ‘globalisation’ and make the economy more market-oriented. Reduce the inflation rate and rectify imbalances in payment. Increase the growth rate of the economy and create enough foreign exchange reserves.
Oct 5, 2023 · Economic Reforms of 1991 in India refer to the opening of the country’s economy to the rest of the world with the intention of increasing the role of the private sector and foreign investment.
Aug 31, 2023 · The Government of India introduced the New Economic Policy (NEP) in 1991 to respond to a balance of payments crisis. The NEP is credited to former Prime Minister Manmohan Singh as its architect. The NEP also emphasized implementing structural reforms to boost economic efficiency.
New economic policy was undertaken in view of the 1991 financial crisis that arose due to reasons like the gulf war that pushed up oil prices and lower remittances from the gulf, foreign reserves at an all-time low, hyperinflation occurring at the same time.
Apr 6, 2023 · Objectives of the New Economic Policy, 1991. The main objective of the NEP was to open the Indian economy into the Globalisation arena and provide a new direction to the Indian market. The NEP focused on reducing the rate of inflation and building up foreign exchange reserves to accelerate the economic growth of the country.
