Question

1. Explain the background of economic reforms in India, briefly .

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Answer 1

Answer:

Economic reforms refer to the fundamental changes that were launched in 1991 with the plan of liberalising the economy and quickening its rate of economic growth. The Narasimha Rao Government, in 1991, started the economic reforms in order to rebuild internal and external faith in the Indian economy

Explanation:

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Answer 2

Answer:

It allowed for opening up of economic borders for foreign investment as well as multinationals. There were many economic reforms introduced under liberalization. These included expansion of production capacity, abolishing industrial licensing by the government, de-reserving producing areas, and freedom to import goods.

Explanation:

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